Advitorial By Guest Blogger Sharesight
With EOFY less than 2 weeks away, now is the time to get your portfolio-related tax affairs in order. Getting organised before 30 June – including knowing exactly where your portfolio stands from a profit and loss perspective – has important tax implications for the current financial year.
If you’ve loaded your shares into Sharesight and kept your buys/sells up-to-date, then you’re off to a great start (and even if you haven’t, it’s easy to get caught-up). With all your dividends automatically captured and in one place, Sharesight makes tax-time a breeze. Here’s how to save money (not to mention admin-related headaches) this EOFY:
1. Offset your losses and gains
If you’ve taken some losses this year, Sharesight can help you work how to offset your gains. The Unrealised Capital Gains Report calculates unrealised capital gains in your portfolio and the resulting taxable income that would arise if these shares were sold on the report date. This is a handy way to model the impact of unrealised capital gains in your portfolio and the resulting impact on your tax liability.
2. Run your own tax reports
While Sharesight’s performance reports provide valuable insights throughout the year, our tax reports are indispensable to DIY investors this time of year. You can save potentially thousands of dollars in accounting fees by running your own tax reports at EOFY. The Capital Gains Tax Report is especially handy, but you’ll also want to review the Taxable Income Report and Historical Cost Report to ensure there are no surprises at tax time.
3. Claim your Sharesight subscription fee
Another great way to save money at EOFY is by upgrading your Sharesight subscription. That’s because in most cases, Australian tax residents can claim next year’s subscription fee on this year’s tax return by upgrading to to a paid plan before 30 June1. And as a bonus, when you pre-pay for an annual subscription, you get 1 month FREE!
“For $25 per month I was given back about 15 hours of my life usually devoted to manually calculating CGT.”
STEPHEN COLMAN, SHARESIGHT CUSTOMER
1 If you derive income from the sharemarket, your Sharesight subscription may be tax deductible. Check with your accountant for details.