End of financial year calculations

[Bullion]

Noob question here...

Do I count my brokerage in the loss/gain?

 

[Prospector]

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

I use Portfolio Planner (solosw.com) which calculates many many reports, including dividends, growth over user-elected periods, tax, etc etc. You purchase a lifetime licence for 3 entities. They give you a trial period to see if you like it. But whichever software you use, the best way to use it is to record everything on the day it occurs and not wait until June to do it.

 

[Bullion]

Well I just put all my info into a spreadsheet... Surprising how the losses add up indeed! Here I was holding out till after June to take some profits when I didn't really need to!

 

[GreatPig]

Do I count my brokerage in the loss/gain?

If you are investing, brokerage (ex-GST) forms part of the cost base for capital gains. Not sure about the GST component.

If you are a trading business, brokerage is a deductible expense in the year it is incurred, and if you're registered for GST, you can claim an input credit for the GST.

At least that's my understanding. Check with your accountant.

GP

 

[Bomba]

I use an excel spreadsheet to calculate my gains and losses.

Having it prepared for your accountant is a good idea. As has been said before the more you do, the less you have to pay.

Additionally it provides ease of mind if you do it yourself that it has actually all been calculated properly. I know accountants know what they are doing, but if you have a lot of paperwork it can get messy and they might miss something.

Last year i had a few losses but had many gains and have to pay for it as i owe the tax office money which is due in 2 weeks time.

I got in early this year as i have calculated all my profits and losses and have a small gain so i will be realising some losses to offset the gains.

Last year i had many trades and it took forever to calculate it all. This year not so many, so pretty straight forward.

Ive learnt if you maintain your spreadsheet as you go, it makes it easier come year end. I guess thats obvious though.

Anywho just deciding which losses to cut now.

 

[Yeti]

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.

Bullion, I am doing a similar thing, but instead of using the Contract Notes Summary, I was thinking of using the financial statement feature on CommSec. After logging in to CommSec click on "Position Statements" on the left, then on the new page that opens up go to "Financials" along the top and select "Most Recent" This opens up your Financial Statement with CommSec which can be downloaded (click the Download button) as a CSV- (comma separated values) file, which can be opened in Excell and will give you the basis for your spread sheet.

Any other advice form some more experienced forum members would be very welcome! Some of you people must have been doing this sort of stuff for years?

I also thought some purpose designed Excell spread sheets might have been available- maybe for a small fee- on the internet, but my Googling has not come up with anything so far.

 

[disarray]

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

in case you missed the thread ...

https://www.aussiestockforums.com/forums/showthread.php?t=6964&highlight=spreadsheet

 

[yonnie]

as an investor its enough to know the date, your purchase plus costs (inclusive of GST) and the date and the sale price minus costs.

but for a share trader its different

I reckon you need to reconcile with your bank account and have columns for your different costs like purchased shares, brokerage, bank costs, interest, power, telephone,
broadband, paper/magazines, gst etc.
On the other side sold shares, brokerage, interest, gst.

how do other share traders do this?

 

[Baka_Gaijin]

One of the factors contributing to the classification of trader for tax purposes is operating in a business type manner. If you are only doing a few trades throughout the year and throwing everything into a shoebox for end of year, you might not be a trader.