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  • Tips to get shares right this tax time

    Follow our tips for shares and ask your clients some questions to get their tax returns right.

    By avoiding some of the common mistakes, you can reduce the need for amendments down the track:

    • Wait until pre-filling is available, some investments take longer than others.
    • Check pre-filling, if it's not there, add it in.
    • Even if it's automatically reinvested into a reinvestment plan, dividends and distributions need to still be reported as income.
    • CGT events can be driven by actions a company takes, not just what your clients do, such as liquidations, mergers, demergers or return of capital.
    • Reporting capital losses on tax returns is important so they can be easily carried forward to offset future capital gains.

    Questions to ask your clients:

    • Did you acquire any investments this year?
    • Have you disposed of any investments this year (including gifts)?
    • Do you have records of the transactions to substantiate any claims?

    Download our new factsheet about Capital gains tax (CGT) on the sale of shares or units to share with your clients.

    Last modified: 08 Jul 2022QC 70029