Hi all, I have an ETF/LIC Portfolio of around 12 stocks. Throughout the year as dividends come through I confirm them from the suppliers paperwork and save them in Sharesight. Come July 1 do I just print out the Income Report and give to my accountant or do I have to do something with the Annual Tax Statement that the suppliers provide (Vanguard, Betashares etc) and update in Sharesight? I thought that Sharesight would take care of this as I confirmed each individual payout throughout the year? Any thoughts or suggestions much appreciated.
Hi @drd this help article will answer your questions ‘How Sharesight can help with completing your tax return’
Thank you. That’s exactly what I was after.
I have recently contacted the Support Team on a problem I have with dividends as Sharesight does not handle dividends the way my accountant does. Let we give you the situation. NAB went ex-dividend on the 13/5/2021, but did not pay its dividend until 2/7/2021. My accountant and auditor of my SMSF expect the dividend to appear in the financial year that the actual payment is made to my bank account which is the 2021/22 fiscal NOT in 2020/21 fiscal. The Sharesight focus is on performance and that is why it includes it in the year that ex-dividend is declared, but this is not how Taxation regards it. To correct the dividend payment year, I had to change the ex-dividend date to 1/7/2021. It is now correct for reporting for my accountant. Fortunately, not too many companies do this sort of thing with dividends, but if you are using the reports for taxation, you have to be aware of this fiddle. I have suggested a solution where Sharesight can fix this problem which gives the choice of date to the user without having to use a fake ex-dividend date.