Having just completed my 2020-21 tax (after an extension for another matter), I wanted to add my 2c worth before we move into the next AMMA/AMIT season.
I agree with the points that have been made by @fractal, @rn233343 and @Teks and wanted to add my experience that sent me back to using spreadsheets, as I’d lost confidence in relying on Sharesight’s inconsistent and flawed methodology of splitting AMMA statement components into quarterly amounts and altering the distribution payment records.
The inconsistency is that Sharesight does have some actual quarterly data for a selection of ETFs, as does the ATO in their prefill data, but when they don’t get this feed, they just make an estimate/guess of each component based solely on the share of each quarter’s net cash amount.
The flaw is that as a taxpayer, I only receive 1 annual tax statement for each ETF, which covers the entire year, so the only way I can treat this information, based on my records, is as full year data and make any adjustments at the end of the year.
My investments are split between a portfolio that I manage myself and a 3rd-party professionally managed portfolio. Throughout the year, small tranches of shares are bought and sold to balance the components across both portfolios. This triggers capital gains events.
When I get the EOFY account reconciliation from my portfolio manager, they correctly assign any AMIT cost base adjustment for each year to June 30 and calculate CGT cost bases and gains/losses for that years events correctly.
When Sharesight moves the date some of the AMIT cost base adjustment amounts from 30 June to earlier in the year, using information I don’t receive as a holder of the ETF, or even just doing it arbitrarily, it incorrectly calculates the cost base of the units sold, and in doing so passes on the error to all other units continuing to be held.
Like others have noted, I frustratingly delete the perfectly entered periodic cash distributions, with payment advice documents attached, and enter a single balancing trust income event with a paid and ex date of June 30, in order to force Sharesight to make the correct calculations for my tax return and ongoing cost bases.
I don’t like having to make this workaround, as reporting is the main reason for my Sharesight subscription, and it leaves me wondering what I’m paying for.
I hope that in the future, Sharesight is able to come up with a solution that separates the tax reporting from the income events. (and improves the way they deal with trust and non-trust income from stapled securities, but that’s another topic).