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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.
     
  7. freebird54

    freebird54

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    Has anyone found an accountant that understands how IB works in Oz. 3 that I have used gave up and asked me to produce the figures which I do rightly or wrongly.

    And has anyone looked at their free daily portfolio analyst report, since inception, if you like.
    Really has lots of information but does anyone understand the real picture?

    It seems USA uses complex and different criteria than we do.
     
  8. ghostdunks

    ghostdunks

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    I got a reply back from IB help after I posted a similar question last year and their reply is they don't supply the information normally given in an annual tax statement for au-domiciled ETFs, and it's also impossible to calculate the various components that make up a distribution from any publicly available information. Someone else mentioned sharesight but that's not foolproof as I've had issues with the accuracy of the numbers that sharesight provides previously and they've also said to double-check their calculated numbers against the ones provided by the annual tax statement, which can't be done. Also they don't calculate the annual tax statement numbers for all ETFs, only the most popular ones(vanguard and iShares and some others) and are highly dependent on the information given to them from the ETF providers, which isn't guaranteed.

    As a result, I don't hold any of my au-domiciled ETFs with IB as it'll just lead to problems during tax time. I do hold foreign-domiciled ETFs(VTS and VEU) with IB as it's easy to calculate the tax information for those etfs(foreign dividend income and foreign dividend income tax offsets)
     
  9. blue0810

    blue0810

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    For the Tax Statement I hold small amount with NABtade that use as reference for IB.
    eg 10 GEAR on NABtrade.. 1000 GEAR on IB .
     
  10. ghostdunks

    ghostdunks

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    Yeah that's doable too, I considered that as well and just extrapolating from the tax statement from another broker/share registry but even that way isn't foolproof if you're buying in multiple transactions over multiple distribution periods. ie. You get an annual figure from the annual tax statement issued by Computershare, but since it doesn't give a breakdown of the annual number by distribution, can't easily tell how much of each component to allocate to each different parcel bought/held. Might be able to try and keep it in sync by buying and selling much smaller matching(relatively) amounts with nabtrade/etc but that results in added transaction costs. And at the end of the day, it's still not an official tax document that is considered acceptable by ATO(eg. Like dividends statements, annual tax statements, etc) so not sure how the ATO will feel about that on an audit.

    Considered it and thought, not worth the hassle
     
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