This might be a TAX issue but financial reporting is very much a GnuCash issue and has nothing to do with tax advice. Different terms being used for the same thing in different jurisdictions complicate the discussion, and then the taxes actually vary.
I've managed to move most of my spreadsheet tax fiddling back into Gnucash where a lot of it is useful. It tracks and reports Sales Tax (GST in Australia) and share Dividend income (Franked, Franking Credit, Unfranked), and a Contra account can easily report Distribution in the correct year. The capital gain issue is more about reporting taxable transactions than the actual tax payable. That doesn't seem that complicated. In Australia share (asset) capital gains are taxed at the same rate as income tax, unless they have been held for more than a year when only half of the capital gain (an account or split) is taxable. Capital losses are not an expense but they can be accumulated and used to offset gains. If capital gain is a liability I suppose losses are a negative liability but I'd take advice from someone with an accounting background on the COA structure. This isn't covered very well in the guide investment section. Sample report in https://www.sharesight.com/blog/capital-gains-tax-calculator-for-australian-investors/ (not software I use). Now tax payable calculations, that's way too complicated. Even the tax accountant's software is only an estimate. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
