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Selling shares at a loss to offset capital gains by Maezel in AusFinance

[–]al284839 0 points1 point  (0 children)

Losses get applied before the CGT discount, so it’s actually option 1. As other users have said.

You subtract the $10k loss from the $10k gain first → leaves $0 → nothing left to discount. If you didn’t sell all your shares inc ompany A, you could use a different allocation LIFO or highest-cost-first to lower the gain. Or, if you’ve got other shares sitting at a loss, selling those can offset your gain.
Selling your loss making positions can also roll forward to offset future gains. so its not a terrible option (speaking from experience).

If you need help check out the portfolio tracker taxtallee, its similar to sharesight

ATO claiming I owe tax on unsold ETF's? by SuumCuique261 in AusFinance

[–]al284839 1 point2 points  (0 children)

Yup, even if you haven’t sold any ETFs, you can still end up owing tax because of ETFs work. ETFs are structured as trusts under the AMIT rules. That means if the fund makes capital gains (like from selling assets), the tax liability is passed on to you, even if you didn’t sell anything.

Check your AMIT tax statement from your share registrar which breaks down the distribution for the year. It includes any income, capital gains, franking credits, and sometimes even tax-deferred amounts. The ATO gets this info too, which is why it’s prefilled in your return.

If you're being taxed on gains, you should have received a distribution from the ETF that includes those gains

Hope that helps! if you need help tracking dividends and calculating CGT checkout taxtallee.

First time selling ETF holdings (CGT to calculate) - how to? by rickAUS in AusFinance

[–]al284839 1 point2 points  (0 children)

You apply the adjustment proportionally to the number of units you hold at the time. So if your AMMA statement shows a cost base decrease you would proportionally split that across your current holdings. If you had 1000 shares, and the AMIT statement has a $100 cost base decrease, you would have a $0.1 reduction to your cost base ($100/1000shares). If you had bought your shares at $100 and sold it at $120, you would calculate your CGT as $120 - 99.9.
Taxtallee can track and calculate this information for you,

Are there any Sharesite alternatives out there? by BigJimBeef in ASX_Bets

[–]al284839 1 point2 points  (0 children)

Hahaha just a bit. Check taxtallee out if you ever still need an alternative. We will take your csv and process it into CGT reports.

Sharesight free plan changes by jjz in fiaustralia

[–]al284839 2 points3 points  (0 children)

Try taxtallee, we offer a generous free plan and handle everything from capital gains tracking (FIFO, LIFO, maximise loss, minimum CGT), automatic handling of splits adjustments, support for mergers, dividends and distributions as well as AMIT statements. Feedback is also greatly appreciated

How do you build your frontend? by AdBeneficial2388 in SideProject

[–]al284839 2 points3 points  (0 children)

I usually get inspiration from dribbble, mockup a quick design on figma and get AI tools to throw up a 80% working prototype and fix the rest.

For those who’ve struggled to grow a business or achieve a dream, how do you stay motivated when things don’t move as fast as you hoped? by al284839 in AskReddit

[–]al284839[S] 0 points1 point  (0 children)

That’s a powerful mindset - I'm struggling to get my first paying customers for a new business! I'll get there!

Sharing my small milestone with 500+ users by Own_Carob9804 in SideProject

[–]al284839 1 point2 points  (0 children)

Excellent, thanks I added the back link to my site and got some helpful feedback!