Record-keeping requirements for DIY share market investors
Every week we post a tip that we hope will help you become a successful share market investor.
Tip#15 — Record-keeping requirements for DIY share market investors
Many DIY investors become distracted by the administrative tasks associated with managing their portfolio. Essential tasks include:
-
Recording dividends declared and paid to ensure you have dividends statements. Be sure to record franking and other elements such as foreign tax credits.
-
Reconciling dividends against bank statements to ensure you haven’t missed out on any payments due. And make sure there are no anomalies that could cause you issues come tax time.
-
Reviewing your cost bases so that you know both your unrealised and realised capital gains tax position.
If you hate paperwork look for an online system that can automate the recording of transactions and other relevant share investment activity and produce all the information required to complete your tax return in a few clicks.
This information is not a recommendation nor a statement of opinion. You should consult an independent financial adviser before making any decisions with respect to your shares in relation to the information that is presented in this article.
FURTHER READING
Crypto tax: What Australian investors need to know
In this article, we discuss how crypto is taxed in Australia, methods to calculate CGT, reporting requirements and more.
Track gold, silver, platinum and palladium in Sharesight
With Sharesight, you can track the price and performance of precious metals such as gold, silver, platinum and palladium.
See upcoming dividends and future income estimates with Sharesight
This article will discuss why it’s important to track your dividend income, and how you can do that with Sharesight’s future income report.