Share trading & tax returns - do accountants change more depending on number of transactions?

Do accountants change more depending on number of transactions for shares traded when it comes to doing tax returns? How do accountants work it all out, do they just have a software package that they just put the EOFY spreadsheets from the broker into and it basically does most of the work, or they need to go through each transaction one by one?

Also, if it's based on the number of transactions can any accountants out there let me know a rough ball park figure they charge for 200 transactions, 500 transactions & 1,000 transactions. Also if the price differ between a person trading individually or an SMSF trading for those transactions. Thanks

 

I always found broker spreadsheets difficult so would prepare my own summary. It really would depend on how good the broker report is. Are you a share trading business or an investor making capital gains?

 

Share trading as a business

 

It depends entirely on what information is involved. Some broker reports are excellent and can be used. Others are aweful (Commsec., NABTrade, Bell) .

I find a 10min discussion on exactly what I want can avoid endless complex reports. I may just need to know one of two things:

1. Traders
Total sales incl brokerage, total purchased incl brokerage, market value on hand at end of last year and at end of current year

2. CGT
Excel summary of all trades split into
A. Loss trades
B Profit trades held under a year
3. Profit trades held 12mth +
Based on contract not settlement dates

 

Thanks Paul. Which brokers do you find report it well for you? Are all the big banks bad at reporting, including Westpac & ANZ? Have you ever dealt with Openmarkets too?

If charged based on transactions, roughly what do accountants charge for 200 transactions, 500 transactions & 1,000 transactions. Also does the price differ between a person trading individually or an SMSF trading for those transactions?

 

Thats a tough one. It varies and some do it 90% and faaaark up the CGT numbers or something else. BT did it in 2017 with CGT schedules and misreported loads to the ATO and all are now audited for this known mistake.

Openmarkets isnt a platform. Its a aggregation and prone to errors. I dont care for transactions. I want totals.If 1000 are all good its OK. But if 20 are all wrong it will cost more to fix or manually correct.

Price ? I dont care. A`cheap broker can cost the client when it doesnt produce any quality reporting. The client makes that choice. And then I have to explain it cost them to make that choice. Not my concern.

Doesnt matter who the entity is. SMSFs have a higher degree of diligence as a audited entity. Most cost blow outs with SMSFs are DIYers who use a cheap broker or platform that doesnt provide the data needed. eg Vanguard distribution elements, accrued distributions at 30 June and deferred tax element etc. Software does 80% of the work for me now. If I can arrange a datafeed with the broker / platform registry it can avoid costs but I can only do that with SMSFs.

You want a report that shows all the final tax elements. Yes it costs more. If its just shares who cares ? If its ETFs and trusts then its essential. 90% of investors cannot tell me the difference. That is a concern

 

Sharesight.com produces great income and capital gains reports. It can be to linked up with many brokers.

Buy/sell transactions are recorded in the portfolio and it tracks dividends and more complicated events.