My Accountant has sent me to back of class!

Handed in my tax return last week and my long time accountant has told me to do it again I had forgotten I had sold shares that year and hadn't included that in my return or any brokerage fees. It is important you keep track of how much you pay for shares and the date purchased and how much they are sold for and that date including brokerage fees. This was picked up at his office within 5 minutes of checking at the ATO portal [big brother].

In my case I had sold shares that belonged to my late husband and had been transferred to me and I have had to search through boxes stored downstairs to find the information.

Just something else I will have to keep track of and keep records with my files of shares so if I depart this world my accountant will be able to sort it out.

 

How did you sell them, we just download the tax statements from an online broker

 

Statement from bank doesn't tell me when shares were bought, in this case over 15 years ago and the banks records dont go that far back.

 

Is CGT worked out from the value on the day you acquired then?

 

Yes - the price paid.
Owning over a year reduces CGT.

 

Using Sharesight for the exact same reason is a godsend for me.

It can record all of your purchases, brokerage and can generate all sorts of useful reports that you can forward to your Accountant. I am confident that my spouse can easily pick up on where our share portfolio is through Sharesight if I kick the bucket. In one place, she will have access to cost base, brokerage, performance reports and income reports. There is also the option to share your account (or parts of it) with your Accountant if you wish.

For anybody willing to give it a go, the first 10 holdings are free. After that you pay something like $300 a year and that will unlock all features.

Please note I am not affiliated with them in any way shape or form. Just a happy user.

 

Thank @orangestreet , great info about Sharesight

If you had 2 trust accounts, this would fit into the 'investor' column, rather than the lowest option? (just getting my head around the use of the term 'portfolio' , as they're all my 'portfolios', held for different reasons.

(the website says

• We recommend creating a separate portfolio for each tax entity that you wish to manage in Sharesight.
• The Free plan allows for 1 portfolio. If you wish to add more portfolios, you will need to upgrade to a paid plan.

mmm, need to look into further.

Cheers,

 

Yes, you will need to pay for more than 1 tax entity. At 25 bucks a month, you can have up to 5 entities (if i remember correctly).