I was just entering the EOFY AMMA statement for the now unlisted ASX:SYD Sydney Airport.
This is a stapled security consisting of the non-trust SAL and the SAT1 trust.
Sharesight cannot handle stapled securities but fortunately there were no dividends for SGL, just the SAT1 trust.
So I entered:
Share of non-primary production income: $801.18
Assessable foreign source income: $23.89
AMIT cost base net amount - shortfall (Increase cost base): $825.07
You do not need to be a brilliant mathematician to work out that this gives a net income of $0.00.
But Sharesight was not happy. It brought up an error message saying that the net income had to be positive. It could not possibly be zero and refused to save.
The only way to fix this was to change the AMIT to $825.06 giving a $0.01 net income. Yes, Sharesight forced me to falsify taxation records and pay huge extra tax just to allow data entry.
Another gripe I have is that I always enter EOFY statements with the date 30/06/2022 so they are easily recognisable. In this case Sharesight refused since I had sold the SYD shares. Also Sharesight refused the EOFY entry with a blank ex date. For an EOFY entry the ex date is meaningless.
Any comments anyone?
Only comment is that, another year on, I’m in the same boat as you.
Sharesight have had a year to address this real situation of an AMIT Member Annual Statement having real taxable income, but no cash distribution and a $0.00 Net Dividend, due to an offsetting AMIT cost base increase, causing an error, since we both raised it here last year.
But nothing was done to accept these types of payments in the interim, so here we are again, using a clumsy workaround of overstating the income by $0.01 in order to create an entry.
In regard to the Ex Dates, I used another workaround of setting the Ex Date of 2022 SYD Tax Statement 1 to 31 December 2021 and 2022 SYD Tax Statement 2 to 8 March 2022, one day before we received payment for the shares, in order to make the Sharesight Capital Gains function work correctly.
This forced Sharesight’s Capital Gains Reporting Module to calculate the correct cost base for the six different tranches of SYD shares that I owned, and match the spreadsheets that I have to continue to maintain.
Like you, I’m getting used to doing this for 30 June each year when I override the way that Sharesight reallocates AMIT adjustments in a way that doesn’t reflect the one end of year AMMA statement I receive for each holding and the reporting I receive from companies like InvestSmart, Class and Finex who, like me, only change the cost base of the shares held at the end of the year, not those sold during the year due to a feed of information not provided to the holder, or worse still, some pro-rata estimation.
Only a couple of months before we face these frustrations again. Sorry to vent, but it’s good to know I’m not alone in this.
That is why I’ve raised early keeping AMIT statement entry separate to distributions but to include only for taxable income. Somehow, they have rejected the suggestion. I wish they have contacted accountants rather than companies or they looked at some SMSF returns to see how the distributions are posted.
I had forgotten that the same fault was reported a year ago. I now remember Sharesight saying that a $0.00 net income produced divide by zero errors so a quick fix was not possible. But a year later and still not fixed. How much time do they need?
I had set the payment date to 9th Mar which is the same day SYD was sold. But Patricio you raised a very good point. Would that produce errors in CGT calculations? So I changed the payment date back to 8th Mar and found that the CGT did not actually change. It means Sharesight takes the payment into account before doing CGT calculations. Like you I had bought SYD in six tranches. The only comment about the CGT amount is “ouch”.