Hi Guys,
I believe ANZ have a platform which provides you a 'tax ready' FY summary of all your trades and totals them etc.
I am using NabTrade and as far as I can see this does not exist, so I've built a spreadsheet to do this for me... and as far as i'm aware you can calculate your holding at the end of a FY on one of two ways (and you must apply one OR the other to ALL positions, not pick and choose for each holding as it best suits you;
1. Cost of goods held = purchase price
2. Cost of goods held = market price as of COB 30 June
I have two questions;
1. Are there any online tools to assist with this tracking? (I found this on another thread but it's a bit buggy and can't handle ticker changes - https://portfolio.sharesight.com)
2. Does anybody have a spreadsheet that totals your trades and tallys the required inputs for tax returns (purchases, sales, COGS, inventory held value, etc)?
I am happy to share my spreadsheet with anyone interested (just email me or post email here), but am a bit confused on how to carry over between financial years.
Let's say I buy something at $1 and it falls to $0.50, I wrote it off as a 'loss' (by using the 'market price' for inventory value method), now that I have sold in the following FY, let's say for $0.75... I cannot double dip another loss, so unsure if I just make a 'fake buy' in my spreadsheet for 0.50 and then match it against the 0.75 sell for a profit? (but then this creates other reporting issues). OR, do I just sell against the original buy line and claim another loss (seems illegal, and double dipping). OR, has my accountant given me wrong information and I should never have claimed a loss because the asset was never sold.... (I'm not sure where this 'declaring inventory' thing came from, but he seemed pretty convinced, maybe deals with a lot of small businesses).
Hoping somebody is able to make sense of this post and give me some advice! And hoping the post is legible as I've had a few reds!
P.S. I have a good general knowledge of these things I like to think (above topic excluded), so happy to answer anybody elses questions that I can whilst I wait for a white night to make sense of the above for me - but i'm no financial advisor, nor have any qualifications in this space so i'm not here to offer any advice that should replace advice from an accountant etc., just general chit chat!
Cheers,
Zest
