Capital Gains Tax Discount
How do I change the default capital gains tax discount to zero percent for a private company file? When entering an investment security tax statement the distribution detail window defaults to "Capital Gains 50%".
-
Hi Glenys,
The "Capital Gains 50% toggle" visible in the distribution transactions "More Details" panel does not impact the Capital Gains calculation of the entity. Its purpose is to enable users to input tax components from a tax distribution statement. When set to 50%, the net cash should align with the net cash stated in the tax distribution statement.
However, it's important to note that this toggle does not affect the net capital gains calculation performed by the system. Instead, the system considers the entity type, which, in this case, is a Company. Consequently, no discount will be applied during the capital gains calculation. This will also be evident when running any tax/capital gains reports such as a net capital gains report or a realised gains report.
0
Please sign in to leave a comment.
Comments
1 comment