CGT Report - which one to choose?

Reporting & tax
1

Hi all, it’s tax time and this year is the first year I’ve used Sharesight!

I’ve got previous carry over capital losses of $10,000 to use this year.

I’ve run the CGT reports for the last financial year and Minimise CGT/Minimise Gain/FIFO gives me a claimable capital loss of $4000. Running the Maximise Gain report gives me a capital gain of $1000 ( a $5000 dollar difference!)

Two questions if I may:

  1. Which would be the better one to use and,

  2. If say I use Minimise CGT for this FY, can I change it to another method (eg Maximise Gain next FY)

I understand not tax advice, personal opinions etc etc

2

Anyone? Help?

3

Yes you can. Mostly minimise CGT is the option used to reduce capital gain tax or to offset funds related capital distributions. Next fy, you can change to maximum gain, if you prefer.