Shares & Funds Brokerage Deduction

Discussion in 'Accounting & Tax' started by funkychickendancer, 18th Dec, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. funkychickendancer

    funkychickendancer Well-Known Member

    Joined:
    4th Dec, 2016
    Posts:
    47
    Location:
    Sydney
    I trade using Commsec and all figures provided are including brokerage costs.

    If I deduct the total sell amount from the total purchase amount and am left with a profit, do I include any brokerage costs on top of the profit made?

    I have tried doing the maths and aren't sure whether or not the brokerage is included in the profit figures.
     
    funkychickendancer, 18th Dec, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,001
    Location:
    Australia wide
    You can't include it twice
     
    Terry_w, 18th Dec, 2020
    #2
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,544
    Location:
    Sydney
    Brokerage is a element of the costbase of net sales proceeds. The actual cost / proceeds are used in CGT calcs and brokerage itself is ignored an the final CONTRACT is used (it is after brokerage is added or deducted). (Since it a element of that cost / proceeds).
     
    Paul@PAS, 20th Dec, 2020
    #3