Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to ...
Updated 9 years ago
Version 1.0
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Hi HAL9000,
You are welcome.
Doing shares in MYOB or any program can be really complicated and is usually just made simpler by allocting the whole purchase cost to the asset account and receipt on the sale to an icome account, being share sales. Then the Tax accountant can work any profit/loss, taking into account capital gains reductions available (discounting or indexation) from the Broker's statement.
This though doesn't show you properly your income to date to manage your future tax liabilities, so it can become a bit of a 'minefield'.
There are so many 'go to pages' if you search capital gains/loss on shares on the ATO website that you will just give up!
My best advice would be to work on the assumption that you bought a share at $10, sold it at $15, made a profit of $5, and tax will be $1.35 (say 27.5%).
That way you should be over provided if you put that away.
Always better to be prepared than being caught short at tax time!