LIC & LIT Why the love for Mirrabooka Investments?

Discussion in 'Shares & Funds' started by Zenith Chaos, 17th Nov, 2018.

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  1. Nodrog

    Nodrog Well-Known Member

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    Yeah rub it in why don’t you:(.
     
  2. SatayKing

    SatayKing Well-Known Member

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    Sorry bro. Just fooling around.
     
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  3. SatayKing

    SatayKing Well-Known Member

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    Although it is stating the bleeding obvious, you do receive two dividend statements if you elect partial participation in the DRP.

    If they reconfigured the format I reckon it is possible to get the necessary information on one advice.

    I shall complain to the management. Additional Right Click, Save As actions is hard work for this aged dude.
     
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  4. Nodrog

    Nodrog Well-Known Member

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    Way too much work for me. I don’t know where you find the time to do all this.
     
  5. Nodrog

    Nodrog Well-Known Member

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    Phew located email, dividend statement filed and data recorded. Didn’t appreciate the extra work having to record LIC capital gain deduction figure. Need to have a nap now to recover:(.
     
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  6. SatayKing

    SatayKing Well-Known Member

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    It could be at some point investors wont have to do anything at all.

    The way technology is advancing and with the aggregation of data by the ATO it is possible to envisage a scenario where issuing dividend statements will no longer be required. Gone the way of cheque books.
     
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  7. Nodrog

    Nodrog Well-Known Member

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    I’m likely going to stop recording this dividend data in the near future. ATO auto populate this data into tax returns and importantly this now includes the LIC CG data. I used to provide the spreadsheet to ensure our useless accounting didn’t miss the LIC CG:rolleyes:. This will be a huge reduction in workload requiring only “save as” ... :).
     
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  8. SatayKing

    SatayKing Well-Known Member

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    Maybe not even "Save as". TFN gives the ATO a lot of data. Will it at some point include Buy/Sell transactions from share registries?

    What does it mean for Deceased Estates?

    Only thoughts running through my tiny mind.
     
  9. Nodrog

    Nodrog Well-Known Member

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    In theory dividend statements are generally only required to be kept for 5 years by the ATO. These should be available from the share registry. Although damn companies occasionally change registries with data sometimes only coming across for a given period. But the data should still be available but may require a cost to get it if ever the need arose eg tax audit? Although does ATO already have the data?

    In fact I’m going to email my accountant in regard to personal tax returns to see if he needs the statements / spreadsheets any more. Will also check to see what level of detail SMSF admin requires.
     
  10. SatayKing

    SatayKing Well-Known Member

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    Audit requirements for SMSF? One possible reason for the need for dividend statements.

    Mind you I am always cautious if I'm told don't need that because....

    To what level we should rely on data collected by another entity to make decisions for us is a moot point. Robo-debt anyone?
     
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  11. SatayKing

    SatayKing Well-Known Member

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    Something has been in the back of my mind about these.

    I think the ATO advises the taxpayer should keep the records for five years but I understand a number of the Robo-debt was based on ATO information which went way back beyond five years. If so, does it mean the ATO keeps the records a lot longer?

    From the ATO website:

    Fraud and evasion guidelines

    "However, in a case where the Commissioner forms an opinion of fraud or evasion, there is no time limit for amending an assessment."

    A hint to always keep your own records and never dispose of them or any supporting documentation no matter what?
     
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  12. Nodrog

    Nodrog Well-Known Member

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    Unless one “knowingly” intended to commit fraud / evasion I doubt there is too much to worry about. But anything’s possible I suppose. Before going paperless I used to dump all my old tax records after the applicable holding period had expired. I’m yet to experience anxiety over it.

    The accountants here would know, you could start a thread in the accounting section of the forum if it’s of great enough interest:).

    However I think the root cause of these concerns comes back to this:D:
     
  13. SatayKing

    SatayKing Well-Known Member

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    Thank goodness for that. I thought I was becoming paranoid but now I know the underlying cause I realise I'm normal.

    Be good when that person I can't see stops talking to me.
     
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  14. Nodrog

    Nodrog Well-Known Member

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    Seemed appropriate in your situation:

    E225CDF5-35E8-4859-A748-499225FF02A7.jpeg
     
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  15. RogTheBear

    RogTheBear Well-Known Member

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    Exactly - not sure how the SMSF reporting thing works, but for normal people without complex tax arrangements, the tax return takes about 30 minutes these days. It's all there...
     
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  16. Nodrog

    Nodrog Well-Known Member

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    What happens with “joint” share holdings, is 50% of the dividend / distribution automatically applied to each individual’s personal return for LICs / ETFs?
     
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  17. Froxy

    Froxy Well-Known Member

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    Yes, all pre populated and allocated 50/50
     
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  18. Greedo

    Greedo Well-Known Member

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    Mine wasn’t :-(
    I’ll see if this coming year is any different
     
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  19. SatayKing

    SatayKing Well-Known Member

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    Declared a 6.5c ff dividend all from Capital Gain (divide by .7 to gross it up for pre-tax) payable on 17 August.
     
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  20. ChrisP73

    ChrisP73 Well-Known Member

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    Read the first 9 pages of the report - happy that it's basically doing what I intended for the portfolio.

    I'll take the LIC CG deduction. Nice that the ATO autofills these days too.

    All too easy.