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CMC Markets tax reporting

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lenny

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10 May 2009
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Hi Guys

Just wondering if anyone can give me some feedback on CMC stockbroking tax reporting functions as I am looking at the option of trading with them next financial year.

Under the statements tab there is the ability to search in time frames i.e financial years or months and generate a report in a pdf csv doc.

Are the statements user friendly for tax reporting?

Any input would be appreciated.

Lenny
 
Hi Lenny

I use CMC markets for share trading. I dont really use their site for tax reporting however in response to your questions about the 'statements' area, essentially this produces a running balance of your account for the financial year you select. You can choose this month, last month, this financial year or last financial year. You also have the option of custom dates. the transaction list can be exported as either PDF, CSV or XML. The report will show all buys and sells and any funds in or out of your cash account(from you), however it doesnt show interest earned on the linked bankwest account. It also does not show any dividends that have been direct credited into the bankwest cash account.
 
Hi cropcos

Thanks for reply, just to clarify does it give you net profit/loss in the statements.

Thanks very much.
 
Thanks mate.

It amazes me that most aussie brokers can't provide pretty essential p/l total for the fy.
 
Hi Lenny and Cropcos,

I’m hoping I may be able to help answer some of your questions.
CMC Markets Stockbroking’s online platform makes profit and loss information available through a separate dedicated P&L page which will show entry prices and P&L for all positions. We also have a partnership with Sharesight which offers full tax and portfolio tracking, including dividends, P&L, capital gains etc.

I would like to talk you through these features and answer any more questions you may have. Please feel free to call me on 1300 360 071 (ask of Igor) or contact us at brokingservice@cmcmarkets.com.au.

Looking forward to speaking soon,

Igor,
CMC Markets
Client Service Team Leader
 

I find the P&L page is good for tracking my open trades however that is all that it does.

As far as i can tell the sharesight partnership is a separate paid subscription service which is only free if for a portfolio of ten shares
 


Hi Igor

Thanks for your reply.

I am currently a IB client but looking to trade through a Aussie broker for my longer term portfolio, IB provide a pretty comprehensive account activity statement which is sent via paper copy (from America) at no extra cost.

I can't understand why Aussie brokers don't provide tax reporting as part of there online platform which could spit out run of the mill information like P/L for the FY, commissions, dividends, interest, N.O of trades ect ect for any given FY. It shouldn't be that hard!

I think if an Aussie broker could get this right you'd win market share with these features alone.

I am currently using stator as my portfolio management so I'm not interested in paying any more money for portfolio management.

Hopefully an Australian broker can step up to the plate and integrate a tax reporting function where all you need to do is search financial year > generate report in a pdf > either print report or save report to your the PC so you can e-mail to accountant.

No data entry into a third part software.

Thanks again for taking the time to reply.

Hopefully my feed back can prove helpful in improving your service.

Lenny
 
Full disclosure, I represent Sharesight. We do indeed partner with CMC to provide portfolio tax reporting. We have an API connection with their platform so no data entry is required. We also have an API connection with Xero, so there again, all CMC trade data can be linked to Xero. You can use Sharesight via CMC or you can sign up independently.

 


Hi dmsharesight

Full points for coming online to discuss this issue.

Does your software have a API data import for IB as well?

Lenny
 
lenny said:
Hi dmsharesight

Full points for coming online to discuss this issue.

Does your software have a API data import for IB as well?

Lenny
Click to expand...

Hi dmsharesight

The fact that you didn't reply I take that as a no.

P.S Interactive brokers are one of the biggest brokers in the world, you should look at developing an API for them.

Lenny
 
lenny said:
Hi dmsharesight

The fact that you didn't reply I take that as a no.

P.S Interactive brokers are one of the biggest brokers in the world, you should look at developing an API for them.

Lenny
Click to expand...

Lenny,

I use sharesight for my reporting; they are partnered with CMC Markets solely. It is pretty good; trades are forwarded automatically. For anything that is not from CMC, it can be entered manually very easily. I would like an API for IB as well though.

While it doesn't receive trade info from other brokers, it does have price data for NZX, LSE, NYSE, NQ, and managed funds from AU and NZ. They are very receptive to new suggestions and have changed a couple of features for me in the time that i have used it.

That said, i have access to Lincoln's services as well, and they are releasing a better portfolio manager and better reporting than what they currently offer sometime soon. So I may be switching.

-James
 
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