3 ETF Tax Mistakes Hurting Aussie Investors
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- Опубліковано 12 вер 2024
- Sort your taxes in just minutes: www.navexa.io
Lets look at the 3 biggest ETF mistakes Australian investors make at tax time.
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Very helpful, will give you a like and follow 😊
Thanks so much I didn’t realise ETF passed on the franking credits. I’ll make sure I assess this while filing my tax return this year.
Great video! Thank you! I'm new to ETF investing after many, many years of single stock trading. I must admin, tax time this year was somewhat disappointing and confusing for me dealing with distributions instead of dividends which has turned me off ETFs to a degree. As a result, I did in fact improve and stream line my record keeping overall. I have a collection of online calculators I use to calculate average cost, track capital growth and dividend yield etc. I actually enjoy spending part of my weekends working this out as trading has been a long time hobby for me but I'd imagine this is not the usual. Thanks again for this video, I look forward to exploring more of your content :)
@@tee1881 glad you enjoyed it and found it helpful!
Thanks Navare.... I didn't know this. I have since updated my Navexa portfolio. Appreciate the help!
Glad I could help!
Does that mean that the numbers pre populated by the ATO that they receive from Vanguard when you have DRP activated is incorrect?
No they are not incorrect, but they are only populating the info around the Income and the tax on Income.
The cost base adjustments (from the AMIT statement) are not tracked by the ATO, so you need to be tracking them yourself.
Because when you report capital gains, it is up to you what CGT strategy you use to calculate them.
Checkout our other video on AMIT cost base adjustments.
Thanks - great info. Realistically how far back can ATO request to see records from?
It's the ATO, they can do whatever they like.
They wouldn't necessarily ask for historical records directly.
It would be more like, prove how you calculated this capital gain that you reported.
Then you would have to produce the evidence.
Thanks for the vid. So with the AMIT, you don't recommend relying on the pre-filled data from the ATO? And re point 2, does that relate to making sure to use manual parcel selection when selling :)
The source of truth is the AMIT statement you get sent at the end of financial year.
But point 2 in the video is not covered whether it is pre filled or not.
@@navexa-tracker like 99% of people I haven't been tracking this manually / keeping lots of sheets of paper, but I have all my ETFs in navexa so hope there's a ray of hope
@@navexa-tracker well, hopefully the use of navexa will get me out of that issue as I haven’t been keeping paperwork like 99% of people 😂
Only a dumb investor would file there own tax return. To avoid situations like this go to an accountant to do your taxes.
Wow- as a long term investor, I have my tax affairs handled by a professional who is across this as well as keeping across any foreign statements.
Thats very good! So many accountants have no idea about this part of investing.
lifesaver. ty sir
Anytime!