AMIT, Prefil, CGT, Income. What do I do?

Reporting & tax
1

I have been struggling with this for a while now and lost as to what do to.

Firstly I don’t know much about the whole Sharesight and tax thing. It’s all just confusing to me but I need to do my tax returns. I have an accountant.

So I need to do last years tax. 2021-2022 returns (yI es left it late)

My portfolio consists of VAS, VDHG, DHHF, IVV and NDQ - Can I simply just generate the income and CGT reports and give them to my accountant and that’s that or do I need to fill out information from Vanguard / Betashares etc in that Sharesight AMIT screen or whatever it is?

I do have exclamation marks on my holdings which I know are promoting me to check the distributions but can’t I just accept the payments without checking anything? Sharesight knows what got paid right?

I hears that Sharesight gets info from Vanguard /Betashares about all that AMIT information and pre fills everything correctly so I’m assuming now that its almost a year since the 2022 tax year that there is nothing for me to do other than generate the reports and all dividend income and CGT information would be correct is this right?

Thanks in advance…

-Frank

2

Hi Frank. Welcome to the Sharesight Community. Hope you’re enjoying sharesight. I’m a longtime user and find it excellent across all my (12!) portfolios. AMIT is an annual headache - which SS does well at relieving.

As you know Sharesight records distributions on a monthly basis as payments are received.

After year end the fund will send out an AMIT statement and the distributions that have been recorded in SS need to be reallocated between various categories for tax (eg interest, capital gain, tax with-held etc). This then allows SS to correctly generate a tax report that you can give to your accountant who can then prepare your tax return.

SS has a functionality to do this automatically for the larger funds - but sometimes they won’t the info so you’ll need to go in and do the re-allocation yourself. In all cases SS provides helpful guides to walk you through.

Best place to start is here

Hope this helps. Good luck!