October 7, 2010

Paying tax on a bonus (shares)?

By Planet Wealth

My boss gave me some shares in a publicly listed company (ASX) as a bonus.. I have since (last week) sold 20k out of the 120k he gave me and made 0..

I don’t have an accountant.. I just use etax, how will I enter this in? Will I have to pay alot of tax..? *I don’t really know much about tax, so sorry if this is a stupid Q*

Topics: stock market | 1 Comment »

One Response to “Paying tax on a bonus (shares)?”

  1. hrblockchristinew Says:
    October 7th, 2010 at 5:35 pm

    You will enter the information on schedule D entering the number of shares sold,date bought date sold, basis and sale price. You will have no cost basis to enter in the basis section. Your tax depends on your taxable If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long–term capital gain for the year is more than your net small–term capital loss. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates.

    Christine EA Master Tax Advisor

    This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

    http://www.hrblock.com/tax_professionals/christine_wilkins.html

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