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Documents come tax time

Discussion in 'Other Asset Classes' started by Ouga, 7th Jan, 2017.

  1. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Hi guys,


    Just wondering about what documents people send their accountant come tax time for LICs and other holdings?
    I am with Commsec and there is an annual report they generate ahead of tax time.
    I have been forwarding this to my accountant together with the individual statements (DRPs etc.) from each holding.


    For those of you who use commsec: is there any point in me also forwarding the individual documents for each holding or does the commsec report covers it all? What prompted the question was me noticing on the annual AFI statement that part of the dividend was attributable to a capital gain and as such a 50% discount could be taken into consideration. There was no mention of this on the Commsec report at all.
    Then, is there any point in forwarding the commsec report to the accountant? Perhaps it would be better to just send the individual statements when available?

    Keen to hear how you do these things.
     
  2. orangestreet

    orangestreet Well-Known Member

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    Get on to sharesight.com.au

    All the reports you need for your accountant in one easy place.

    If you have less than 10 holdings it is free to use.
     
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  3. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Thank you for this reminder! Of course sharesight could help.
    I've set it up and it's looking good for most holdings.

    Having an issue with VAS: Sharesight seemed to have picked up some foreign source income and the income amount compared to what is shown in the statement from computershare is off by exactly that amount: so if I was to remove the foreign source income, the income on sharesight and on the statement would match : anyone else has experienced the issue?
    There are no details in the statement from computershare, so no idea whether this should be in there - however I am assuming if the data has been fed to sharesight there must be a reason for it.
    I am experiencing this issue looking at distributions from 18 July 2016 and 19 October 2016.
    Would be very keen to hear if anyone has experienced this issue as well.

    I am also surprised sharesight has picked VAS as non trust income: I believe this is incorrect?

    Has worked well for VGS though and the other LICs I have.
     
  4. Banawarra

    Banawarra Active Member

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    In regards to VAS & VGS both Share sight and my broker reports include the income received in that financial year. The tax report I get from vanguard includes the July Dividend and June income.
    Which is correct for my SMSF?
     
  5. Ouga

    Ouga Well-Known Member

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  6. wombat777

    wombat777 Well-Known Member Premium Member

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    I provided my accountant with a summary report from Sharesight. For some of my holdings my accountant then asked me for specific tax documents.
     
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  7. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Just had a look at the CGT report from Sharesight. Since I have not sold anything this FY, it shows 0. However, according to AFI's annual tax statement, part of the final dividend was a capital gain distribution - this is simply unreported in Sharesight and if simply transmitting this to the accountant, the 50% capital gain discount would be left unseen.

    If all this information has to be entered by hand, I am wondering whether sharesight is worth the trouble. Seems easier to me to simply save the statements and forward the lot to the accountant for them to sort out.
    Am I missing something here guys?
     
  8. Bran

    Bran Well-Known Member

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    I haven't used it come tax time as I have more than 10 holdings, but maybe not enough to pay for the program. After adding 4 more this morning, it's just a matter of time
     
  9. wombat777

    wombat777 Well-Known Member Premium Member

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    Note - I haven't actually sold anything yet so just generated the taxable income report.