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Most liked posts in thread: Interactive Brokers - Dividend payments

  1. IFocus

    IFocus You are arguing with a Galah

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    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.
     
    Sir Burr and willoneau like this.
  2. bellenuit

    bellenuit

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    They produce a special report after the end of the financial year that lists the dividends and franking credits. But there are also web sites that give you the franking credits per share for each distribution (ASX for instance) and you can easily work it out for yourself if you cannot wait until year end.
     
    Sir Burr likes this.
  3. bellenuit

    bellenuit

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    Some body else asked the same question a few weeks ago and we both had that problem. With the move to IB Australia, the new account numbers allocated and a new look website it seems previous year's figures are no longer available (they were at the end of last year as I printed my report). They are normally under the tax section and come out about 1 - 2 weeks after year end. We are hoping they will be back to normal for this year's data.

    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.
     
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  4. bellenuit

    bellenuit

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    The only account I have with IB that has aussie stocks (I have since moved them to nabtrade) is an individual account that was migrated to IB Australia prior to the 1 July 2018, so I only have one account number for all of last year (the new account number) that I can check.

    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.:

    upload_2019-8-1_19-36-51.png
    upload_2019-8-1_19-38-0.png
     
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  5. sptrawler

    sptrawler

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    Jeez Ifocus, I was down at the Boat House this afternoon, I didn't see anyone that would have understood a word of your post.
    Obviously no Labor voters in the Boat House. :roflmao:
     
    IFocus likes this.
  6. willoneau

    willoneau

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    Hi IFocus, I guess for me only dealing with aussie shares at moment Commsec will do
     
    IFocus likes this.
  7. Sir Burr

    Sir Burr

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    Thanks for checking iFocus, I got exited a couple of times seeing those numbers with thoughts of IB providing margin again :D

    One other thing about IB. As they are not Chess sponored, you don't get all the rubbish paperwork from the ASX in the mail (unlike Commsec). Wish that would stop as I have a Commsec account for buy and hold stuff.

    Save the trees.
     
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  8. freebird54

    freebird54

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    they notified me of an impending divi in plenty of time giving me full details
     
  9. cornnfedd

    cornnfedd

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    if you go on the computer share website you can electronically check where you dividend payments will go (I can anyway) so i assume you can still do the same even using IB.

    http://www.computershare.com.au/
     
  10. skyQuake

    skyQuake

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    You do not have a HIN so you cannot check via computershare. IB does give you some kind of message in Account Management though.
     
  11. freebird54

    freebird54

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    yes I just got my NAB divi message in plenty of time - anyone know how they advise you of imputation credits?
     
  12. RazzaDazzla

    RazzaDazzla

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    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.
     
  13. alphaman

    alphaman

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    I think you have to calculate the franking credits yourself. IB is not too interested in this stuff.
     
  14. RazzaDazzla

    RazzaDazzla

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    So when I do my tax return what do I tell the tax man? Oh this is what I calculated myself?

    Surely I need some official notice of franking credits?!
     
  15. SuperGlue

    SuperGlue

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    Aren't we considered as "Foreigners" as in foreign trading account with IB in US, although we live in Australia?

    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.
     
  16. skc

    skc Goldmember

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    The physical statement has nothing to do with whether you can claim the franking credits or not. You can always go to website of the underlying company and work out what the franking percent is.

    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.
     
  17. RazzaDazzla

    RazzaDazzla

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    OK,

    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 :)
     
  18. nomore4s

    nomore4s Commonsense isn't that common

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    You'd only have to do that if you're audited. You should have a method for keeping track of your d/e and franking credits anyway.

    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.
     
  19. So_Cynical

    So_Cynical The Contrarian Averager

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    Eerr that's why its called self assessment. :p: