How to present trade details to accountant

bonkerrs · 20 July 2009

I tried doing my own tax return on ETax 2009 - think I'll leave it to the experts this year, might try again next year after seeing how they prepare it.

But for now. Was wondering - If you have an accountant to do your tax return. How do you present your trading activities to them?... in excel? I'm wanting to get it so it is easily read to send to the accountant.

I've downloaded the Comsec confirmed notes (into Excel) and it seems it is all the info they would need... buy/sell/brokerage both ways/trade date/settlement date. I'll probably just create some totals at the bottom. I'll post my own spreadsheet tomorrow to get some comments from ASF members. Maybe it'll suffice.

To mods. Can I mention the business name of an accounting company, wanted to see if anyone has past dealings with them and wanted some feedback?

rock86 · 20 July 2009

bonkerrs said:
I tried doing my own tax return on ETax 2009 - think I'll leave it to the experts this year, might try again next year after seeing how they prepare it.

But for now. Was wondering - If you have an accountant to do your tax return. How do you present your trading activities to them?... in excel? I'm wanting to get it so it is easily read to send to the accountant.

I've downloaded the Comsec confirmed notes (into Excel) and it seems it is all the info they would need... buy/sell/brokerage both ways/trade date/settlement date. I'll probably just create some totals at the bottom. I'll post my own spreadsheet tomorrow to get some comments from ASF members. Maybe it'll suffice.

To mods. Can I mention the business name of an accounting company, wanted to see if anyone has past dealings with them and wanted some feedback?

bonkerrs. Excel files, printouts, whatever. As long as you show the dates of transactions, prices paid/sold, number of shares per transaction, etc. All the information you'll be sweet. All your accountant will do (or what we do) is setup our own share schedules in excel with the information the client gives to us (most clients just print there trading account activity statements out and give it to us), then this schedule allows us to compute the capital gains/losses on transactions, eligibility for discount, the net capital gain/loss, remaining shares; you get the jist So really it doesn't matter the way you give them the info, cause they are only going to set up there own schedule anyways

bonkerrs · 21 July 2009

Thanks. I've heard many stories of people being charged $$$ for badly/messily presented trading/investment details to their accountant. Didn't want to add to those stories!

rock86 · 21 July 2009

bonkerrs said:
Thanks. I've heard many stories of people being charged $$$ for badly/messily presented trading/investment details to their accountant. Didn't want to add to those stories!

Fair enough

lasty · 21 July 2009

bonkerrs said:
Thanks. I've heard many stories of people being charged $$$ for badly/messily presented trading/investment details to their accountant. Didn't want to add to those stories!

There are many stories and alot of accountants dont know how to handle some of the transactions.

You should invest in some software that enables you to produce your own reports and lodge directly with the ATO.
Some broking house offer these. Others offer these but you pay on your holdings (FUM).

munga · 21 July 2009

rock what would your advice be on investor v trader
im seeing my accountant this week and have just prepared
my statements. like a lot of people i experienced losses last year
and my accountant will ask what am i a trader or investor.
i believe a investor can carry over capital losses to the next year
and a trader can claim the loss this year. unsure which way to go.
sorry if this is getting away from original thread

cutz · 21 July 2009

bonkerrs said:
But for now. Was wondering - If you have an accountant to do your tax return. How do you present your trading activities to them?... in excel? I'm wanting to get it so it is easily read to send to the accountant.

I just hand over excel spreadsheets.

beamstas · 21 July 2009

bonkerrs said:
Thanks. I've heard many stories of people being charged $$$ for badly/messily presented trading/investment details to their accountant. Didn't want to add to those stories!

We are charging you for our time, generally in 6 minute increments.

If you give it to us on an excel sheet, presented OK then you'll be charged accordingly.

If you give us 250 contract notes with random junk added in like receipts for your coffee last tuesday then you are going to be charged accounting rates for us to do bookeeping for you, ie: put it into a spreadsheet for you.

Basically the more you do yourself, the cheaper it will be.

wonderrman · 21 July 2009

I give mine a spreadsheet plus send along copies of contract notes in case they're required.

wonder.

rock86 · 21 July 2009

munga said:
rock what would your advice be on investor v trader
im seeing my accountant this week and have just prepared
my statements. like a lot of people i experienced losses last year
and my accountant will ask what am i a trader or investor.
i believe a investor can carry over capital losses to the next year
and a trader can claim the loss this year. unsure which way to go.
sorry if this is getting away from original thread

Depends hey, if you can classify yourself as a trader you'll be able to claim the loss in the present year, however if you earn other income and can classify as an investor, then your future capital gains will be offset. It's really upto you how you want to treat it, just have to justify/show why you are a trader or investor.

bonkerrs · 21 July 2009

Handing over the excel files (and contract notes). You only need to provide info on shares that you've sold? I got some BSL, ANZ and RIO in the latest offers but still have them, so no need to include for this fin yr?

rock86 · 21 July 2009

bonkerrs said:
Handing over the excel files (and contract notes). You only need to provide info on shares that you've sold? I got some BSL, ANZ and RIO in the latest offers but still have them, so no need to include for this fin yr?

You don't have to, however if you use the same accountant each year, then his share schedule will have the shares outstanding at the end of the financial year, and takes less time the next year; saving you some coin

freebird54 · 1 August 2009

a cheap program like ezymanager gives them all they need in 4 pages
they dont need contract notes

and for options I just give them 1 figure - the profit after all costs

Wysiwyg · 1 August 2009

bonkerrs said:
Handing over the excel files (and contract notes). You only need to provide info on shares that you've sold? I got some BSL, ANZ and RIO in the latest offers but still have them, so no need to include for this fin yr?

No one has mentioned to record your activities in Portfolio Management Software. This particular software isn`t what I have but it is the one I need with more asset class functionality.

There are some Australian products that may suit your price range and function desireability.

Julia · 1 August 2009

E-trade has complete tax details report available free which provides all your accountant needs.

Wysiwyg · 1 August 2009

Julia said:
E-trade has complete tax details report available free which provides all your accountant needs.

Yes that is handy now. Praemium website here for non E*Traders.

freebird54 · 22 November 2010

Now I use Interactive brokers - their free annual report covers all you need for your accountant except franking credits

How to present trade details to accountant

bonkerrs

rock86

bonkerrs

rock86

lasty

munga

cutz

beamstas

wonderrman

rock86

bonkerrs

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freebird54

Wysiwyg

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Julia

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