Burton Cost Base Services in Brighton, South Australia, Australia | Financial planner

Burton Cost Base Services

Locality: Brighton, South Australia, Australia

Phone: +61 412 900 624

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25.01.2022 Never too old to learn something new: DRP (dividend re-investment plan) -v- DSSP / BOP (dividend substitution share plan / bonus option plan)... DRP - When you buy shares in a company or units in a fund that offers a DRP, you will be contacted and asked whether you wish to participate in the plan and advised how to go about doing so. You can opt in or out. You don’t have to pay any brokerage, commission, stamp duty or other transaction costs for new shares, which are automatically issued under a DRP. Your new shares will be listed on the stock exchange and rise or fall in value the same as other shares in the company. DSSP / BOP - you elected for no dividend to be paid and are instead issued with bonus shares. This means you don't pay income tax on the bonus issues, only capital gains tax if you sell them. But you get no franking credits. 'The outcome for shareholders that participate in the DSSP is that the cost base of the existing shares is spread across the existing shares and the new shares issued under the DSSP. The DSSP shares are regarded as having been acquired at the same time as the existing participating shareholding'

25.01.2022 Deceased estates and capital gains tax...... When a person dies, an asset in their estate can pass: * directly to beneficiaries (that is, people entitled to the assets of the deceased estate)... * directly to their legal personal representative (their executor or an administrator appointed to wind up the estate) * from a legal personal representative to a beneficiary. When you inherit an asset you must keep special records. If it was a pre-CGT asset for the person you inherited it from (that is, they acquired it before 20 September 1985), you need to know its market value at the date they died, and any related costs incurred by the legal personal representative. The total of this is the amount the asset is taken to have cost you. If the deceased acquired the asset on or after 20 September 1985, you need details of all related costs they incurred as well as those incurred by the legal personal representative. They should be able to give you these details. https://www.ato.gov.au//Deceased-estates-and-capital-gain/

24.01.2022 A person who feels appreciated will always do more than what is expected. Feeling appreciated!

22.01.2022 Take control and declutter today. One step at a time. * Gather every piece of paper you can find... * Separate into 3 categories - Action, File & Throw * Action your 'throw' items by Recycling (unwanted) or shredding (sensitive) material * Devise a filing system that works best for you (hanging files, concertina, lever arch etc) * Sort 'file' paperwork into categories (insurance, bank, school, doctors etc) * Collate each category in date order (most recent on top) then file * Tackle the 'action' paperwork (setting yourself a realistic timeframe). If your 'action' papers aren't due, set a reminder in your calendar to deal with later See more

18.01.2022 Demergers & GST: A demerger involves the restructuring of a corporate or fixed trust group by splitting its operations into two or more entities or groups. Under a demerger, the owners of the head entity of the group (that is, the shareholders of the company or unit holders of the trust) acquire a direct interest (shares or units) in an entity that was formerly part of the group (the demerged entity). While a demerger may give rise to a capital gain or loss, you:... * can choose a rollover for any capital gain or loss you make under the demerger * must calculate the cost base and reduced cost base of your interests in the head entity and your new interests in the demerged entity immediately after the demerger For recent Wesfarmers / Coles demerger details please refer: https://www.wesfarmers.com.au/our-bus//coles-demerger/faqs

15.01.2022 Deceased Estate - Pre -v- Post CGT If the deceased acquired the asset before 20 September 1985, the first element of your cost base and reduced cost base (that is, the amount taken to have been paid for the asset) is the market value of the asset on the day the person died. If the deceased acquired the asset on or after 20 September 1985, the first element of your cost base and reduced cost base is taken to be the deceased’s cost base and reduced cost base for the asset on the day they died.

14.01.2022 Buy Back A buy back by a company is a way for a company to invest surplus funds in themselves by buying back existing shares from shareholders. Share buy backs can either occur on the open market over an extended period of time or through a tender offer where shareholders nominate some or all of their shares to be bought back.

12.01.2022 Tips for Organising your Paper Clutter 1. Gather all your receipts and bills Empty your drawers... Search wallets / handbags 2. Start sorting Group papers together (type of expenses) File in date order 3. Pick a system Paper records - store in folders in a safe place Electronic - scan all bills and receipts (save by year) 4. Ensure your records contain the correct and required information information such as date, description, cost and notes for reference Make sure your records can be understood by anyone

12.01.2022 Adjusted cost base... The adjusted cost base is the figure used in calculating the gain or loss a person made from buying and then selling an asset. It is based on the actual price paid for an asset, but includes a range of possible adjustments.... The adjusted cost price is usually used for calculating tax liabilities that result from the asset sale, such as capital gains taxes.

11.01.2022 https://m.youtube.com/watch?feature=youtu.be&v=S4ZXHeT8loE

11.01.2022 ATO - Record Keeping Generally, you must keep your written evidence for five years from the date you lodge your tax return or if you: have claimed a deduction for decline in value (formerly known as depreciation) five years from the date of your last claim for decline in value.... acquire or dispose of an asset five years after it is certain that no capital gains tax (CGT) event can happen, so you know you don't need the records to work out a capital gain or loss are in dispute with us the later of five years from the date you lodge your tax return or when the dispute is finalised. I recently located a bunch of old documents, which obviously aren’t required but are great to look back on! before an entire booklet was required to complete your tax return! deductions ‘spouse, daughter - housekeeper’ ??

09.01.2022 What is a preference share? A preference share is a 'hybrid' security, meaning it has features of both debt and equity. Debt characteristics... A preference share: pays a regular defined income stream, and generally has a fixed maturity date. Equity characteristics A preference share: pays income in the form of dividends, and generally converts into ordinary shares at some future point. The term 'preference' indicates that you rank ahead of the company's ordinary shareholders for the payment of dividends, and have a prior claim on the company's assets if the company is wound up. However you rank behind the company's creditors. Most preference shares are 'converting' (or 'convertible'), signifying that at some point they may be converted into ordinary shares in the company.

08.01.2022 Capital gains tax (CGT) was introduced in Australia on 20 September 1985. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.

06.01.2022 Disposing of shares You can dispose of shares in the following ways: * selling them... * giving them away * transferring them to a spouse as the result of a breakdown in your marriage or relationship * through share buy-backs * through mergers, takeovers and demergers * because the company goes into liquidation However, you will need to know the asset's cost base to establish your CGT position. https://www.ato.gov.au//Investing-in-/Disposing-of-shares/

05.01.2022 FRANKING CREDITS https://youtu.be/EDtlf3hgVuc

05.01.2022 Working out your capital gain... For most CGT events, your capital gain is the difference between your capital proceeds and the cost base of your CGT asset. (The cost base of a CGT asset is largely what you paid for it, together with some other costs associated with acquiring, holding and disposing of it.) There are three methods for working out your capital gain. You can choose the method that gives you the best result that is, the smallest capital gain.... CGT discount method Indexation method Other method Capital Gains or Loss worksheet can be found here: https://www.ato.gov.au//Using-the-capital-gain-or-capital/

01.01.2022 Record Keeping: In order to prepare an accurate tax return and support the claims you make, you need to keep careful records. The records you need to keep depend on your personal circumstances. If you are not sure, it is better to keep too many records than not enough.

01.01.2022 Record Keeping for Shares Whether you trade directly or use the services of a Wealth Manager, the person responsible for keeping up-to-date and accurate records for your shareholdings is you (the Shareholder). Record keeping is a vital element to determining your current adjusted cost base and as you may have purchased parcels of shares in the same company at different times, you are required to keep full details for each parcel as they are separate CGT assets.... Not sure where to start.........please PM me