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Tax on shares

Discussion in 'Accounting, Tax & Legal' started by SolarPowered, 31st Jan, 2014.

  1. SolarPowered

    SolarPowered New Member

    Joined:
    31st Jan, 2014
    Posts:
    1
    Location:
    Canberra, ACT
    I received a share allocation as an employee of IAG a long time ago. I have 250 of these left, the rest are long gone. I am now a stay at home mum with no income of my own. I would like to sell the remaining 250 shares. My understanding is that I would be liable for tax of 50% of what I sell them for because I have had them for more than 12 months? Would I still have to pay tax if my income is nil? I have no experience in this sort of thing at all, so all advice is appreciated.
     
  2. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    If you get no income, then 50% of the capital gains( the price increase from shares bought to shares sold) will be added to your taxable income. Go to the ATO website for their tax calculator.



    Johny. :)