Record Keeping (CGT / Estate) - Shares / LICs / ETFs ...

Discussion in 'Accounting & Tax' started by Nodrog, 5th Dec, 2017.

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  1. SatayKing

    SatayKing Well-Known Member

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    Makes sense.
     
  2. Nodrog

    Nodrog Well-Known Member

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    Again going paperless and not just for investing has been a wonderful thing thanks to your initial posts @SatayKing. Freed up a lot of space. Google drive has been fantastic for this purpose. Absolutely love the process.
     
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  3. SatayKing

    SatayKing Well-Known Member

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    Only started as I was totally fed up with all the paper I had to keep. It was close to having an entire wall of folders. And the horrendous cost of laser cartridge replacements. I was spending almost $200 every four or so years on the darn things. An outrageous expense!
     
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  4. Nodrog

    Nodrog Well-Known Member

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    I think the only use our cheap printer gets nowadays is for occasional scanning. As part of going paperless I try to have as much as possible sent to us electronically.
     
  5. SatayKing

    SatayKing Well-Known Member

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    I'm going to OD on coffee to stop my brain thinking. How to deal with partial sale of a holding over different FYs.

    Only those CHESS documents are received by mail now. Supposedly the ASX is to "improve" its systems to send them electronically at some stage. We'll ask @ChrisP73 to hold his breath until they do. That'll fix it.
     
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  6. qak

    qak Well-Known Member

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    And then you have to buy a shredder to destroy of all that paper
     
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  7. SatayKing

    SatayKing Well-Known Member

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    One is presently essential. CHESS statements deserve to be shredded.
     
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  8. Shazz@

    Shazz@ Well-Known Member

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    Great thread and it forced me to look at how I store my records for everything, not just shares.
    Out of the various cloud systems available, I decided to test one drive, google drive and drop box. I downloaded all apps to my phone and iPad and found that I liked one drive the most.

    I’ve only been buying shares for the last few years.. so I would like to set up the system correctly now before I go too far and have to correct mistakes.

    One thing I am unclear on is whether I need to keep the dividend statements?
    At the moment, I have each share in a dedicated folder. E.g. ARG folder, VGS folder etc.
    I save all the BUY/SELL contracts in their respective folder and record this on excel as well. The excel spread sheet keeps track of brokerage, DRP buys, how many parcels bought etc.

    For ARG, I have DRP and therefore, I keep all those statements and record in excel.
    For my Vanguard shares, they aren’t in DRP and therefore, do I need to keep these statements? Each year, they get sent to my accountant when I do my tax (so they would be kept with my tax return documents for that year), but do I need them for anything else?

    Apologies if this has been already answered.
     
    Last edited: 18th Jul, 2021
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  9. SatayKing

    SatayKing Well-Known Member

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    First, I do not have any spreadsheets so what I do may not apply to you.

    I save any DRP statements in the folder along with the Buys. Each DRP has its own cost base and it is necessary to identify it for that purpose. I also save it in separate folders created for each tax year.

    The Annual Tax Statement issued by the provider I keep in the folder along with buys. It may contain cost-base adjustments which will be necessary when sold.

    If you go back a few pages, you will see where I completely messed it up by not retaining the documentation. It caused me a fair amount of work to avoid paying the share registry to obtain the information.

    I also retain it in the folder for the relevant tax year.

    While the accountant will retain the records, I'm particular in ensuring I have ready access to them if necessary. The accountancy firm I use prefers its clients also keep records for themselves but each firm will have a different attitude I assume. Could be handy if you decided to change firms at some point.
     
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  10. ChrisP73

    ChrisP73 Well-Known Member

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    :(

    Always happy to help.

    Just fill this out with details and sign. Leave item 8 blank I'll fill that one in for you and my details too - again more than happy to help with that 'additional' admin.

    https://www.nabtrade.com.au/content...closure_Docs/nabtrade_Off-market_Transfer.pdf

    Promise those pesky CHESS statements will leave you alone shortly afterwards.
     
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  11. SatayKing

    SatayKing Well-Known Member

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    I'm terribly sorry to disappoint you but as you can see if you follow the link below, there has already been a committent given in that regard.

     
  12. SatayKing

    SatayKing Well-Known Member

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    @Shazz@ I should have mentioned I also retain the records for the purposes of indicating to my beneficiaries where the pot of gold is. Along with my Will, there is a typed document stating where to find the list of my personal share holdings and that of the SMSF plus other instructions and wishes.

    I also retain my personal tax returns and those for the SMSF in electronic format. Storage is dirt cheap so why not I reckon.
     
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  13. Shazz@

    Shazz@ Well-Known Member

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    Thanks for your detailed response @SatayKing

    So just keep the annual statement and no need to bother keeping the quarterly statements?
    I’m planning to do this as well. How are you storing passwords? Do you use a password manager and just provide your beneficiaries with that password? Or do you have a document with usernames and passwords for all your accounts?
     
  14. SatayKing

    SatayKing Well-Known Member

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    In my case as the ETFs are participating in DRP, I do retain the quarterly advices as well. Whether this is necessary where the DRP is not in place I suspect not. However, and isn't there always one of those, it may be advisable but I haven't given that a great deal of thought. After each announcements of the final distribution announcement, the provider does also issue a distribution of tax estimates. Link to the last from Vanguard for VAS is below.

    https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02391394.

    I assume some may also keep that in the event of a sale during the FY to work out the specifics for each distribution as the Annual Tax Statement does not break the information down by distribution.

    I don't use a password manager of any type. I keep a list of passwords on an external hard disk and the details of those associated with subscriptions, etc are included in the document I mentioned above. Passwords for access to bank accounts, share registries, broker are not included in the printed document now. Just in case an Executor goes decides to rogue.

    I don't consider it is necessary for me to have a password manager as I do not I use my phone or tablet for any financial transactions whatsoever. Don't even have any of those apps on them.
     
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  15. captain_obvious

    captain_obvious New Member

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  16. Redwing

    Redwing Well-Known Member

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    Try here link :D

    New member also
     
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  17. SatayKing

    SatayKing Well-Known Member

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    Nothing but a coincidence, mate. They happen all the time.
     
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  18. SatayKing

    SatayKing Well-Known Member

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    A short tale of woe for one family. Granddad passed away. An investor for many years but did not keep any records at all. It was discovered he had been using multiple brokers and had bank accounts he didn't tell anyone about.

    Cost the family close to $30k to reconstruct the holdings. They were not happy but by then it wasn't Granddad's problem I guess. :)
     
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  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    must be very common.

    I heard another one who hadn't done a tax return for 20 years. The executor had to make sure they were all up to date as they were personally liable.
     
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  20. SatayKing

    SatayKing Well-Known Member

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    Just a heads up suggesting investors and others keep every darn thing.

    ATO sent me a lovely letter last week advising I didn't include dividends in a tax return a few years ago. The income was for one of my kids when the shares were held under a bare trust. Usual situation where the ATO looks at SK's Tax Return and gets info which is SK <SK Jnr A/C> and attributes the income to me.

    Fortunately, I had stored all the documents relating to the investments, including the Will which created the bare trust, in PDF. All handed to accountancy firm.

    Now to see what the ATO has to say.
     
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