If you own shares or are looking at owning shares we know that there is lots of paperwork involved. If the shares pay dividends you will get twice yearly dividend slips and when you go to sell them you need to work out the capital gains. All of these things can lead to a mountain of paperwork and can be very time consuming.
There are ways to reduce this paperwork and make doing your year end tax work simple if you own shares.
Software we recommend
Sharesight is a website that can simplify portfolio management for you. When you buy and sell shares it will automatically import the buy and sell transactions and when dividends are paid it will automatically record them. The following tax reports are available:
1. Taxable Income Report
This report shows all the dividends and franking credit you have received during the year.
2. Capital Gains Tax Report
This shows you the discounted and non-discounted capital gain you have made during the year.
Both of these share portfolio reports are simple to obtain and are all you need to complete your year end tax work. There are other reports but these two are the most useful.
How much does it cost?
If you have under 10 shareholdings it is free, if you have more than 10 the cost is $25 per month and allows you to have multiple portfolios.
How do you use it?
It is simple to use and there are instructions on the website. If you own shares they can import these old holdings as well.
Share sight is a simple solution to keep track of your share earnings. If you want more information on this, visit https://www.sharesight.com/au/