Affiliate Ads support this blog:

Wednesday, 31 October 2007

Tax Return Deadline Approaching Fast

I'm a bit busy at the moment working out all the figures I need in order to lodge my tax return by the 31st October deadline (as I do my own taxes and lodge online using eTax I have until midnight tomorrow). Working out dividend income, bank interest and salary is easy enough. Even the rental income and deductions for our rental property is relatively simple. What is always a pain in the neck is working out what capital gains were made on share transactions during 06/07. Some of the share holdings have been built up over 15-20 years, with periods where odd lots were added via dividend reinvestment plans, some portions were sold off (and particular "lots" earmarked as sold for GCT calculation purposes in those tax years), and sometimes stocks were added via stock splits or stock-based takeovers. I have already done some work on the required calculations, but chasing up the transactional details for the outstanding items will be a real pain. This is one of the reasons I no longer use DRPs to accumulate additional shares, and, if I sell a particular stock I sell the entire holding rather than just a part.

I'm also waiting on the tax return details for the farm partnership I'm in with my parents. Unfortunately my dad "takes care of" all the paperwork for the running of the farm, so it's always a last minute rush to get him to collect all the necessary records and get it to the accountant in time to get the final figures before my personal tax return is due.

Copyright Enough Wealth 2007


No comments: