G’day Emily, thanks for your reply. I don’t own any ETFs so this will not help me, my difficulty was with managed funds. Do you also get the same data for managed funds and therefore automatically update Tax Statements ?
1 Like
I recreated it and got it. In your AMIT statement, other non-attributable amounts is $3.13 which basically should match AMIT excess, in this case it is $3.03, amounting to difference of 0.11. Either cost base excess has to be be 3.13 or other non-attributable amounts has to be 3.02
I do have few AMIT statements having mismatch of few cents. You may check your bank statement in total to verify $135 is received in total.
I suspect in many AMIT statements, rounding off corrections over each distribution add to the attribution amount in AMIT statement.
Hi @gavcam thank you for sharing your RDV statement. I’ve asked our product team about this, and they told me that often times the statements are slightly incorrect. They suggested you ask your statement provider to justify the difference between the non-attributable amount of 3.13 and the cost base adjustment of 3.02. In the past this has resulted in them having to reissue tax statements. Of course, it is possible that we are missing something in our logic, but in the last couple of years it has usually been an error on the part of the statement provider.
I have tried reconciling your RDV statement and have also come across the 11 cent difference, but I’ve had no issues with any other statement so far. I’d really appreciate it if you could keep me informed by replying to this thread. Thanks in advance!
Emily
Hi @Stephen, we don’t receive the data for Managed Funds, so that will have to be entered in manually. The team will try and put together a simple set of instructions to make it easier for you and others. We’ll update this thread once we have an update on this.
Thanks again for your post.
Thanks @emily. I’ve pinged them a support request asking why the numbers are different. I will let you know what they say.
1 Like
Hi @Emily. Can I just ask a basic question… why does sharesight not have the tax labels that you can enter against? On the face of it, by using a screen where I can enter distribution components, Sharesight then just creates an income statement that has values against 13C, 13U etc… but I can get that by looking at the summary of the AMIT.
When I or an accountant complete my tax return, all I do is enter the sum of all my fund/ETF 13U’s, 13C’s, etc against the relevant label in the Supplemental Income section on a tax return form or on myGov.
I want to say that Sharesight value adds at tax time… but it seems to be making this harder than need be by having to enter distribution components to then have it recreate what I can already get from my AMIT summary. What am I missing here?
And as an aside, I love sharesight, and have been a free member since 2014 and a paid member since 2018. Keep up the great work!
3 Likes
I have been completing my tax return using the “Enter Annual Tax Statement Components” button.
I have 2 ETFs with differences of 1c between the AMMA statement and my updated Sharesight Income Tax Report. Presumably this is just rounding error and nothing to worry about?
Also, if we update our tax components manually will Sharesight override these changes in September when they receive the tax components from the ETF registries directly.
Hi @pgodw4, that’s actually a really good question.
A key benefit to capturing your components accurately is to capture the cost base and CGT components. Tax Deferred, AMIT Increase and AMIT decrease adjustments all shift a holding cost base, so these adjustments are critical for accurately capturing your CGT position. Essentially, not only are you keeping your Sharesight data up-to-date, you’re also ensuring your cost base and CGT position are accurate.
The lower part of your Taxable Income that gives you the tax labels is only useful for people who file a paper tax return since it adds it all up for you. MyTax (MyGov) asks for the components at the holding level, so unfortunately Sharesight doesn’t do that for you yet.
I’m so happy to hear you are enjoying Sharesight, thank you for sharing that with me!
I hope I was able to answer your questions. Have a great day!
Emily
1 Like
Hi @emily,
I followed up with Russell and Computershare on the RDV numbers not adding up…
It took a while for them to get back to me and understand the issue, but I just had a call back and there is a problem with the statements for RDV (not just mine) and they will be re-issuing them.
Gavin
3 Likes
Thank you so much for the update on RDV. I’m glad we were able to get to the bottom of it.
Please let us know if you run into any issues with other statements.
Emily
Seriously - if you look through all the queries on this page the treatment of these statements is a major issue for Sharesight … it is making things more difficult, not easier, for Sharesight customers.
Sharesight should have a huge focus on getting this corrected.
Regards Rob
5 Likes
I wish there was an easy way. I simply can’t do this - I can’t even read the blurry example sheet. I thought I did it correctly last year - yet later in the year I checked the pre-fill, basically reset my manual inputs and I was off by a few cents or $ for each my ETFs - not a huge deal perhaps but I still filled an incorrect tax return.
1 Like
I hear you there - I created a custom investment for it. Entered what I thought was correct based on how I do other ETFs and I’m out by between $2-$6 dollars regardless of what I do. At this point $2 different is close enough that I’ve given up and will submit it.
Hi all!
We’ve updated our AMIT help article, adding in a table to guide you with entering each component.
We’ve also added some examples to guide you along with your own statements 
4 Likes
I’ve prepared some notes on how I’ve handled this that might be helpful
Hi Emily,
The “TFN WH” (tax withheld) column is currently greyed out for me, with each value set as “0” which is not true based on the dividend notifications I’ve seen which show i’ve been heavily taxed.
Based on what you’ve said, will the tables be updated around September with actual values without our manual addition?
Hi @L.Q thanks for getting in touch!
Where is the TFN WH greyed out for you? If you have any screenshots or anything you’re willing to share with us (support@sharesight.com) we should be able to help or point you in the right direction.
If you’re referring to an ETF, yes all the data will be sent through to Sharesight by the ETF providers soon. Keep in mind that the updates will only be reflected if you have not yet confirmed the dividends you’ve received last financial year, alternatively you’ll have to “reset” all your payouts. An important thing to note is that when you reset your payouts, any file you may have uploaded will be deleted.
Finally, just making sure you saw the updated help page in case you want to fill out the Pro Rata form (in your the Taxable Income report) yourself. Scroll down on the help page and you’ll see a table/cheat sheet with explanations on how to fill it out, and we’ve also included some real examples from Vanguard and Betashares.
Hope this helps!
Hi Emily, I too am struggling with this. I have shares in ADI (APN Industria REIT) and the annual tax statement is quite different to the examples shown above and in the HELP instructions. If I upload my annual tax statement from them, can someone at Sharesight tell me if I’ve done it correctly please? Sorry I am totally confused and been trying to figure this out for around 4 hours …
Hi @Shirl yes please send through your Annual Tax Statements to support@sharesight.com and the support team should be able to point you in the right direction. You can also share a screenshot here as long as you remove your personal information from the statement too!
I have just entered all my figures for Vanguard VGE and come up $8.23 short (“recalculated net amount” versus the Computershare net cash distribution).
That $8.23 corresponds precisely to the “Non primary production income” attribution shown on the statement, which is not required to be entered anywhere on the Sharesight adjustment page according to the instructions at How Sharesight helps you handle Australian AMIT tax components | Sharesight Australia Help .
How do I account for this?