Canstar Guide: Reporting and Tax

Keeping on top of your investments can be time consuming. Technology solutions can help investors stay informed about their portfolio.

What do we mean by “Reporting and Tax”?

Investment income such as interest, dividends, rent from an investment property, managed investment funds, and capital gains, must be reported to the Australian Taxation Office.

This can be a complex task, so Reporting and Tax solutions are typically software solutions that help investors to:

• Keep track of income from various sources including bank accounts, children’s bank accounts opened in parent’s name, term deposits, managed funds, share portfolios, and rental properties, etc.
• Keep track of available deductions that may be claimed against that income.
• Submit your tax return on time and in full – or provide the comprehensive data to your accountant
• Keep records of tax return filing.

Types of solutions available

Some examples of solutions available for keeping your reporting and tax up to scratch are as follows.

Sharesight

Sharesight is a portfolio management software system that enables individual investors to collate and streamline their investment reporting.

• Offers a portfolio application that begins and ends with the investor.
• Provides detailed performance and tax reporting that is accurate all the way down to the transactional level.
• Institutions can partner with Sharesight as a service for their clients.

Sharesight launched in the Australian market in 2008 and according to Sharesight, more than 20,000 portfolios utilise its service.

ATO

The Australian Taxation Office also has solutions available for investors and SMSF Trustees to help keep up with their reporting and tax obligations.

• Investment income you must declare
• How tax applies to different types of investments
• Records you need to keep