m+a Accounting & Consultancy

ATO focus on shares and capital gains​

ATO will be paying close attention to taxpayers who have sold or transferred shares and the amount they are reporting as capital gains in their 2017-18 income tax returns. It notes that the share transactions data matching program is still running which will provide some pre-fill information on disposals. To ensure that you get your capital gains for losses right for sales of shares make sure you keep records of share purchases including brokerage fees, as well as sale prices.