Calculating capital gains and losses for property, shares, cryptocurrencies and other assets can be time consuming, confusing and expensive, so we've created a clever CGT Report to take care of CGT for any asset sold with the press of a button.
How we display sale transactions
Whenever you sell a property, shares, cyrpto or any other asset that was held in your name we will calculate the gross capital gain or loss and display it in the transaction section of the CGT report. We separate the assets by tank, meaning you will see share, crypto and other asset sales on the 'Holdings' tab and property sales on the 'Property' tab.
What does 'gross capital gains or losses mean? By gross capital gain or losses we mean the CGT amount before any losses, concessions or discounts are applied.
By default we will display sale transaction 'held in my name' because only these sales will be included in the report summary section to calculate the capital gains or losses to be included in your individual tax return. However, to see sales held in other entities simply select the 'Held in other entities' option from the dropdown.
How we calculate CGT in the Report Summary section
After we calculate the gross capital gain or losses from the sale transactions we report them in the Report Summary to accurately calculate your net CGT. There are three (3) steps which are displayed in three (3) separate sections if the Report Summary.
Step 1 - Calculate your current year capital gains.
Step 2 - Apply and current or prior year losses.
Step 3 - Apply any discounts.
The result is the current year Net Capital Gain/(loss) after concessions and discounts which is displayed in blue. If this amount is a capital gain, its reported in Item 18 (Capital Gains) in the tax summary.
Can I export the transactions?
Yes, from the 'Export' button you can export in PDF format which will include both the transactions and report summary section.
FAQs
Q: Why aren't all of my sold shares appearing in the CGT Report?
A: If a share sale is missing from your Sold Holdings or Capital Gains Tax (CGT) Report, the most common reason is that TaxTank can't find the original purchase (BUY) trade.
To calculate a capital gain or loss, TaxTank needs both:
A BUY trade showing when you acquired the shares.
A SELL trade showing when you disposed of them.
If only the SELL trade exists, TaxTank doesn't have enough information to calculate the capital gain or loss, so that sale won't appear in the CGT Report.
How do I fix it?
Go to your Holdings Tank.
Check whether the missing holding has a corresponding BUY trade.
If the BUY trade is missing, add it with the correct purchase date, quantity and price.
Once both trades are recorded, the sale will automatically be included in your CGT calculations.
If both the BUY and SELL trades are present and the sale is still missing from the report, please contact TaxTank Support and we'll investigate further.