AMIT Cost Base Net Amount Treatment

I have shares in an EFT (VAS.AX), which is an Attribution Managed Investment Trust (AMIT) where on the Annual Tax Statement they show an AMIT cost base net amount excess or shortfall, which means I need to reduce or increase the cost base of the shares respectively. What is the best/easiest way to record this in Personal Plus, noting I have purchased the shares a numerous times with different cost prices. Cheers

Comments

  • ZappyZappy Accredited Partner Posts: 4,797 ✭✭✭

    Is that an ETF?


    Zappy 0407744914

  • KABKAB Member Posts: 3

    Yes sorry typo, I meant ETF.

  • ZappyZappy Accredited Partner Posts: 4,797 ✭✭✭

    Yeah. I know ;)


    Zappy

  • KABKAB Member Posts: 3

    any suggestion on how to record this in Personal Plus?

  • RavRav Administrator Posts: 11,676 Community Manager

    I am no expert or authority in this area so take this advice with a grain of salt and perform your own testing however I'd suggest cost base adjustments can only done by a corporate spin-off transaction so you may want to explore that.

    The difference is the spin-off is 1:1 with a lower cost base and that difference will be income which might attract CT depending on circumstances. I believe the spin-off will allow you to treat all purchases on an average basis however from that point onward you will lose access to the individual purchases. If you wish yo maintain the original purchase information you'll have to do each purchase separately.

    I'd recommend taking a look at some of the previous spin-off guides we've had in the past at https://help.reckon.com/ for an overview on the process, such as -



  • yoda1yoda1 Member Posts: 2

    I am also looking for a solution to the AMIT cost base Inc/Dec issue in Reckon Personal Plus. My workaround at this stage is just to add an enhanced memo e.g. "AMIT cost base Inc $100" within the "record an income event" transaction field. Not ideal but at least is this a reminder to oneself that an adjustment is required for tax purposes when it comes time to dispose the trust units.

Sign In or Register to comment.