The CGT Register page assists users in determining which CGT transactions in the general ledger relate to which investment parcels. This page is designed to provide insight into which CGT transactions are causing locking issues in the ledger and will inform users of which transactions are to be removed to allow re-processing of CGT events.
Please refer to CGT Health Check on how to make cost base adjustments for investments.
|From the Main Toolbar, go to Accounting.
|Select CGT Register from the list.
How to Prepare
- From the CGT Register, input the as at date of the report (Contract Date) and select Download Excel.
Each purchase parcel of an investment is given a "Cost Base Link" number which is then used for any additional CGT events that have an affect on that purchase parcel. This will assist you in tracking which CGT events are locking the original purchase and subsequent CGT events.
In our example above, the purchase of BHP shares on 01/07/2012 is given the Cost Base Link "B1". Any subsequent CGT events relevant to that parcel are listed sequentially below, such as disposals, demergers and share splits. Each CGT event trail for each parcel of an investment is separated to allow you to decipher each parcel's trail.
The excel report contains the following information:
- Transaction Date
- Contract Date (CGT Date)
- CGT Type (Event Type)
- Cost Base Link
- Units (+/-)
- Cost Base
- Tax Deferred Amounts
- Tax Free Amounts
- Sale Consideration (Disposals)
- Sale Consideration (Individual Parcel Level)
- Reduced Cost Base
- Adjusted Cost Base
- Disposal Method
- Remaining Cost Base - (useful to track issues whereby a negative cost base exists)
- CGT Method Used
- Net Other Gain
- Net Indexed Gain
- Gross Discounted Gain
- CGT Loss
- CGT Relief
- Defer Gain (CGT Relief)
- Last Modified Date/Time
How are the Adjusted Cost Base and Reduced Cost Base amounts calculated in the CGT Register?
The calculations for these two cost base amounts are as follows:
- Adjusted cost base* = original cost base - tax deferred adjustments (if available)
*where the asset is in a capital gain position.
- Reduced cost base = Adjusted cost base - tax-free adjustments (if available)
Please note that tax-free amounts will only reduce from the adjusted cost base of an asset when the asset is in a Capital Loss position. This tax-free amount would be disregarded in a Capital Gain position.