End of financial year calculations

[Bullion]

I am just wondering, this has been my first year of trading on the ASX. Do all the trades I've made automatically get calculated to find my net loss/gain by Comsec?

Or do I have to go through all my trades individually and work out my profit/loss that needs to be declared for tax?

 

[It's Snake Pliskin]

I am just wondering, this has been my first year of trading on the ASX. Do all the trades I've made automatically get calculated to find my net loss/gain by Comsec?

Or do I have to go through all my trades individually and work out my profit/loss that needs to be declared for tax?

Hard work brings great rewards.

 

[Bullion]

So I take it I will be busy for a day going through receipts of purchases then

 

[It's Snake Pliskin]

So I take it I will be busy for a day going through receipts of purchases then

I like to do it myself just to stay on top of things.
It is also a good way to get a hard look at your purchases and results. You may learn something form it.

 

[UPKA]

If u use Etrade, u can generate an excel spreadsheet which has all ur individual purchase and sell prices, it makes ur life alot easier!

 

[GreatPig]

If you're doing it manually, it's probably easiest to enter each trade into your portfolio software or spreadsheet on the day you make it.

Cheers,
GP

 

[bernardp]

This is a great feature of E-trade where it gives you daily and total gains in percentage and dollar form of your portfolio.

E-trade have done some things right!

 

[Gar]

well I'll be damned, I never knew that feature existed, I've always recorded my gains/losses manually

 

[nizar]

well I'll be damned, I never knew that feature existed, I've always recorded my gains/losses manually

So have I.
But Im with Snake, do it manually for the learning experience.

I almost shocked myself how many losses i made last year. No matter how small they are, they do add up...

 

[nomore4s]

This is a great feature of E-trade where it gives you daily and total gains in percentage and dollar form of your portfolio.

E-trade have done some things right!

Commsec also has his feature

 

[Pat]

well I'll be damned, I never knew that feature existed, I've always recorded my gains/losses manually

Gar,
Thats something "Gil" your Avatar would say LOL!!! :

 

[nomore4s]

I am just wondering, this has been my first year of trading on the ASX. Do all the trades I've made automatically get calculated to find my net loss/gain by Comsec?

Or do I have to go through all my trades individually and work out my profit/loss that needs to be declared for tax?

I know you can veiw all your contract notes online with commsec which shows all your trades but I don't think it adds it all up for you, I just run a spreadsheet throughout the year and update it when I buy or sell a stock.

 

[Julia]

well I'll be damned, I never knew that feature existed, I've always recorded my gains/losses manually

Gar, with E-trade you can customise your portfolio page(s) in a number of different ways, choosing from I'd guess more than 30 different choices of individual bits of info. (sorry - that was really poorly expressed ).

I currently have, e.g.,
ASX code
No. of shares
Purchase Date
Purchase Price
Last Sale
$ increase (over yesterday's close) or decrease
% increase " " "
Total $ value of holding
% gain or loss from purchase price.

There are many other options which you simply enter for your Custom portfolio.

 

[stoxclimber]

Where is the ComSec feature? I've done it manual but when I do it it includes brokerage (i look at the net position..) so it would save me some work

 

[KIWIKARLOS]

Hey a question for someone..

If i buy/sell multiple times of the same stock and end up at the end of year still holding some. Can I for calculation of capital gains pick with buy portions i place with which sell order to achieve manipulate the capital gain.

EG.

Date Buy Date Sell
1/1/06 100 x 0.1c 20/1/06 100 x 0.15c
25/1/06 100 x 0.2c

Notice i bought the 2nd parcel after i sold the first:

So heres the two ways i think i could calculate it.
1. bought cost 100 x 0.2 = 20 and sold 100 x 0.15 = 5
therefore capital loss of 5

or

2. bought cost 100 x 0.1 = 10 and sold 100 x 0.15 = 15
therefore capital gain of 5

Do i have to figure the buy sells out chronologically, because i figure that if i
calculate it such that i would have a loss i would simply propably have a gain the following financial year, so the tax man doesn't loose out?

 

[deftfear]

Kiwikarlos, its a bit hard to sell something that you don't own...unless you are shorting the stock. You would have to use option 2. However, if you bought on 15/01/06 you could choose which parcel of shares to sell.

 

[nomore4s]

Where is the ComSec feature? I've done it manual but when I do it it includes brokerage (i look at the net position..) so it would save me some work

Stox,
Go to outstanding or executed orders and you should see a link that says "View contract notes online" click on this and you should get a list of all your trades inc brokerage, settlement date, average & total price, number of shares brought/sold.
Not sure if this is what you want but hope it helps.

Sorry Stox just reread the thread, I think you might mean the Position summary feature. In the menu list on the right hand side "Postion statements" then "view holdings". You can edit your purchase price to include brokerage, this will give you your total profit/loss on the position and value change each day as well.

 

[KIWIKARLOS]

does anyone know a simple but effective portfolio software that coul;d figure this out for me.

I could put together a excel spread sheet but it is time consuming and messy

 

[GreatPig]

If i buy/sell multiple times of the same stock and end up at the end of year still holding some. Can I for calculation of capital gains pick with buy portions i place with which sell order to achieve manipulate the capital gain.

Generally you can choose which stocks you're selling, but I'm pretty sure you would have to own them at the time of sale.

In the end though, the only thing that matters from a capital gain point of view is the purchase price for the stocks you're still holding at the end (and perhaps the date, if the 12 month thing becomes relevant). It would be nice to be able to make it the lowest-priced or oldest ones, but I think if you sold them all somewhere in between, you wouldn't be able to say that the one's you're still holding were the ones you bought initially.

Just my understanding, but check with your accountant to be sure.

GP

 

[Bullion]

Thanks everyone for your help. I am going to use a bit of both worlds and use Comsec how nomore4's mentioned to get the Contract Notes Summary, and make a spreadsheet with that information.