No Chess and no margin for me are the big issues
The platform for order types is second to none as far as I am aware, haven't check that for a few years however.
I pretty much set all my orders up and generally they get filled without having to check the market.
I have never had any platform issues.
Most liked posts in thread: Interactive Brokers - Dividend payments
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I always maintain my own spreadsheet of dividends and franking credits rather than rely on IB. I work out the franking credit by using the ASX figure and do this at the time I receive the dividend. I have been using the IB report as a double check at year end and as something that can be shown to the ATO should they ever audit. I have on a few occasions found errors in the IB report, in which case I use my own figure for tax purposes.
Under Tax Forms, although the pull down only allows you to select 2017 and 2018, when 2018 is selected the heading states Tax Forms for 2018. However, the very first item listed is:
"Income Transactions Taxable(Fiscal Year Ending June 30, 2019"
and it has all my Tax Year 2019 Australian dividends and franking credits, which I have just checked and are correct based on my own records.
I have two other accounts that were migrated during the 2019 tax year so they each have an old and a new account number. As these accounts only have US stocks, I can't check on that particular report, but for the other reports like the financial year activity statement, I only had to select the new account number and it gave a consolidated report for both the old and new account number. There was a message about that a few weeks ago. This is it and I hope it can help.:
- freebird54 likes this.
Save the trees.
This is a big question I've got too...
I'll be damned if I'm going to fore go franking credits if I trade and hold shares with IB!
Do IB or the underlying company give you tax information for the purpose of claiming franking credits?
AFAIK; you do not own the shares; IB own's them in trust for you. So any dividend info would go to IB, not to you. But I still really want my dividend statements.
So what franking credit, etc.....IMO
I new with IB , so have not received any divivdends yet from any my shares.
Be good if someone can check with ATO.
It's self reporting in Australia... The taxman doesn't actually want to see your dividend statements. The evidence you provide (if audited) will be your IB statement and relevant tax information from the company.
So put simply; keep track of my dividends and franking credits my self and if audited; show the tax man my IB statement and direct him to the companies website where they'll see the franking %.
Still, a bit of a pain in the bum. Life was easy when you'd get a dividend statement from a company.
I guess that's the price you pay for $6 brokerage
I only give my accountant the total of my d/e & credits at the end of the year not every bit of paper work I get.
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