Interactive Brokers - Dividend payments

[freebird54]

(credits never go to the account of the holder - they are paid to the ATO by the company)
to do a tax revision, u do it through the ATO tax program or thru your accountant - one for each tax year so each years marginal rate will determine each outcome. They are easy to do and not a big deal.

IB are so bad lately - but we may be able to change them if we complain enough

 

[cutz]

IB are so bad lately - but we may be able to change them if we complain enough

hey freebird,

Not sure what you mean ? I may have missed a post !

Dividends are paid straight into your account and details are found on the cash report, credits are simply claimed back via a tax return.

 

[freebird54]

hey freebird,

Not sure what you mean ? I may have missed a post !

Dividends are paid straight into your account and details are found on the cash report, credits are simply claimed back via a tax return.

Not specifically dividends but a whole load of things - like locking your account due to a corporate action and still taking fees and witholding tax for years!

 

[cutz]

Not specifically dividends but a whole load of things - like locking your account due to a corporate action and still taking fees and witholding tax for years!

Hi,

Sorry to hear about your problems.

Haven't really had major dramas of late.

Many years ago I had was auto liquidated and took a beating but only have myself to blame, I underestimated the gamma risk I was carrying.

Taught me a valuable lesson about option position sizing !

 

[Sir Burr]

Hey guys so I'm having a similar issue. For the latest years I've been paid dividends straight into my IB account, without any tax or franking credits applied.

I'm wondering how and if i should claim the franking credits for all the those years i've been paid dividends? I'm currently on the 19c tax bracket but used to be 37c.

Yes as far as I know franking credits are not listed at all on the IB statements. Have to find out it yourself and enter into you tax return.

I'm using Sharesight which makes it simple. You can export years of the relevant info using custom statement export in IB. Then import that data into Sharesight using their spreadsheet import. You just have to get the data in the correct format. If your half good at MS Excel, it's easy.

I did this for a few years worth of trading recently and all the dividend info lines up with what dividends IB paid but Sharesight has the franking credit info too.

 

[bellenuit]

Yes as far as I know franking credits are not listed at all on the IB statements.

They produce a special report after the end of the financial year that lists the dividends and franking credits. But there are also web sites that give you the franking credits per share for each distribution (ASX for instance) and you can easily work it out for yourself if you cannot wait until year end.

 

[Sir Burr]

They produce a special report after the end of the financial year that lists the dividends and franking credits.

I guess it must be there for 2018, I'll have a look. Had no idea about that report, thanks bellenuit

Edit: OK been trying to find it under Account Management/Reports. If picking default statement and fiscal year it comes up with the latest 2018 and has all dividends but no franking against them. Had a look under Tax Reports and has Dividends (never saw that one before) but can't see franking there either.

Hey Bellenuit would you mind showing where it's located please? Cheers.

 

[bellenuit]

I guess it must be there for 2018, I'll have a look. Had no idea about that report, thanks bellenuit

Edit: OK been trying to find it under Account Management/Reports. If picking default statement and fiscal year it comes up with the latest 2018 and has all dividends but no franking against them. Had a look under Tax Reports and has Dividends (never saw that one before) but can't see franking there either.

Hey Bellenuit would you mind showing where it's located please? Cheers.

Some body else asked the same question a few weeks ago and we both had that problem. With the move to IB Australia, the new account numbers allocated and a new look website it seems previous year's figures are no longer available (they were at the end of last year as I printed my report). They are normally under the tax section and come out about 1 - 2 weeks after year end. We are hoping they will be back to normal for this year's data.

I always maintain my own spreadsheet of dividends and franking credits rather than rely on IB. I work out the franking credit by using the ASX figure and do this at the time I receive the dividend. I have been using the IB report as a double check at year end and as something that can be shown to the ATO should they ever audit. I have on a few occasions found errors in the IB report, in which case I use my own figure for tax purposes.

 

[village idiot]

I have been away and havent yet Okd the move to IB Australia , so still have my old account numbers. Following a post on here I intended to make sure I got the reports for the fiscal year from the old account numbers before they changed and the reports were no longer available.

However I can report that its isn't to do with the new account numbers - the Income Transaction Taxable report isn't available using my current(old) number either.

And as mentioned by someone the only div report (other than as part of the main activity report) is now by 2018 calendar year so that's pretty much useless.

 

[bellenuit]

I have been away and havent yet Okd the move to IB Australia , so still have my old account numbers. Following a post on here I intended to make sure I got the reports for the fiscal year from the old account numbers before they changed and the reports were no longer available.

