How do i included interested earned on selling shares in etax?

Firstly, you talk if interest earned on shares and also of selling shares. These are different items. Interest earned from shares is dividends and goes at item 11 Dividends in e-tax on the first page. Interest earned from money in a bank would be shown at item 10 Gross Interest also on the first page in e-tax. Secondly, how long have you held the shares before you sold them at a profit? If you had held them longer than twelve months then the profit is a capital gain. If you bought the shares for say $1000.00 and paid $20.00 for brokerage, and then sold them twelve months later for say $1500.00 with brokerage of $20.00, then you have made a capital gain of $500.00. You would then need to include $250.00 of this as taxable income in your tax return. This would be entered at the 17 Capital Gains section part of INCOME. Put a tick or X in the yes box at G. In box A, Net Capital Gain you would write $250.00. You will notice below there that it has a section where you would record a capital loss if you had made one. This would be carried forward to following years to off set any future capital gain that you may make. Leave 18-22 blank. At the bottom of that section TOTAL SUPPLEMENT INCOME OR LOSS write $250.00 Leave the box next to this blank. In the deductions section that follows go to D15 Other deductions - non claimable at D1-D14 or elsewhere on your tax return and in J here write $40.00. The same amount will go in the TOTAL SUPPPLEMENT DEDUCTIONS which says etax will transfer this amount to D on page 3 of your etax return. THAT'S IT FOR CAPITAL GAINS.

If you were trading in shares and had not held them for twelve months then you would enter this information in the e-tax business and professional items schedule. Over here your fill in your tax file number, your name. Do not fill anything in the S1 Simplified tax system section. Do not fill in anything in the P1 Personal services income section. In P2 type "Financial Asset Investing" The Industry Code is "62400"

In P3 type "1" this is assuming you do not have another source of business income excluding wages which you have entered elsewhere in etax.

In P4 put a X or a tick mark in the C2 box. In P5 enter your name the same as it is on you tax return. In P6 put your address as in on your tax return. In P7 mark the No box if that is true. In P8 Business Income and Expenses under the Income section leave boxes A to I blank. In box J put in the total amount you received for the sale of your shares, say the $1,500.00 mentioned earlier write this total again in the total column next to J . Fill in the same figures in the two boxes below. In the section P8 EXPENSES Ignore the column Primary Production you only use the non primary production column. Your opening stock K would be nil as you have not previously traded in shares. Your purchases and other costs L will be the amount you paid for the shares. Lets say that was the $1000.00 mentioned earlier. Enter this amount here and in the total column. Your closing stock M will be NIL if you had sold all the shares you had bought. Your cost of sales would be $1000.00 (which is K+L-M). Now go down to the last item P in this part of EXPENSES write here the cost of brokerage that you paid Say $40.00 Your Total Expenses would be $1,040.00. In the next section RECONCILIATION ITEMS leave all blank. Your NET INCOME OR LOSS FROM BUSINESS THIS YEAR C & L would be $460.00. Leave the Deferred non-commercial business losses from prior year E blank. Your NET INCOME OR LOSS FROM BUSINESS Z & L would be $460.00

I hope this helps. By the way I have been referring to the 2006 e-tax form but it should be the same for 2008. You see I have not yet done my 2007 income tax return nor have I started my 2008 return. I should be doing those instead of being here, shouldn't I?

If your talking about interest earned on a Commbank account etc, this goes at the Interest Earned section.

When you say you sold them last financial year, are you referring to 2008? If you sold them in 2008, then you should include your capital gain in your 2008 return under the capital gains section - 18). If you earned interest on the money (after you sold them), you should also include the interest in your tax return (in the Interest section - 11)

The etax software is not the easiest to use (it keeps asking you the same questions over and over again!). If you get sick of etax, go to your local newsagent and pick up a Taxpack AND the Supplement (you will need the supplement for your capital gain).

Hope this helps and save you a few hundred dollars to see a tax agent!

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