Take the trauma out of tax time

Article Abstract:

Capital gains and capital loss tax regulations become applicable for those who invest in shares, or stocks, in Australia, when an asset acquired after Sept. 19, 1985, is sold. Basic knowledge of the tax system and keeping good records turn out to be important when it is time to pay the taxes. Company profits are not to be taxed more than once under the system in existence in 1998. The law has ways to achieve that, but they are not easy to understand.

Methods, Planning, Taxation, Cover Story, Tax planning, Investments, Capital gains tax

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Keeping the paperwork in order

Article Abstract:

Not only will good recordkeeping help when the tax auditor asks for records of your investments, but it will also aid in providing regular reviews of your share portfolios and assets. List your assets and liabilities and keep a record of where the document titles are located. It is also a good idea to record financial, personal and family data and to list the account number of credit cards if you should ever be robbed.

Management, Personal finance, Business records, Family archives

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