Spaceship Tax Question

How is tax worked out for spaceship (I.e capital gains 50% if held for more than 1 year) ??

Example : brought 100 @ $1.22 in (June 2020) and Brought 50 @ 1.32 in (feb 2021).

With Capital Gains tax it has a 50% discount, if you have held it for at least twelve months.

How would you, if let’s say sold 75 shares in (July 2021) state you have held for twelve months and now selling get taxed 50% less ?

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Comments

  • +3

    FIFO or LIFO.

  • +1

    *bought…

  • +3

    I'd have thought it would be included in your transaction statements issued at the time of the transaction, and/or your annual transaction statements / your AMMA statement issued at the end of the financial year.

    Edit:
    From the annual statement. They do include an estimated CGT impact on any sell transactions but it doesn't include the discount for holding 12+ months. I don't have any sell transactions so I can't confirm how it lists the purchase dates but they do confirm the "first" purchased are the ones sold. You should be able to correlate with the transaction statements for the units purchased from the other transaction statements.

    What is my capital gain or loss?
    When you withdraw money from your Spaceship Voyager account, you are redeeming units you hold in your chosen fund. This triggers what is referred to as a capital gain tax (CGT) event. You need to report the aggregated result of these CGT events on your individual tax return. A capital gain (or loss) is the difference between what you paid for the units (cost base) and what you sold them for (capital proceeds).

    The Australian Tax Office (ATO) provides three ways to work out your capital gain: the discount, indexation, and 'other' methods. What is right for you will depend on your individual circumstances; you should refer to the ATO's website (ato.gov.au/general/capital-gains-tax) or obtain advice from a registered tax practitioner. We are unable to provide tax advice.

    We've estimated your capital gain using the ‘other’ method for your information only. This method, which is typically used by individuals who have held units for less than 12 months, is simply the cost base subtracted from the capital proceeds. We used a 'first in, first out' approach. That is, we assumed you are redeeming the units in chronological order of issue. We haven't taken into account your eligibility for the CGT discount and other considerations that might be relevant to you.