After visiting the ATO "Guide to Capital Gains Tax ", I decided to set up my own spread sheets.
The accepted method to arrive at a profit is to use the F.I.F.O.Method. Each parcel purchased and each parcel sold must be clearly identified. Calculation is by applying the first sale parcel against the first purchase parcel.With part parcels being sold there will be a balance to carry forward. Each company has its own spread sheet.
Another thing to watch is that if you have a "Loss Carried Forward" from previous years' (remember the FIFO rule) it must be applied before any discounts are eligible i.e. some discount s may be lost.
I am just a individual investor who has trading parcels in several companies. Any comments to improve my system or keep within compliance would be welcome. I'll drop in for time to time
