5 ways Sharesight helps Australian investors at tax time
Disclaimer: The below article is for informational purposes only and does not constitute a specific product recommendation, or taxation or financial advice and should not be relied upon as such. While we use reasonable endeavours to keep the information up-to-date, we make no representation that any information is accurate or up-to-date. If you choose to make use of the content in this article, you do so at your own risk. To the extent permitted by law, we do not assume any responsibility or liability arising from or connected with your use or reliance on the content on our site. Please check with your adviser or accountant to obtain the correct advice for your situation.
Built according to ATO rules, Sharesight’s valuable tax reports save Australian investors both time and money at tax time. Whether you file your taxes yourself or via an accountant, read on to learn how Sharesight’s Australian-specific tax features not only help you complete your tax return, but can also save you time and money.
- Australian tax settings
- Australian Capital Gains Tax Report
- Unrealised CGT Report
- Taxable Income Report
- Portfolio sharing
With all your investment tax related data in one place, and dividends automatically captured, Sharesight makes tax-time a breeze. This is especially true for Australian investors, as 4 of the following 5 tax features were built specifically with them in mind:
Investors with a Sharesight portfolio tax residency set to "Australia" have a choice of the following portfolio tax settings which conform to Australian Taxation Office (ATO) tax entities:
- Individuals / Trust – CGT discount of 50 %
- Self Managed Super Fund – CGT discount of 33⅓ %
- Company CGT – discount of nil
For more information, check out our help page: Tax Residency of a Portfolio.
The Australian capital gains tax report calculates capital gains made on shares as per the Australian Tax Office rules. It allows you to specify different sale allocation methods across the entire portfolio and individual holdings, including:
- First In, First Out (FIFO) – Sharesight assumes that you sell your longest held shares first.
- Last In, First Out (LIFO) – Sharesight assumes that you sell your most recently purchased shares first.
- Minimise Gain – Sharesight assumes that you sell shares with the highest purchase price first.
- Maximise Gain – Sharesight assumes that you sell shares with the lowest purchase price first.
- Minimise CGT – Sharesight assumes that you sell shares that will result in the lowest capital gains tax first. This method is more sophisticated than the ‘Minimise capital gain’ method because it takes into account the Australian CGT discounting rules.
You may run the capital gains tax report over any period in order to see:
- The CGT position for all your holdings sold within the period.
- Your CGT gains broken-up into short and long term, as well as losses and discounted capital gain distributions.
- A summary of the short and long term gains and losses, plus any capital gain or claimable loss.
For more information, check out our help page: Capital gains tax report
If you’ve incurred some losses this year, the unrealised CGT report helps you decide whether a tax loss selling strategy can help you offset your gains before the end of the tax year.
The unrealised CGT report:
- Displays the CGT position for all your holdings which are not yet sold.
- Breaks up the CGT gains into short and long-term, and shows your losses as well.
- Allows you to specify the sale allocation method at the overall portfolio and individual holding level to determine your optimal position.
- Models the taxable income that would arise if the shares were sold on the report date.
Sharesight’s unrealised CGT report makes it easy for investors to model different tax loss selling scenarios.
For more information, check out our help page: Unrealised capital gains tax report
The taxable income report is also very useful at tax time as it breaks down all dividends over any time period, organised by local/overseas income and separates out withholding tax and imputation credits from the net dividend.
The taxable income report breaks down taxable income into local income (trust and non-trust) and foreign income.
The report also provides field references to the relevant sections on the Australian Income Tax Return for Individuals and Income Tax Return for Individuals (supplementary section), as well as the totals required for the Income Tax Return based on non-trust and trust income. This will go a long way in helping investors to file their tax returns.
For more information, check out our help page: Taxable income report
Another essential tax time feature is the ability to share your portfolio. Rather than printing out and forwarding your Sharesight tax reports, you can securely share portfolio access directly with your accountant and/or financial adviser. With all your portfolio data in one place, they’ll have everything they need to prepare your tax documents. Available on all Sharesight plans, portfolio sharing ensures everyone’s on the same page and focusing on what really matters – not just at tax time but throughout the whole year.
For more information, check out our help page: Sharing access to your portfolio
Watch this webinar with PwC's Umair Minhas, Director for Private Clients Family Office, where he answers your Australian tax time questions.
Join thousands of Australian investors already using Sharesight to manage their investment portfolios. With Sharesight you can:
- Automatically track your dividend and distribution income from stocks, ETFs, LICs and Mutual/Managed Funds – including the value of franking credits
- Use the Dividend Reinvestment Plan (DRPs/DRIPs) feature to track the impact of DRP transactions on your performance (and tax)
- See the true picture of your investment performance, including the impact of brokerage fees, dividends, and capital gains with Sharesight’s annualised performance calculation methodology
- Calculate your dividend income with the taxable income report
- Plus calculate your CGT obligations with Sharesight's Australian capital gains tax report and unrealised capital gains tax report
To get started for FREE, simply sign up, import your holdings and watch as dividends and prices are automatically updated. If you decide to upgrade, you’ll unlock advanced features and everything you need to run your tax reports and gain unparalleled insights into your portfolio performance throughout the year.
Plus, as an Australian tax resident, you can save even more by claiming your Sharesight subscription fees on your tax return.1
- 7 reasons why Sharesight is better than a spreadsheet
- Record-keeping requirements for Australian investors
- 5 ways to get the portfolio insights you need
1 If you derive income from the share market, your Sharesight subscription may be tax deductible. Check with your accountant for details.
Top 20 NZX trades by Sharesight users – September 2023
Welcome to the September 2023 edition of Sharesight’s monthly NZX trading snapshot, where we look at the top 20 trades Sharesight users made on the NZX.
Get ausbiz market insights in Sharesight
Stay on top of your ASX investments with convenient access to the ausbiz news feed, right in your Sharesight portfolio.
Track your Webull trades with Sharesight
If you trade via Webull, you can automatically import your trading data to Sharesight, making it easy to track the performance of your investment portfolio.