You and your shares 2015
How to get this publication
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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About this guide
You and your shares 2015 (NAT 2632) will help people who hold shares or bonds as an investment to understand their tax obligations. It covers:
- how dividends received by Australian resident and non-resident individuals are taxed, and
- the type of expenses you may be able to claim against dividend income.
If you acquired shares after 19 September 1985, capital gains tax (CGT) may apply when you dispose of them. For more information, see the Personal investors guide to capital gains tax 2015 (NAT 4152).
Who should use this guide?
Use this guide if you are an individual taxpayer who holds shares or bonds as an investment.
This guide will also help people who carry on a business of trading in shares. However, it does not deal with the specific taxation of shares held as trading stock or with the profits or losses arising from the disposal of such shares. If you need further advice on these aspects of owning shares, contact us or a recognised tax adviser.
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What's new this year
Preventing dividend washing
A new integrity rule prevents taxpayers from claiming more than one set of franking credits as a result of dividend washing. Dividend washing occurs where a taxpayer claims two sets of franking credits by:
- selling shares held on the Australian Securities Exchange (ASX) that have become ‘ex-dividend’
- purchasing some substantially identical shares, or a portion of the shares, using a special ASX trading market.
The new integrity rule applies from 1 July 2013. However, taxpayers that have participated in dividend washing transactions in prior years should be aware that the Commissioner may apply the anti-avoidance legislation to deny franking credit benefits to dividends washing transactions, including those that occurred before 1 July 2013.