Record Keeping

Mika · 4 January 2007

G'day

I have finally decided to become more 'active' with my share investing (rather than just relying on managed funds). One question I would like answered before I start is....What is the best method of keeping records of my transactions (costs, purchases, sales, profits, losses etc etc)?

Are there any standard templates/spreadsheets available that I could use (as a guide) to keep track of my activities. Does commsec have a back office where you can record this info?

Many Thanks

mattyl2003 · 4 January 2007

hi,

When ever i make a trade, Comsec will email me a pdf document which summerises everything. So i keep a hard and soft copy of both. Its pretty much all the information you will need.

Comsec, also has its own portfolio to keep track etc to.

judge · 4 January 2007

Hi Mika

I keep all my records that I need for tax purposes in a spreadsheet.

If you know how to use Excel and you understand your tax situation it shouldn't be too difficult to set up your own spreadsheet.

My spreadsheet does all my tax calculations. Come early July, I simply print it out and hand it over to my accountant along with whatever else he needs.

The spreadsheet allows me to see what my tax liability is at any time - plus it makes my accountant's life a lot easier.

zzkazu · 4 January 2007

Have a look at Stator, its a Ozzie product and does position sizing, stop loss management and system analysis. Of course captures transaction costs and daily profit/loss.

zzkazu

swingstar · 4 January 2007

I use spreadsheets. I've trialled Stator and OTrader, and I preferred the latter.

swingstar · 4 January 2007

Also, if just long stocks or just buying options, you could use Quicken Personal Plus. Not sure if ShareAnalyser or whatever it's called manages your portfolio.

Mika · 5 January 2007

What information should be recorded for accounting purposes?
i.e. brokerage costs, cost of shares, gain/loss, interest expenses.......anything else??

rowes · 5 January 2007

Hi,

There is a ton of info, including pdf forms for CGT events and other pdf booklets that explain everything you need for the tax man come that time of year at http://www.ato.gov.au

good luck

hitmanlam · 9 January 2007

I'm an accountant. You don't know how frustrating it is when clients keep poor records. Anyway, a simple excel spreadsheet will do the job.

I can't seem to attach files here. You can send me a private msg with your email address. I will send an xls file with an example of how the workpaper should be formatted.

Cheers.

yogi-in-oz · 9 January 2007

..... just ask ATO to send you a copy of their simple
spreadsheet on CD, called E-Record ... works a treat
and also calculates GST figures, for those who need it ...

happy days

yogi

Sir Burr · 9 January 2007

E-Record

SB

Lui · 12 January 2007

Mika said:
What information should be recorded for accounting purposes?
i.e. brokerage costs, cost of shares, gain/loss, interest expenses.......anything else??

All of the information items you mentioned above except interest expenses can be derived from COMSEC's Contract Notes Summary list that you can get to with menu path ... Positions Statemets>Confirmations>Search. You download the summary list to a Xcel spreadsheet then with a bit of Xcel skill you should be able to derive the info required at tax time. No need to keep a separate record keeping since you are a COMSEC online trader already (I assume from your mentioning of Comsec earlier).

ypod · 19 January 2007

You can try out Manage Invest. It's also an Australian product. Although it's not out yet but you can register to receive the beta version of it for free, in which case you'll actually even get the final product for free after the beta.

You can find it at www.manageinvest.com

stevo · 19 January 2007

No need to keep a separate record keeping since you are a COMSEC online trader already

Except for dividends, capital returns stock splits, takeovers etc. If you want to claim expenses then you need to record them as well.

Also you will probably want better statistics on closed trades then Comsec can give you, even if it's for your own knowledge.

Smurf1976 · 30 August 2020

Reviving an old thread but I've got a simple question.

In the case where the shares have now been sold, is there any reason for me to keep proof that I ever owned them?

Eg CHESS holding statements (on paper) or trade confirmation emails from the broker?

Or will a simple list of trades from the broker suffice in the event that the ATO decides to do an audit?

For my own purposes it all goes in a spreadsheet, and I could re-create that using info from the broker if I had to, so no real concerns there. My question's purely what the ATO might require?

I've got a box full of paper I'm thinking I really don't need to keep?

Cheers

sptrawler · 30 August 2020

Smurf1976 said:
Reviving an old thread but I've got a simple question.

In the case where the shares have now been sold, is there any reason for me to keep proof that I ever owned them?

Eg CHESS holding statements (on paper) or trade confirmation emails from the broker?

Or will a simple list of trades from the broker suffice in the event that the ATO decides to do an audit?

For my own purposes it all goes in a spreadsheet, and I could re-create that using info from the broker if I had to, so no real concerns there. My question's purely what the ATO might require?

I've got a box full of paper I'm thinking I really don't need to keep?

Cheers

I don't know about shares, but the ATO gave me a please explain on a super issue, four years after the event.
Fortunately my other half keeps everything and the letter of explanation was available.
Shares is an interesting one, is it your responsibility or you sponsors responsibility, to keep the records for 7 years?

cutz · 30 August 2020

Hi Smurf1976 .

The spreadsheet sounds good and that's all your accountant requires but make sure you keep the electronic copies of Contract Notes filed away on a backed up drive.

tech/a · 31 August 2020

If your with IB this is done automatically.
For Tax just print off the years trading.

if you want more analytics then Stator is amazing.
Spread sheet will also be fine but manual updating.

Value Collector · 31 August 2020

Mika said:
What information should be recorded for accounting purposes?
i.e. brokerage costs, cost of shares, gain/loss, interest expenses.......anything else??

You need to have a record of the cost of the shares you bought (including brokerage and tax) and the income received when you sell, as long as you keep you buy and sell contracts you will have this information.

you also need to keep you dividend statements to put into your tax return each year.

also, keep a record of any costs you incur as part of your investing, because you will be able to claim these on your tax return also.

Record Keeping

Mika

mattyl2003

judge

zzkazu

swingstar

swingstar

Mika

rowes

hitmanlam

yogi-in-oz

Sir Burr

Lui

ypod

stevo

Smurf1976

sptrawler

cutz

tech/a

No Ordinary Duck

Value Collector

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