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- 1 March 2010
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Greetings,
I am soon to inherit my aged father's Blue Chip portfolio of about 40 companies. It has been formed over 30 years, and contains mostly shares and some LICs and unit trusts. My father is extremely ordered, and thus he has made summaries of everything, and at a glance, one can see the cost basis of all shareholdings, and details of all trades. The whole portfolio is on paper, however. I should like to input the portfolio into an appropriate software program. I am not intending to be a daily trader, so to speak, as we are still earning from our family business, but it is envisaged that trades will still take place.
Q1. Can the learned members suggest an appropriate program, to undertake this task, which will be onerous to say the least.
Q2. I understand that the ATO requires that the cost basis of every trade be known, so that in the event of share sales, profits can be properly ascertained. Does this mean that we will have to input every trade ever done in the portfolio over the 25 years, in order to have the information to hand, or is there a simpler way around this?
Thank you if you can advise on my two questions.
David
I am soon to inherit my aged father's Blue Chip portfolio of about 40 companies. It has been formed over 30 years, and contains mostly shares and some LICs and unit trusts. My father is extremely ordered, and thus he has made summaries of everything, and at a glance, one can see the cost basis of all shareholdings, and details of all trades. The whole portfolio is on paper, however. I should like to input the portfolio into an appropriate software program. I am not intending to be a daily trader, so to speak, as we are still earning from our family business, but it is envisaged that trades will still take place.
Q1. Can the learned members suggest an appropriate program, to undertake this task, which will be onerous to say the least.
Q2. I understand that the ATO requires that the cost basis of every trade be known, so that in the event of share sales, profits can be properly ascertained. Does this mean that we will have to input every trade ever done in the portfolio over the 25 years, in order to have the information to hand, or is there a simpler way around this?
Thank you if you can advise on my two questions.
David
