Capitalise Gold Holding expenses
Hi how do I capitalise the storage costs charged by Perth Mint ? The asset doesn't generate income so it cannot be expensed and needs to be part of the CGT calc on disposal
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Hi Julia, thank you for your post.
To my understanding, you have been in contact with our Support team who have assisted with your query.
In case anyone else is experiencing a similar issue, here is a summary of the query:From what you describe, the storage costs need to be accounted for in the Cost Base of the investment, leading to the correct CGT calculation when the investment is disposed.
- To my knowledge, Adjusting the Cost Base upward would be the expected process. This would cause lower Capital Gains / higher Capital Losses when the investment is disposed.
- DR Investment "0" Units $$$, CR Bank $$$
- You also have the option to adjust the CGT Cost Base of the Investment specifically, which would also influence the tax implications when the investment is disposed.
Ultimately, we recommend consulting with an Accounting professional to determine the correct action moving forward.
If you do require assistance achieving the desired result in the future, free to reach out to our support team at any time!0
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