How do members of the Community share information with your accountant(s) at tax time and which Sharesight reports do you use?
We’ve just published a post on the Sharesight blog with some tips and tricks to make the most of your Sharesight Portfolio by sharing it with your accountant!
Keen to learn how others make the most of their Sharesight portfolio at tax time.
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On the reports, the Taxable Income Report is one of the best, as well as the CGT Report (if you’re in Australia or Canada).
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I do my own taxes, but prior to that I just printed out a copy of the Taxable Income Report and the Capital Gains Tax Report.
Would be good to be able to give them a read only version to login and view.
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Welcome to the Community @dadinvestor,
To share portfolio access with your accountant, all you need to do is access the Settings tab and click Sharing and permissions. From here, simply enter your accountant’s name and email address to send them a secure, private login which they can use to access your portfolio.
You can also share this with other relevant parties, should you need to.
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HI Tony,
How did you do your tax online?
My company do my income tax but don’t know how to file my trader tax.
Really appreciate if you can help me.
Thanks
I do my individual tax return via MyGov. It is actually pretty simple to do since ShareSight gives you the figures to put in (just make sure you check the data is accurate first). Each year the ATO publish an income tax return guide (here is the one for 2020: Individual tax return instructions 2020 | Australian Taxation Office), so that is very helpful if you get stuck.
I also do the tax return for a private company I own. That is more complex, but I use Wave for most of my accounting (unfortunately they are not accepting new customers, but you can always use something like Xero or MYOB instead) and then use FAS 3 to lodge it (here is a link to their website: How to Install Free Accounting Software (FAS3 Desktop)).
How do I import all transactions data from CMC stockbroking ? I have tried but can’t get it to work . I must be doing something wrong
Hi @donna554, can you get in contact with our support team directly and we can assist you with setting this up. You can reach us through the orange icon at the bottom right of your page.
I share Read & Write access with my accountant, but (because I know they will ask for it) I also run an All Trades report for the duration of the financial year, export it, and email it.
Even though they can rely on the tax reports in the software, I know they like to run things through their own systems too.
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@Tony how do you enter your share data into ato online? Sharesight Taxable Income Report seems to aggregate all the data at the bottom from all your holdings, however when you go into the ato online tax, they seem to want all the data recorded against each holding?
Unfortunatly based on my experience the ATO does want it itemised, but most of it should already be prefilled. I usually just check the totals for each section match and if they do then I don’t worry about it. If they don’t, then that is when I check every single payout, one at a time.
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Thanks for clarifying @Tony
I get that the Taxable Income Report has the ATO fields, and that is great.
It has this reference for 18H and 18A.
Capital Gains Distributions
18H As recorded on the capital gains tax report
18A As recorded on the capital gains tax report
For the CGT report, there are no reference callouts to 18H and 18A !
There is a summary at the bottom, and the user is required to determine which is 18H and 18A?
Or maybe I have missed the references in the CGT report? Or can Sharesight include these references as per the Taxable Income Report?
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I agree with the comment about 18H and 18A.
I would assume it’d be a relatively small (but helpful) change to make to the CGT report.
The last few years I just give my accountant a copy of cgt report , this year I will be giving him multiple copies ie first in first out , last in first out , mini,I’ve cgt etc and he can help make the decision on what to use , normally I’ve just been doing first in first out , any thoughts would be welcomed