Taxable income report for Australian investors

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If you're an Australian investor, it's easy to calculate your investment income with Sharesight’s taxable income report. Designed to help you complete your tax return according to ATO requirements, the report provides a breakdown of a portfolio’s dividend, distribution and interest payments over any selected period. To learn more about how the taxable income report can help you with your tax return, keep reading.

See all your taxable investment income in one place

If you hold a combination of local and foreign assets, you will benefit from the ability to see all your taxable income in one place, broken down by local (trust and non-trust) and foreign income. This breakdown includes all the components you need to file your Australian tax return, such as franking credits, foreign income tax, TFN withholding tax and exchange rates.

Record your AMIT components

As can be seen in the screenshot below, you will be prompted to enter your Annual Tax Statement Components for your trust holdings. Sharesight receives this data from registries and fund managers for the majority of Australian ETFs, which means the cost base for these ETFs is automatically adjusted and recorded in your portfolio, without the need to manually update these components using Sharesight’s pro-rata form. Please note that you are still advised to check these values against your AMMA statement.

Note: ETF distribution component information is typically made available in September following the end of the financial year.

If ETF distribution component data is not available for your ETF, simply click into the Annual Tax Statement Components prompt to bring up the pro-rata form. Once you enter the values from your AMMA Statement, Sharesight will automatically pro-rate the components across all the distributions you received for the financial year.

Sharesight’s taxable income report breaks down your portfolio income by local and foreign income, including all the relevant tax components.

Prepare your tax return with ease

At the bottom of the taxable income report, you will find an income tax return section which provides field references to the relevant sections on the Australian Income Tax Return for Individuals and Income Tax Return for Individuals (supplementary section), as well as the totals required for the Income Tax Return based on non-trust and trust income.

This report feature is available for any portfolio with:

• A tax residency set to "Australia" and;

• A tax entity type set to "Individual or Trust" (although it’s only relevant to individual tax entities).

The income tax return feature is designed to reflect the portfolio information you are required to include in your ATO tax return.

This is a useful feature that gives you a summary of the portfolio information you need to complete your taxes. However, you must also remember to include the value of any income from sources not recorded in Sharesight before completing your tax return.

Note: Investors are always advised to consult their accountant and/or confirm the accuracy of their investment data before using this information for tax purposes.

Easily share tax information with your accountant

Another convenient feature of Sharesight’s taxable income report is the ability to export it to a Google Sheet, PDF or Excel file. This makes it easy to share the report with your accountant at tax time, which may help save you time and money on your taxes. You may also wish to securely share your full Sharesight portfolio with your accountant, which will give them real-time access to the portfolio, with the ability to see holdings, dividends, corporate actions and any trades that are made.

Want more information on the taxable income report?

For more information and a hands-on look at the report, see our instructional video here:

Start tracking your performance (and tax) with Sharesight

Join thousands of Australian investors already using Sharesight to manage their investment portfolios. Sign up for Sharesight so you can:

• Automatically track your dividend and distribution income from stocks, ETFs, LICs and mutual/managed Funds – including the value of franking credits

• Use the dividend reinvestment plan (DRPs/DRIPs) feature to track the impact of DRP transactions on your performance (and tax)

• See the true picture of your investment performance, including the impact of brokerage fees, dividends, and capital gains with Sharesight’s annualised performance calculation methodology

• Run powerful tax reports to calculate your dividend income with the taxable income report

• Plus calculate your CGT obligations with Sharesight's Australian capital gains tax report and unrealised capital gains tax report

To get started for FREE, simply sign up, import your holdings and watch as dividends and prices are automatically updated. If you decide to upgrade, you’ll unlock advanced features and everything you need to run your tax reports and gain unparalleled insights into your portfolio performance throughout the year.

Plus, as an Australian tax resident, you can save even more by claiming your Sharesight subscription fees on your tax return¹.

FURTHER READING

• 5 ways Sharesight helps Australian investors at tax time

• Capital gains tax (CGT) calculator for Australian investors

• Tax loss selling for Australian investors

¹ If you derive income from the share market, your Sharesight subscription may be tax deductible. Check with your accountant for details.