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What to do with your investments at tax time

·3-min read
Woman accounting,Investment analysis

Everything you need to know about how to support your claim

Investing is a great way to boost your financial portfolio, but when it comes to tax time, it’s important to know how to access the necessary information and records to support your claim.

You’ll need to declare all your investments to the ATO – even if you’ve made a loss. This includes stocks, cryptoassets and Exchange Traded Funds (ETFs).

When you start investing, it’s important to keep good records of your transactions and the income you receive from your portfolio. At eToro it’s easy to keep track of your investments with your account statement. This includes details of all closed positions, all transactions including fees, dividends, withdrawals, positions opened, and a financial summary that includes an overview of your profit/loss, fees and commissions.

Stocks

You need to declare any profit or loss from shares in your tax return. Like an investment property, they are considered capital assets, which means they’re subject to Capital Gains Tax. This income is added to your other income, and you pay tax on this at your normal rate.

If you sell shares at a loss, then you can claim a capital loss, which can be used to offset any capital gains from other investments. You can get a discount on capital gains tax; if you sell your shares at a profit after holding them for longer than 12 months, there’s a 50 per cent discount on payable capital gains tax.

Crypto

Cryptoassets will also incur capital gains tax if you’re making an income from them. As with stocks, a capital gains discount applies if you’ve held crypto for more than 12 months. You’ll need to keep lots of information to provide to the ATO, including a crypto wallet address, receipts for purchases and transfers, exchange records, your digital wallet record and keys. eToro has a Crypto Tax Calculator which can save time by automatically pulling in your transactions and giving you a rough idea of what your tax situation may look like.

ETFs

ETFs will deliver a tax statement at the end of the financial year, with all the information you’ll need to give the ATO. These break down all details of the fund, including interest accrued, dividends and capital gain income.

Save yourself time and stress by getting all the information you need in one place at eToro. All the investments you make through eToro are collated in a statement so you have

everything you need at your fingertips in order to complete your tax return.

All you need to do is go to the “Portfolio tab” on the sidebar, and click on the clock icon to access your “History” view. Click on the blue settings icon in the top right hand corner, and select “Account Statement” from the menu. Select the timeframe you want your statement to show, then click on the tick to generate your personal account statement. Once you’re in the statement, click on the links to see different sections of your account, including Closed Positions, a Transaction Report, and a Financial Summary. You can save it as a PDF or Excel file so it’s easily downloadable and printable too.

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