Iamyourfriend
Registered User
- Messages
- 15
Hello tax friends.
I had 2 issues with my form 11 and GCT.
1. When it came to pay taxes at the end of form 11 they said I owe 100 extra. I made a CGT loss in the late period meaning I was due a refund of 1000 for capital gains. So I put in an income tax balancing amount (I think that was the name of it) of -900 (i.e,. that they must refund me 900) and a preliminary tax of 900 so the total net amount was 0. Does that make sense or are they viewing CGT and IT separately and going to send me 1000 for the CGT overpay and therefore I have put in an incorrect figure in the income tax balancing amount?
2. Not a big deal, this one. I realised gains in 2022 overall but for the late period (Dec 22) I realised a loss. They ask me to break out the early and late period gains, but don't allow me to put a negative figure in the late period and the computer gets upset that my gains from 2022 overall don't match the figures from early and late periods combined. My solution (maybe a generous term) was to just pretend all transactions happened in the early period, essentially making me pay too much because of miscalculation instead of because I was aligning with their payment deadlines.
I had 2 issues with my form 11 and GCT.
1. When it came to pay taxes at the end of form 11 they said I owe 100 extra. I made a CGT loss in the late period meaning I was due a refund of 1000 for capital gains. So I put in an income tax balancing amount (I think that was the name of it) of -900 (i.e,. that they must refund me 900) and a preliminary tax of 900 so the total net amount was 0. Does that make sense or are they viewing CGT and IT separately and going to send me 1000 for the CGT overpay and therefore I have put in an incorrect figure in the income tax balancing amount?
2. Not a big deal, this one. I realised gains in 2022 overall but for the late period (Dec 22) I realised a loss. They ask me to break out the early and late period gains, but don't allow me to put a negative figure in the late period and the computer gets upset that my gains from 2022 overall don't match the figures from early and late periods combined. My solution (maybe a generous term) was to just pretend all transactions happened in the early period, essentially making me pay too much because of miscalculation instead of because I was aligning with their payment deadlines.