Unrealised CGT Report

The Unrealised Capital Gains Report in Sharesight calculates unrealised capital gains in your portfolio and the resulting taxable income that would arise if these shares were sold on the report date. The report is designed for forecasting purposes only, please use the Capital Gains Tax Report to calculate your actual (realised) taxable capital gain income for a period.

The report is based on the ‘discount method’ for shares that have been held for more than 1 year and the ‘other method’ for shares held for less than one year. The discount rate used can be set via the settings menu for each portfolio (the default rate is 50%). The report may be run as at any date. unrealisedCGTscreenshot1

For more information, see the ATO website - capital gains tax.

Date range selector

The date range selector allows you to choose the date for which you wish to run the report. UnrealisedCGTscreenshot2

Losses carried forward

Any carry-forward losses from the previous reporting period may be entered next to the date range selector before running the report. The carry-forward loss will be included in the losses section of the report. UnrealisedCGTscreenshot3

Note that the carry-forward amount is not saved and must be re-entered if you re-run the report.

Short Term Capital Gains (unrealised)

This table lists unrealised capital gains on shares held for less than 12 months (as at the report date). Note that quantities and cost bases are adjusted by Sharesight to allow for any capital returns and capital reconstructions. UnrealisedCGTscreenshot4

Long Term Capital Gains (unrealised)

This table lists any unrealised capital gains on shares held for more than 12 months (as at the report date). Note that quantities and cost bases will be adjusted by Sharesight to allow for any capital returns and capital reconstructions. UnrealisedCGTscreenshot5

Capital Losses (unrealised)

This table lists any unrealised capital losses. Note that quantities and cost bases will be adjusted by Sharesight to allow for any capital returns and capital reconstructions. UnrealisedCGTscreenshot6

Summary

This summary section details what the taxable income calculation would be if the unrealised gains were realised as at the report date. UnrealisedCGtscreenshot7

The following methodology is used to calculate taxable income:

  1. The cost base of the shares is adjusted for any capital returns or capital reconstructions.
  2. If there are any capital losses during the period, these are deducted from any gains made on shares held for less than 12 months. Any residual losses are then deducted from capital gains on shares held for more than 12 months.
  3. The capital gains made on shares held for more than 12 months (less any losses if applicable) are discounted by your discount rate (this can be changed under the settings menu for your portfolio).
  4. Any capital gains on shares held for less than 12 months (as calculated in (2) above) are added to any discounted capital gains on shares held for more than 12 months (as calculated in (3) above). This amount is the capital gain for the period.
Note: Sharesight does not account for any capital losses in previous tax years. Capital losses to be carried forward must be accounted for manually.

SEE ALSO

Capital Gains Tax Report

Last modified on April 5, 2017 UTC