I use this... https://www.sharesight.com/au/
Most liked posts in thread: Interactive Brokers - annual tax trust distributions details
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.
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.
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.
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)
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