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what reports/ statements do you guys use for tax time?
Interactive Brokers
- Thread starter MrMarcus
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I don't know about yearly trading, but their Activity Statement for the financial year usually is available about a week after the year closes. If your account has been moved to IB Australia, you may need to select both the old and new (the latter has a 7 added after the U) account numbers to get all activity.
The statement on dividends received with imputation credits (usually in the tax section) takes about 10 days after year end to be available.
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A bit slack with paper work.
Just getting ready for tax time.
Only a day and half to go.
Just getting ready for tax time.
Only a day and half to go.
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I maintain my own records in a spreadsheet throughout the financial year, ensuring that my trade figures and dividend figures comply with the activity statement for the respective day. I also use the daily activity statements for fees (interest etc.), and for exchange rates for USD trades.
At year end I use the activity statement for the financial year as my formal record of trades, fees and dividends should I be audited. I also use the year total figures on that report to double check my corresponding totals in my spreadsheet. I use the year end Australian Dividend (and Imputation Credit) report to double check my imputation credit calculations (as they do not appear on the daily reports). However, when there is a difference, I have usually found that the IB report is the one that is wrong.
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I have found a few errors over many years and my accountant does not like the way they do things - mark to market etc.
I trust the taxman wont jail you if you can show you tried ;-)
I trust the taxman wont jail you if you can show you tried ;-)
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Just use the IB reports as the formal record of the transaction. Maintain your own records as to what lot a particular sale applies to. You are under no obligation to use what IB decides: LIFO or FIFO. I believe you can also tell IB what particular lot a sale applies to, but since I am doing my own thing for a few years, the lots they regard as still open are way out of synch with what my records say, so it is easier to ignore IB allocations completely.
Their totals should be right in regards to total purchases and sales, but their trading profits will be meaningless if you allocate sales to purchases using your own system.
Remember most Australian brokers only record the sale and leave it up to you do determine which lots are sold (at least as far as I can see from my CommSec and Nabtrade transactions), so there is no requirement to use IB's determination.
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Anyone had IB contact saying your a/c will be closed unless you do this new paperwork which is a EU requirement?
LEI Application Fee is USD 169 and the Annual Cost is USD 99. through IB!
LEI Application Fee is USD 169 and the Annual Cost is USD 99. through IB!
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No for both an individual and company account. Do you trade European securities, maybe that's the reason?
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yes I do, no more obviously!
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Ask them if you can opt out of Euro trades and keep the status quo
Europe is so intolerably boring anyway.
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It seems they have started the migration of companies to IB Australia. There goes Sipo protection on my company account.
When I logged in tonight I had to agree to the migration. However, I think it has crashed out. After answering all the questions and electronically signing, when I clicked continue I just have a blank screen for the last 5 or so minutes.
Yep, it did fall over. I now have a message saying "The Account Management Server is Temporarily Unavailable".
When I logged in tonight I had to agree to the migration. However, I think it has crashed out. After answering all the questions and electronically signing, when I clicked continue I just have a blank screen for the last 5 or so minutes.
Yep, it did fall over. I now have a message saying "The Account Management Server is Temporarily Unavailable".
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Anyone have an IB Australia joint account? I'm trying to find out what restrictions there are on transfers in/out involving external accounts. Can the external account be owned by just one of the joint account holders? Can it be a third party? Also would transfers to an Australian bank account have to be done by wire transfer, or can you just give the BSB and account number?
A reply from IB indicated to me that transfers out can only be to a corresponding joint account, but that doesn't seem to match what's on the web site. I'm confused.
A reply from IB indicated to me that transfers out can only be to a corresponding joint account, but that doesn't seem to match what's on the web site. I'm confused.
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I'm speculating a bit here, but this is my experience.
They are very particular about account names and it would be very unlikely you can transmit to a third party. I have even found that a company account can't transfer to an account owned by a director, it must be an account in the same name as the company.
I am not sure about a joint IB account transferring to an account in just one of the names, but I found the opposite was possible, transferring from a single individual account to a bank account held in joint names, with just one of the names matching the IB account holder.
I do bank transfers (I have multiple accounts) directly to recipients (with the same name) just using the BSB and account number. You also specify an account name, but I don't know if it is checked as it normally isn't needed in Australia (unless the transactions goes missing).
In your case you might get away with specifying the recipient account as having the same name as your joint IB account even though in reality it is in only one name. That might get past IB's restrictions and I am not sure if your own bank cares as long as one of the names matches.
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Thanks bellenuit, I really appreciate your thoughtul response.
So I completed an individual application, and then on the funding page it says there's a 44 day hold before (US) funds received by ACH can be sent to another financial institution. WTF?!
So I completed an individual application, and then on the funding page it says there's a 44 day hold before (US) funds received by ACH can be sent to another financial institution. WTF?!
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I presume that means transferred from IB to someone else after they arrive in IB, not held in the ACH system (if there is such a thing) until they arrive in IB?
If you do have a need to withdraw some or all of these funds when they arrive at IB, could you not just do a drawdown from your current broker or bank without needing to go through IB?
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Thanks again for the reply. I earn income into a US bank account, much of which I want to convert to AUD for transfer to Australia. So I wanted to use IB in part as a conduit for that. Other options are more expensive (the best of these seems to be TransferWise).
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I agree, IB is very cheap when it comes to transferring US dollars to AUD. I can see where the 44 day hold would be an issue. I don't know any way that might be of help to you.
If you do decide to wait the 44 days one thing to consider is IB charge a withdrawal fee of 15 AUD for the 2nd and subsequent withdrawal per month from your AUD balance to your bank. So do it in one chunk if you can or split over several months.
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hi, thanks for that gem, I hadn't been able to understand why on occasions I had been charged a withdrawal fee, now I know better and can arrange my fund transfer accordingly.
This is from IB website
"Withdrawals
IBKR allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), IBKR will charge the fees listed below for any subsequent withdrawal:"
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My application was approved but sadly I'm unimpressed and will probably not fund the account.
- The funding page for new accounts is wrong about minimum deposit requirements. The new account confirmation page is wrong about the need to mail in a certified ID. Who knows what else is screwed up?
- An agent told me I can use US online bill pay for funding but it turns that's not true if you live in Australia. Doesn't seem to matter that I'm a US citizen with long-established US bank accounts.
- The 44 day hold on ACH deposits is weird and silly.
- Support seems generally unreliable, difficult and unfriendly.
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My application was approved but sadly I'm unimpressed and will probably not fund the account.
- The funding page for new accounts is wrong about minimum deposit requirements. The new account confirmation page is wrong about the need to mail in a certified ID. Who knows what else is screwed up?
- An agent told me I can use US online bill pay for funding but it turns that's not true if you live in Australia. Doesn't seem to matter that I'm a US citizen with long-established US bank accounts.
- The 44 day hold on ACH deposits is weird and silly.
- Support seems generally unreliable, difficult and unfriendly.
I can't comment on the particular issues you have as I had different circumstances when opening my accounts. The general consensus is that IB are one huge pain in the butt when trying to open an account, but once established and up and running they are probably the best account to use in Australia for US trading.
