Consider the following scenario: Over a period of 2 years you have purchased $1000 worth of managed fund units every month. You then decide to cash in on some of them and sell $5000 worth. Does the sales process work like shares in that the units with optimal tax considerations are sold first? (i.e Perhaps those held for over 12 months (hence reduced CGT) are selected first or maybe some where you have made a capital loss are selected...) Is the selection made by the Fund Manager or is that something you can decide on when doing one's tax return and can select a parcel that best suits at that time? Thanks.