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Interactive Brokers - annual tax trust distributions details

Discussion in 'Stock Market Nuts and Bolts' started by aviator, Jan 13, 2020.

  1. aviator

    aviator

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    Hi,

    ASX listed trusts provide annual tax statements relating to distributions and taxable components for shareholders. However with Interactive Brokers, IB acts as a custodian so the actual customer does not receive these annual tax statements. How do other IB customers deal with this situation?

    Thank you for any help
     
    kid hustlr likes this.
  2. Sir Burr

    Sir Burr

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  3. aviator

    aviator

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    I have Sharesight. It doesn't appear to help. It gives you ability to enter the tax components from the annual statement ... if you have it. IB does not provide the annual trust distribution statements. Let me know if I have missed something. Thanks.
     
  4. Sharkman

    Sharkman

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    if you don't get any answers here (i can't help you sorry as i invest in ASX listed trusts thru a CHESS broker, i only use IB for options trading) just log into IB account management and try using the chat facility there. i've had to ask them things about my account on several occasions, and i've found them to be quite helpful.
     
  5. kid hustlr

    kid hustlr

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    Great question and one I've been wondering myself
     
  6. aviator

    aviator

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    Thanks Sharkman. I have sent an inquiry ticket to IB a couple of days ago ... still waiting for a response.

    It looks like there are gaps in IB tax reporting for Australian customers i.e.,

    a) No default annual fiscal tax reports for trust distributions showing taxable components to complete supplementary section items 13,18, 20 of the tax return.

    b) The annual AU fiscal dividend report doesn't show non AU dividends e.g. US stocks/etfs... these must be sourced from the annual calendar tax reports which are not produced till late January past the standard ATO cutoff of October. With some effort this an be extricated from the AU fiscal activity report but it shouldn't be this hard.

    All AU IB customers trading stocks must have faced these challenges and I guess have found some workaround.
     
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