I recently moved back to Australia and still have holdings in Canada. I get my information and tax documents for Canadian tax on my Canadian brokerage account.
As I am not concerned about the Canadian tax reporting, should I set the portfolio tax residency to Australia so I can track the necessary CGT for ATO?
Further, my understanding is that depending on the account in Canada, some of the holdings reduce to 50% CGT rather than 100% CGT after 1 year - I realise this is not tax advice, but just how I should note the % tax in the settings on set up, especially because I can’t change it.
Thanks
Hi @iamblue91 we recommend creating separate portfolios for each tax residency. In your case, you can add a new portfolio for your Australian tax residency.
If you’ve held any stocks for more than 12 months, we suggest adding them as opening balances. Any purchases made within the last 12 months should be entered as buy trades, this will ensure that the correct CGT percentage is applied to the relevant stocks.
To change the applicable CGT percentage, go to Portfolio Settings > Tax Settings.
If you have any questions or need further assistance, please get in touch with our support team, we’ll be happy to help.