Tax help on selling 20 year’s of shares when you don’t know the original price

[Beachman]

Hi All,

I recently sold 20 year’s worth of shares and after some advice of working out my tax debit. Firstly I understand I will be taxed at my marginal rate for 50% of the profit. For the last 10 years I’ve kept really good records and I also went online, but they were also only able to supply records for 10 years (lucky these matched what I already had)

My problem is getting information for the first 10 years?? Some of these shares were given to me from my employer as part of a bonus scheme and some I bought. Seeing I was young back then I didn’t keep very good records.

I can’t be the only person this happens too, so how do accountants deal with it?

•   Does the Tax department pre populate this section when the accountant is doing my tax seeing it’s all linked under my Tax File Number?
•   Does my accountant (at a cost) have to manually work out past share prices?


Thanks

[Patr80l]

ask
your
accountant

[chester ver2.0]

If you have used the same accountant for 20 years he should have some records.

If the shares were given to you as part of a work package there will be details on your group certificates

[tagman]

You can also check your "chess" holding statement. This will show all transactions.


www.tags2u.com.au

[Beachman]

ask
your
accountant

Yes I going to see my accountant who I have been using for 8 years, but just asking in general terms if he can get the information at the click of a button or if I can save myself some money doing all the investigation work myself.

[chester ver2.0]

Google the Company you are after, share price and the year in question for example

"BHP share price 1992"

Brings up a report of historical share pice for BHP for the last 30 odd years

[Variflex]

I don't suppose you works for qantas and they were qantas shares by any chance?

[Mik01]

Hi All,

I recently sold 20 year’s worth of shares and after some advice of working out my tax debit. Firstly I understand I will be taxed at my marginal rate for 50% of the profit. For the last 10 years I’ve kept really good records and I also went online, but they were also only able to supply records for 10 years (lucky these matched what I already had)

My problem is getting information for the first 10 years?? Some of these shares were given to me from my employer as part of a bonus scheme and some I bought. Seeing I was young back then I didn’t keep very good records.

I can’t be the only person this happens too, so how do accountants deal with it?

•   Does the Tax department pre populate this section when the accountant is doing my tax seeing it’s all linked under my Tax File Number?
•   Does my accountant (at a cost) have to manually work out past share prices?


Thanks

Mate, this should help you out...
https://www.ato.gov.au/General/Capital-gains-tax/Working-out-your-capital-gain-or-loss/Working-out-your-capital-gain/

I reckon you will need an accountant, as it sounds like you purchased prior to 1999. If so, it appears you will need to calculate time before that with a different calculation.
I've used an accountant for 10yrs - whilst 'expensive', he gets me back more than I would ever have done by myself, so all up I reckon I'm ahead.