3rd August 2015
FundsNetwork: Correcting a CGT gain
What happens to an individual’s capital gains tax liability if you make a mistake when selling their investment funds? One of the more profound mistakes is where a more than intended gain is realised from the sale of funds, whether through inputting the wrong number or simply miscalculating, and uncorrected, this can bring adverse capital gains tax (CGT) consequences for an individual.
In this article Paul Kennedy, FundsNetwork’s Head of Tax & Trust Planning, outlines the steps you need to take to correct a capital gains tax liability, and stresses that it is critical to understand that simply buying units back within 30-days does not mean that the original mistaken sale is ignored.
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