How Sharesight can help with completing your tax return

Note: This content is only applicable to Australian tax residency portfolios holders.

Sharesight makes completing your tax return quicker, easier and more accurate. Learn how to organise your dividend and distribution records in Sharesight in preparation for filing your tax return.

1 - You first need to ensure your portfolio has all trades and adjustments accurately recorded. A quick way to do this is to look at each of your holdings quantities to check they are correct on the Portfolio Overview Page.

2 - Run the Taxable Income Report for the ‘Last Financial Year’ date range.

3 - In ‘advanced options’ select ‘Show holdings totals’ and click ‘Apply’.

4 - Check all your dividends and distributions are in Sharesight and correct for the financial year matching against your statements. If you’re missing anything add them in on the Individual Holding Page.

5 - Work through the report to check you don’t have any unconfirmed transactions. These are indicated by a lightning bolt at the end of each row. If a dividend displays a lightning bolt icon, click on it and verify/edit the payout and click ‘Save and confirm payout’.

Note: If you have any LIC capital gain amounts on any of your statements, make sure to add these figures in.

6 - If you have any trust holdings, click on the ‘Enter Annual Tax Statement Components’ button and reference your trust’s Annual Taxation Statement to fill in the Pro rata distribution components form. Refer to the tooltips for each component for guidance. Click ‘Save and confirm payout changes’ when complete.

Note: Ensure that you capture any AMIT cost base decrease or AMIT cost base increase components provided on your Attribution Managed Investment Trusts (AMIT) annual statements.

7 - Run the Capital Gains Tax Report for the ‘Last Financial Year’ date range.

8 - In ‘advanced options’ enter any losses to carry forward from previous years and click ‘Apply’.

9 - Click ‘Change Sale Allocation Method’ to select your sale allocation method (optional).

10 - Share access with your accountant or use the Income tax return and Capital Gains Tax Report yourself to assist in completing your tax return.

Remember: to add the values in the Income tax return to income from sources not recorded in Sharesight, such as property, annuities etc, before completing your income tax return.

Disclaimer: Sharesight does not provide taxation advice and the reports do not constitute personal taxation advice. If you have any questions about your tax position we recommend you contact your accountant or tax advisor. You remain solely responsible for complying with all applicable accounting, tax and other laws.

Last modified on May 4, 2023 UTC