However I can report that its isn't to do with the new account numbers - the Income Transaction Taxable report isn't available using my current(old) number either.

And as mentioned by someone the only div report (other than as part of the main activity report) is now by 2018 calendar year so that's pretty much useless.

The only account I have with IB that has aussie stocks (I have since moved them to nabtrade) is an individual account that was migrated to IB Australia prior to the 1 July 2018, so I only have one account number for all of last year (the new account number) that I can check.

Under Tax Forms, although the pull down only allows you to select 2017 and 2018, when 2018 is selected the heading states Tax Forms for 2018. However, the very first item listed is:

"Income Transactions Taxable(Fiscal Year Ending June 30, 2019"

and it has all my Tax Year 2019 Australian dividends and franking credits, which I have just checked and are correct based on my own records.

I have two other accounts that were migrated during the 2019 tax year so they each have an old and a new account number. As these accounts only have US stocks, I can't check on that particular report, but for the other reports like the financial year activity statement, I only had to select the new account number and it gave a consolidated report for both the old and new account number. There was a message about that a few weeks ago. This is it and I hope it can help.:

 

[bellenuit]

By the way, it is great to see that they have upgraded the dial-up modem that they use for Account Management from 1200 bps to 2400 bps. It now only takes 60 seconds or so to transition from one screen to the next.

 

[willoneau]

Is IB Australia really worth it?

 

[bellenuit]

Is IB Australia really worth it?

For trading US shares for sure with its low commission. They also have good rates for Aussie shares, but there are many downsides - no CHESS sponsorship being the main one.

 

[village idiot]

Under Tax Forms, although the pull down only allows you to select 2017 and 2018, when 2018 is selected the heading states Tax Forms for 2018. However, the very first item listed is:

"Income Transactions Taxable(Fiscal Year Ending June 30, 2019"

Yep, thanks but that is the report I am trying, as used to work all other years. Now it is returning "there is no Income Transactions Taxable report available for the selected account and date". I am using my 'old' number because I don't have a new one, and that's the only one offered on the menu. The same number generates the Activity report no problem so I dont think its an account number problem, although doubtless has something to do with the migration.

 

[willoneau]

Thanx bellenuit , I can understand US stocks being cheaper commission but AU stcks not alot cheaper?
beside chess what others? I also hear platform issues?

 

[IFocus]

Thanx bellenuit , I can understand US stocks being cheaper commission but AU stcks not alot cheaper?
beside chess what others? I also hear platform issues?

No Chess and no margin for me are the big issues

The platform for order types is second to none as far as I am aware, haven't check that for a few years however.

I pretty much set all my orders up and generally they get filled without having to check the market.

I have never had any platform issues.

 

[willoneau]

Even with australian platform now?

 

[bellenuit]

I have never had any platform issues.

The trading platform is fine. But the administration platform running from a desktop browser (Safari on iMac for me) is a dog. As I mentioned above, runs like it is being accessed on a 2400 bps dial-up line. I also find it has a lot of just bad programming, such as forcing you to make a choice when there is only one option available or having to take 3 or 4 steps just to read a message and another two or three just to delete it.

 

[Sir Burr]

No Chess and no margin for me are the big issues

The platform for order types is second to none as far as I am aware, haven't check that for a few years however.

I pretty much set all my orders up and generally they get filled without having to check the market.

I have never had any platform issues.

Yes my experience is like yours, great platform, good brokerage but having no chess is "not great" and live with that.

About margin, I've an individual account and only trade AU now but something I wonder about is seeing margin numbers under my Account in TWS.

Any idea why I have a value of approx half my portfolio as Current Initial Margin, Current Maintenance Margin, Current Available Funds, Current Excess Liquidity yet "Buying Power" is just the cash I have. Why show any margin numbers at all?

 

[IFocus]

By the way, it is great to see that they have upgraded the dial-up modem that they use for Account Management from 1200 bps to 2400 bps. It now only takes 60 seconds or so to transition from one screen to the next.

I have often wondered why its so slow, perhaps its to do with security encryption etc.

Is IB Australia really worth it?

Depends on what you require for me it is to a degree.

About margin, I've an individual account and only trade AU now but something I wonder about is seeing margin numbers under my Account in TWS.

Any idea why I have a value of approx half my portfolio as Current Initial Margin, Current Maintenance Margin, Current Available Funds, Current Excess Liquidity yet "Buying Power" is just the cash I have. Why show any margin numbers at all?

Just had a look at my account shows margin but total available is the cash only must just be a standard form they use for all accounts