Tax information regarding shares and derivatives

[BrightGreenGlow]

Hey guys, hope this is the correct forum... anyways. Tax time is coming up and I have (this year) set up a spread sheet with all my information to keep track of (ie: donations, union fees, dividends etc..)

The list is starting to become complex now that Im normally writing a few covered calls per month, selling stock every month and obviously collecting dividends. The question is... when I go to see my accountant do I really need to show him/her this sheet (and maybe contract papers) for my tax or is all that information generated from my TFN automatically regarding shares capital growth etc..?

Thanks guys

 

[Space Invader101]

Yes you should. You could print out the spreadsheet of the tax deduction items. I usually update spreadsheets as I go so it's less of a headache in July.

In addition to a folder, I give my accountant a USB stick. I keep some documents in PDF files in organized folders and shift them from my hard drive to the memory stick.

So you could give buy/sell contracts on the stick and just keep a summarized spreadsheet printout of your trading in a folder.

(Make sure you get some sticky label from a newsagent to label the USB stick.)

 

[BrightGreenGlow]

Hey thats a good idea with USB. Good thinking...

However all the information would just be used as a counter check tho right? They should already have all the details? Is that correct?

Thanks again.