All Topics / Help Needed! / CGT law regarding shares

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  • Profile photo of cluelessclueless
    Participant
    @clueless
    Join Date: 2004
    Post Count: 11
    September 12, 2005 - 7:58 am

    Hi all,
    i know the law regarding CGT on property, but does anyone know the legislation regarding shares?
    If you inheret a share portfolio and want to sell that portfolio (you have made no transactions – non active) are you eligible for CGT? shares owned under 2 years?

    thanks
    Clueless

    Profile photo of ShwingShwing
    Participant
    @shwing
    Join Date: 2005
    Post Count: 219
    September 12, 2005 - 8:46 am

    Hi,
    Check out this link.
    http://www.ato.gov.au/businesses/content.asp?doc=/content/43486.htm&page=20
    It basically says yes, normal CGT rules apply, with the acquisition date deemed to be the date shares were originally purchased, not the date of inheritance.

    Mal

    Getting out of your comfort zone, can help you become comfortable

    Profile photo of LBLB
    Member
    @lb
    Join Date: 2005
    Post Count: 17
    September 13, 2005 - 12:27 pm

    From memory, the CGT was not retrospective so check what date they were purchased, could be CGT free?

    Yes Home Loans Pty Ltd

    Is your mortgage advisor accredited with the “Non Bank Lender of the Year?”
    (Money Magazine 2005).

Viewing 3 posts - 1 through 3 (of 3 total)

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