[GNC] Capital gains reporting - Australia

Geoff cleanoutmyshed at gmail.com
Mon Jan 18 02:59:00 EST 2021


Hi Bill

I don't think there is an easy solution to this in GunCash.

Like you, I have been using Lots to record the capital gains (great 
feature for matching buys & sells), but I can't find a way to deduct 
brokerage and any other fees from the calculated gain.

When I record a sale, I record the all the necessary data (cost, dates, 
fees, etc) in the transaction's Description.  For example:
XYZ Sell 120 @ $94.80 B15.00 #20480467 (73.57 B15.00 11/05/2015)

This is "automated" by running a script across the contracts file 
downloaded from the broker, then importing that into GnuCash, then 
matching the sells with the buys using Lots, and finally adding the Buy 
data to the end of the Description manually.

At tax time, I run a Transaction Report on the Capital Gains account, 
paste that into Excel, and split the data elements into separate columns 
to enable the results to be calculated properly in Excel.

Do let us know if you find a better solution.

Good luck.

Geoff
=====
P.S.  The ATO uses Contract dates not Settlement dates for CGT reporting:
https://www.ato.gov.au/General/Capital-gains-tax/Selling-an-asset-and-other-CGT-events/Time-of-the-CGT-event/#:~:text=For%20example%2C%20in%20the%20case,contract%2C%20not%20when%20you%20settle.&text=If%20your%20CGT%20asset%20is,for%20the%20loss%20or%20destruction.


On 18/01/2021 6:16 pm, dullege at gmail.com wrote:
> I'm recently using Gnucash to record personal share trading, including
> commissions, and whenever shares are sold I use scrubbing to capture capital
> gains/losses in some custom Income accounts  (short term and long term).
> 
>   
> 
> These transactions are recording across many Asset accounts (one per
> security), and in multiple currencies (as per the country/currency in which
> the security is purchased).
> 
>   
> 
> In Australia, we need to report these realized capital gains during the
> financial year (which runs to 1-Jul to 30-Jun here)  . to assist tax
> preparation by an accountant, I would normally create a basic spreadsheet
> where each row contains
> 
>   
> 
> Name of Security, Quantity of shares, Date Acquired, Date Sold,  Cost ,
> Proceeds, Net Gain(or Loss)
> 
>   
> 
> Ideally the Cost and Proceeds should also include the commission charged (so
> the Gain is net of all commissions), and the amounts converted to my local
> currency (AUD).
> 
>   
> 
> So now I am looking for a gnucash report that might automate this process.
> I was trying to use Tax Schedule Report (which I think is for US tax
> preparation), which seems to pick up the gains for the date range (provided
> I select the Income accounts for capital gains), but  it is missing other
> details (data acquired, date sold), plus it's insisting in converting to USD
> (rather than using my local currency AUD).
> 
>   
> 
> Alternately, I am able to generate an "Advanced Portfolio" report, which
> also does include capital gains (realized and unrealized), but it is missing
> the date range for the realized capital gains,  and does not seem to allow
> me to filter down to a date range.
> 
>   
> 
> Just wondering if anyone has suggestions for generating this sort of extract
> for realized capital gains with details of the relevant dates the asset was
> bought and sold.
> 
>   
> 
> Thanks.
> 
> Bill
> 
>   
> 
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