Managed Fund Tax Statement Reconciliation

Almost everything in Sharesight makes tax time simple, except when trying to reconcile annual tax statements from managed funds (and ETFs) with the ‘Enter Annual Tax Statement Components’ option in the Taxable Income Report page. The label headings in Sharesight don’t match anything on the tax statements and the explanations are vague. Managed fund tax statements detail where in your tax return to enter certain amounts, a suggestion would be for Sharesight to use a similar system. Can anyone help? Could Sharesight devs please make it easier?
The following page was little help;

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This ought to be simple for Sharesight to dramatically improve the ease for this process.

Suggestions (in order of ease to implement):

  1. Add in the Tax Return Label numbers that are usually shown on the AMIT statements onto the data entry screen next to those items that correspond directly to a tax return label reference. Add the text used in the statements for other items which is pretty much identical to all providers to the data entry screen.
  • For example, add (20M) to the existing last field Other Net FSI so it reads Other Net FSI (20M)
  • For example, add (AMIT CGT gross up amount) to the 10th field CGT Concession so it reads CGT Concession (AMIT CGT gross up amount)
  1. Add additional mapped examples to the help page. The help page has an example that matches the format used by Vanguard, but this is different to Magellan, BetaShares, State Street and Van Eck. Magellan, BetaShares and State Street all have the same format, so one additional example deals with them.

  2. Change the franked entry to a set of three fields, allowing either the attribution amount and franking credit or franking credit and net amount to be keyed, and automatically calculate either the net amount or attribution amount from the other two fields.

  3. Consider re-ordering the fields to match the order on the AMIT annual statements - they are pretty similar in order, so having the fields in the entry form in the same order would make this easier.

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I agree, it’s quite complex in reconciling the Tax Statement vs the Sharesight entry fields.

It would be great if it could be simplified.

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Good suggestion, will be very helpful. It requires all investment expenses need to be tracked as well with corresponding tax labels. Currently cash accounts are not in that direction

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I’m happy to donate a statement for RDV to the cause as I can’t for the life of me get the numbers to balance out.

I keep coming up 11 cents short getting $134.89 rather that $135 :frowning_face:. I’m probably missing something simple but can’t see where I’ve gone wrong.

Looking at this again and still confused. but I think there’s something I need to do with the “Other non-attributable amounts” of $3.13 but Sharesight says that this shouldn’t be entered but if I enter $0.11 being “Other non-attributable amounts” - “AMIT cost base net amount - excess” then all balances out.

Full tooltip for Other non-attributable amounts" says “The amount of non assessable income. This is used to reduce your reduced cost base. It does not affect your cost base. For AMIT’s this value should be left blank.”

So. should I be entering
“AMIT cost base net amount - excess” = $3.02
“Other non-attributable amounts” = $0.11

Or am I off the mark?

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Thinking a bit more about this in the shower (where I do my best work) wouldn’t it be great if we could upload the tax statement and Sharesight parsed them like they do for contract notes.

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+1

I wrestled with this last year too. All Sharesight needs to do is add the tax codes to the area where you can pro rata your components. The whole point of having tax labels is to just marry up 13A with 13A. 13E with 13E. The way it has been implemented is totally non-value adding and causing mass confusion.

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+1 this is currently just too hard. Showing the corresponding Australian tax labels would make a lot of sense!

I received the Spaceship AMMA statement yesterday and cannot for the life of me figure out how to enter this into Sharesight.

If anyone has figured that out. HELP, please.

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I used this sheet (taken from a screenshot of a Sharesight How To Youtube video) and after a few go’s got my statement into the Sharesight Taxable Income Report accurately. The problem is all the different ETF suppliers (Vanguard, Betashares, iShares etc) all provide different formats. It just takes time to work it all out. Very time consuming and it would be great if Sharesight could make it easier somehow.

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I agree, this should be made easier in the product. But this has been quite helpful! Shame the quality of the screenshot in Sharesight’s own article is so poor!

I went ahead and marked up the image for the Sharesight devs to easily pick up what we are putting down.

If for some reason there is a need for what I imagine will be a minority of users to input the detail from the bottom part which I crossed out, give them the option as an advanced feature. Otherwise for the vast majority of users, just change the names to reflect the tax codes.

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Have you taken care of foreign income 10 cents? If u can provide corresponding sharesight entry screen shot, we can figure it out. Thanks

I don’t think that’s right.

Ok after a bit of work, I think I’ve managed top work it out. The picture below has the numbers that I reckon need to be filled out in Sharesight corresponding to the boxes 1 to 15 in the form.

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Ps you know you’ve got it right if all columns 1 to 15 add up to the “Net Cash Distribution” amount at the bottom of the payment.

Here’s the screen grab of the RDV distribution from above with the missing $0.11.

This has me stumped!

I do not see SS screenshot matching with AMIT numbers. Is it different screenshot?

RDV statement is up above.

Statement should match the SS screenshot… unless I’ve really mucked up.

PS I’ve managed to balance all my Vanguard distributions so don’t know why RDV is causing problems.

Hi everyone, facing a similar problem so I’ve had a crack at matching up the values with as many Tax Statement Part A values as possible. Some values still need calculation according to the Sharesight Example. Verfied with personal Vanguard distributions but still have the same $0.11 error with RDV

Please let me know if there are any issues!

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Hi @Stephen, welcome to the Sharesight Community :wave:

Sharesight receives ETF distribution components data directly from the different ETF providers around September, and the Pro rata Annual Tax Statement form in your Taxable Income report will then be updated automatically for you.

We will update this thread once each ETF provider has sent through the data.

If there is a manual & standardised way to update your Pro rata Annual Tax Statement before Sharesight receives the data from ETF providers, we will also update this thread, so please stay tuned and thank you for your patience!

Emily

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