Reminder for first-time share investors to declare income
With the growth of micro-investment platforms
helping new investors enter the market, the ATO
has issued a reminder for first-time share and
Exchange Traded Funds ('ETF') investors.
The ATO is concerned that first-time investors often
do not understand their tax obligations in relation to
reporting capital gains from the sale of shares and
income in the form of dividends and distributions.
This could result in errors when they lodge their
tax return and delay tax refunds.
While the ATO pre-fills data from third parties into
individual tax returns, investors are urged to check
that all relevant data has been included, or make
sure their registered tax agent has all the necessary
information before lodging.
Investors should also keep good records.
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