Hi, after evaluating Sharesight some years ago, I have returned for a second look. This is my main concern, is it still not possible?..
I have a portfolio in NZ, but am not an NZ tax resident, so I do not want to apply the NZ resident tax regime. Rather, I want the appropriate non-resident regime applied. This is easy enough by setting up a portfolio with my non-NZ tax residency. However my understanding is in this case, the portfolio is converted to my residency currency, correct? But I do not want that at all. I want my NZ portfolio performance valued and marked in NZD. Not my tax currency.
->Is this possible? Portfolio with non-resident setting, that is still reported in NZD?
Alternatively, is this a viable work-around: setup the portfolio as a “fake” NZ resident to ensure NZD reporting, but then edit all dividend income flows to reflect the actual tax deducted on a NRWT basis. Doing this by editing the RWT value in the “Edit a Payment” form.
I have portfolios in various countries and I always report in the exchange currency using my brokers reporting tools. But I don’t have any good reporting tools for my NZ portfolio, hence my looking at Sharesight.
Hi @bellini, welcome to the forum!
This is the case for all markets/currencies, they will be converted to the base currency of the tax residency set for the portfolio.
Your solution for creating an NZD domiciled portfolio will work. If you’re tracking multiple portfolios in Sharesight, you might find a use for our Multi-Currency Valuation Report, which will allow you to see the value of your investments in different currencies.
Hi Jack, could you help us understand why Sharesight is not building a simple toggle to flip the currency?
I’m a SG resident who evaluates my investments in USD terms - it seems that for me to have my dashboard in USD, I need to create a portfolio indicating that my tax residency is US (even though it’s not true?)
Our multi-currency valuation report allows you to see the value of your investments in any currency you like at any time. If you’re on our expert plan, you can find this under the reports tab.
The logic Sharesight applies outside of the multi-currency report is that your portfolio tax residency dictates the currency in all reported returns.
As most customers will be paying tax in the residency the portfolio is domiciled in, we take this approach for consistency and for ease of tax reporting.
Thanks Jack. A few points.
1/ The logic/assumption is flawed because jurisdictions like Singapore have no Capital Gains taxes (so we don’t submit our portfolios to the tax regulator) and there are publicly-listed companies that submit their financials/tax filings in USD.
2/ You may have been unfamiliar with point 1 but I don’t understand the resistance/inflexibility in allowing an alternative presentation currency when given the facts. Is it so that you could up-sell us a more expensive plan? Sure you have succeeded, and I have signed up for the expert plan - and it does NOT show me periodic USD returns, just a snapshot at a specific point in time.
3/ The helpdesk solution I have been given was to delete my current SGD portfolio and MANUALLY re-enter my transactions into a new USD portfolio (if I have been on a lower-tier plan, I wouldn’t have been able to hold more than a few portfolios).
This is not an inexpensive service and I expected it to save me time (especially with something as simple as presentation currency). Is the team willing to look at building in a currency toggle or should users start exploring alternative services?
I am the OP, but had a heck of a time logging in again using previous credentials. Had to make a new account in the end.
This is EXACTLY what stopped me subscribing numerous years ago. I set up my portfolio, detected the problem immediately, asked your help desk, learned the odd reality of your policy. And walked away. It took 1 day and I was gone. Conclusion was “this is of no use on a daily basis”. And now it is exactly what is causing me to hesitate to subscribe again. I may consider the work-around I suggested. Maybe…? Dunno. Sounds as much work as my current spreadsheet.
Traders want to track international portfolio performance in the currencies of their investments as a daily going concern. Tax is a once per year consolidated event. Performance tracking = daily, weekly, monthly. It is ALL about performance tracking, with near zero admin time. Tax is just a side effect distraction once per year (at least for those in countries that levy tax on CG and international income. It doesn’t apply to me)
The Expert plan multi-currency report doesn’t meet my detailed reporting needs, best I can tell. And frankly is too expensive considering I only need to manage my NZ portfolio performance on Sharesight (IB does the the other countries).
Thank you for responding to my original query.