Stockspot makes tax time easier by combining the statements from all exchange traded funds (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 Annual Investor Statement.
We’ll provide clients with their Annual Investor Statement in mid-August after we receive and process the FY23 Annual Tax Statements linked to all the ETFs held in the Stockspot portfolios.
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 2023 financial year Annual Investor Statement will be ready by 15 August 2023.
Here’s an outline of the expected timeline:
- ETF issuers provide tax information to Stockspot: early-August 2023
- Stockspot generates your Annual Investor Statement: Mid-August 2023
- Annual Investor Statement available in your Stockspot dashboard: Mid-August 2023
How we generate your Annual Investor Statement
During the month of July each ETF Issuer (like Vanguard, iShares, ETF Securities) 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 Stockspot receives this information from the ETF issuers by early-August.
Once received, it takes us about a week 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 the ATO myTax portal or your accountant, saving you a lot of time.
We’ll provide you with a helpful guide that includes information on how to interpret the Annual Investor Statement and complete your tax return as well as the following reports:
- Investment Holdings
- Investment Transactions
- Realised Capital Gains
- Investment Income
- Cash Transactions
- Audit confirmation
Tip: You can access these documents in your dashboard only (not the app) in ‘Documents’.
Please note: 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 tax documents are ready.
To access your tax documents simply login to your Stockspot dashboard (not the app) and go to Documents. Your FY23 financial statements will be at the top of your documents list.
Tax and Investor Statement FAQs
We’ve listed some of the common FAQs clients ask at tax time.
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 Annual Investor Statement for each of your Stockspot accounts. Visit the Documents section in each dashboard for each account.
Where can I find information on item 18-H – Total Capital Gains?
This year, 18-H has been included in your Annual Investor Statement. For more information relating to 18-H you can reference your Realised Capital Gains report.
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 adviser about adding this in the general Deductions section of your tax return.
Why is some of my ETF tax information pre-filled in the ATO myTax portal?
Some of the ETFs in your Stockspot portfolios (for example, 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 adviser if you are unsure about what to do.
The ATO myTax portal shows capital gains, but I didn’t sell anything. What does this mean?
A distribution from an 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 adviser 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 in the Your Profile -> 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 helps you with preparing your tax return. If you have any questions, we’d love to hear from you.