Stockspot makes tax time easier by combining the statements from all ETFs you own within your Stockspot portfolio. It means that you or your accountant only need to use a single document to do your tax.
We’ll summarise income from the individual ETFs you own and we calculate your tax liability (capital gains tax) in relation to any ETFs that were sold or rebalanced during the year. This will be summarised in your Stockspot Annual Investor Statement.
We’ll send clients their Annual Investor Statement in August 2021 after we receive and process the 2020/2021 Annual Tax Statements linked to all the ETFs we hold. We get this information directly from the ETF registries like Computershare and Link Market Services.
Stockspot and franking credits
Stockspot clients will receive the full benefits of franking credits on Australian ETF income. In addition to franking credits, Stockspot calculates the 15% withholding tax benefit on your overseas income and the 50% capital gains discount on investments held for 12 months or more.
When will my Annual Investor Statement be ready?
Your FY 20/21 Investor Statement will be ready by late August 2021.
Here’s an outline of the expected timeline:
- ETFs provide tax components to Stockspot: Mid August 2021
- Stockspot generates your Investor Statement: Mid August 2021
- Investor Statement in your Stockspot dashboard: by late August 2021
How we generate your Annual Investor Statement
During the month of July each ETF Issuer (eg. Vanguard, iShares etc) is busy calculating the relevant tax information for each of your ETF holdings. ETFs are tax efficient investments, but there are some complex calculations that need to be done to work out the tax components of the distribution income you received during the year. Typically we receive this information from the ETF issuers by mid August.
Once received, it takes us a few days to prepare your consolidated Annual Investor Statement. This includes a simple one page statement that merges all of your individual ETF tax statements into a single, easy to read document. This document will allow you to complete your tax return yourself via myTax or you can give it to your accountant.
You’ll get your FY 2020/21 Annual Investor Statement as well as our Guide to Completing your Tax Return. These are the two key documents that will help you prepare your tax.
We’ll also provide you with the following supporting documents that provide more detailed information:
- Investment Holdings report
- Investment Transactions report
- Realised Capital Gains report
- Investment Income report
- Cash Reconciliation report
- Audit confirmation letter
Tip: Your accountant may want the supporting documents to complete your tax return which you can access in your dashboard.
Note that Annual Investor Statements are not generated for company account types given their different tax treatment.
Where to find your tax documents
We’ll send you an email once your documents are available. After that, you can login to your Stockspot dashboard via the Stockspot desktop website (the documents aren’t available on the app) and click on ‘Documents’ to view/download your Annual Investor Statement and supporting documents.
Tax & Investor Statement FAQs
Can I access my tax documents in the mobile app?
No. They’re only available via your Stockspot desktop dashboard. Login via the Stockspot website and go to ‘Documents’ to access your tax documents.
What if I have multiple accounts?
You’ll need to download the Investor Statement for each of your Stockspot accounts. Visit the ‘Documents’ dashboard section for each of your accounts.
Where can I find information on item 18-H – Total Capital Gains?
Refer to the Realised Capital Gains report uploaded to your dashboard to view the Total Capital Gains for your Stockspot portfolio.
What are ‘Other deductions’ – item 15-J?
This includes Stockspot management fees paid during the financial year which may be tax deductible. Speak to your accountant or tax advisor about adding this in the general ‘Deductions’ section of your tax return.
Some of my ETF tax information is pre-filled into the myTax portal.
Some of the ETFs in your Stockspot portfolios (e.g. Vanguard ETFs) send pre-fill information to the ATO, whereas others do not. Your Annual Investor Statement includes information for all of the ETFs in your Stockspot portfolio.
Where pre-fill information has been sent to the ATO as it relates to your Stockspot portfolio, it will need to be replaced with the details provided in your Annual Investor Statement. Speak to your accountant or tax advisor if you are unsure about what to do.
The myTax portal shows capital gains, but I didn’t sell anything, what does this mean?
A distribution from an exchange-traded fund (ETF) represents your share of the income earned by a fund and can include some capital gains from investments that have been sold within the fund. Capital gains can also be incurred from Stockspot rebalancing your portfolio during the year.
What is ‘Gross Interest’?
Gross Interest includes any interest you have earned from your Stockspot cash account during the financial year. As the ATO Mytax portal may not contain item 10-L, gross interest can be used outside of the Managed Fund Distribution section in the Interest section of the ATO portal. Please get advice from your tax advisor or accountant if you are unsure of what to do.
Inviting your accountant to view your Stockspot Portfolio
Did you know you can invite your accountant to view your Stockspot portfolio?
You can do this via the ‘Manage Access’ section of your dashboard. Once you give your accountant access, they can securely login to view your Stockspot portfolio and access your tax statements, saving you the time and effort of sending it to your accountant.
We hope this guide has helped you with preparing your tax return, but if you have any questions, we’d love to hear from you.