just wondering if anyone uses the LIFO method for CGT and...

  1. 1,314 Posts.
    lightbulb Created with Sketch. 119
    just wondering if anyone uses the LIFO method for CGT and profit/loss

    I have never let my holdings of ABC company go below 50,000 shares since the 1st of July 2017.
    In addition to those shares in the same account I have bought and sold about 1 million shares for a profit that gets me into the 1st tax bracket.

    Using FIFO I have a gain of 150% on the LT 50k shares for FY 2017/2018
    Using LIFO I have an unrealized gain of LT 150% on the 50k shares for FY 2017/2018

    This article states that you have to advise your Broker which method you use. I contacted Broker ANZ and they are unable to take a request of this nature. To me, that means it defaults to what I and my accountant nominate .
    https://www.fool.com/knowledge-center/how-to-sell-stock-with-fifo-or-lifo.aspx

    My accountant only uses FIFO, all I have to do is convince him that LIFO is a legitimate trading strategy.

    Thanks
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.