CFDs recording

[ROE]

What do people here use to keep track of their CFDs activities for Tax Record?
Excel? Software?

If someone already done the work and dont mind sharing the excel template
I will be graceful

 

[skc]

What do people here use to keep track of their CFDs activities for Tax Record?
Excel? Software?

If someone already done the work and dont mind sharing the excel template
I will be graceful

For tax record purpose I just use the CFD provider's statements.

P&L = Closing balance - opening balance - cash deposited + cash withdrawn.

It doesn't matter whether there are 4 or 4000 transactions within the period.

I do use Excel to record trades but that's for my own record keeping / performance tracking/review etc.

 

[pixel]

What do people here use to keep track of their CFDs activities for Tax Record?
Excel? Software?

If someone already done the work and dont mind sharing the excel template
I will be graceful

I use my Portfolio Manager, treating CFDs just like ordinary shares:
For each transaction, a record is created, e.g. -
Bought 20,000 BHP CFDs at (total cost) plus Brokerage and GST
Sold 20,000 BHP CFDs at (total credit) minus Brokerage and GST

At FY end, I run the report, which summarises all CFD trades, spits out Profit and loss, plus included GST.

 

[ROE]

I use my Portfolio Manager, treating CFDs just like ordinary shares:
For each transaction, a record is created, e.g. -
Bought 20,000 BHP CFDs at (total cost) plus Brokerage and GST
Sold 20,000 BHP CFDs at (total credit) minus Brokerage and GST

At FY end, I run the report, which summarises all CFD trades, spits out Profit and loss, plus included GST.

What about interests paid/received during open and close position?

 

[VSntchr]

What about interests paid/received during open and close position?

With IGmarkets you get a figure that shows total p&l after all costs incl. Interest/funding/div adjustments.
Problem is they only show you 90 days woeth so you have to keep track with excel....I do this already anyway for performance tracking and analytics.
Not sure if your provider has this but it certainly simplifies things.

I have noticed that the interest and funding charges seem to fluctuate wildly between stocks - although they are minimal as a % of p&l.

 

[skc]

What about interests paid/received during open and close position?

They are not actually "interest" in the sense that you need to report them separately in your tax return.

Just like CFD "dividends" are not actually dividends for tax purpose.

 

[pixel]

What about interests paid/received during open and close position?

I personally just include it in the Total when the trade is closed out. But my system has two other options:

• record interest as dividend
• record interest as a separate "Interest" (CR or DR) bank transaction

Both can be totaled and captured daily.

 

[ROE]

so it is fair for me to record each close/open position and treat them as share trading (capital gain/loss)
and end of FY tally up all internet received/paid and offset it against my dividend income statement?

 

[pixel]

so it is fair for me to record each close/open position and treat them as share trading (capital gain/loss)
and end of FY tally up all internet received/paid and offset it against my dividend income statement?

If by "close/open" you mean "sell/buy transaction" and substitute "Interest" for "internet", then you're right.
But that's what you'd be doing with "regular" trades as well, don't you.
I record every contract note into my PM, immediately as I receive it. Takes seconds a day and makes BAS reporting and EOFY Tax Returns a breeze.

My PM offers two ways to record Interest and similar transaction costs:

1. I can treat them as Business Expense/ Revenue and capture them as Cash transactions, or
2. I can add them as a component with each share/ CFD transaction.

The latter will give a more accurate evaluation of each trade.

 

[Trembling Hand]

If by "close/open" you mean "sell/buy transaction"

Close/open is the right terminology for a derivative trade.

 

[ROE]

If by "close/open" you mean "sell/buy transaction" and substitute "Interest" for "internet", then you're right.
But that's what you'd be doing with "regular" trades as well, don't you.
I record every contract note into my PM, immediately as I receive it. Takes seconds a day and makes BAS reporting and EOFY Tax Returns a breeze.

My PM offers two ways to record Interest and similar transaction costs:

1. I can treat them as Business Expense/ Revenue and capture them as Cash transactions, or
2. I can add them as a component with each share/ CFD transaction.

The latter will give a more accurate evaluation of each trade.

don't do as business and I am classified as an investor not a trader
it lump in with all my investment.

I get cash from dividend, options premium and interest from bank accounts I treat these as income and
now CFDs interest received/paid

buy/sell shares I treat as Capital Gain and now CFDs (close/open positions)

I am a little confuse with the CFDs but if I treat them like that for each FY then it should be ok

just double checking with everyone who into this sort of stuff

and yes I do record all my transaction as soon as they are executed, with the exception of CFDs now I just run a yearly report on interest received/paid and add to the income statement.

 

[Joules MM1]

Close/open is the right terminology for a derivative trade.

look, this vid just goes to prove the lingo aint really that important

 

[rnr]

This PDF made available by the ASX could be worth a read!

http://www.asx.com.au/documents/resources/taxation_of_cfds_nov_2010.pdf