Do CommSec and E*TRADE provide you with an end of FY summary

[Ext User(Snonck)]

Do CommSec and E*TRADE provide you with an end of financial summary?

That is do they tell you your total capital gains or losses for the
year, so that when you do your tax you can just put the numbers straight
in or is it more complex then that with all the dividends and stuff?

[Ext User(sjmachin@lexicon.net)]

Snonck wrote:
> Do CommSec and E*TRADE provide you with an end of financial summary?
>
> That is do they tell you your total capital gains or losses for the
> year,

No. Capital gain = (Sale proceeds) - (cost base). If you started with
your current broker with an existing portfolio, they would have NFI
about your cost base i.e. when you bought the shares, at what price,
with what costs (e.g. brokerage), what capital returns [or tax-deferred
income if the share is really a unit in a trust] need to be added on to
the cost base. Even if you started as a cleanskin, it seems not to be a
service that the Commsec end of the market offers -- and if they did,
you would have to pay extra for it.

> so that when you do your tax you can just put the numbers straight
> in or is it more complex then that with all the dividends and stuff?

As far as shares etc that you can buy/sell through a broker:
If your share really is (or includes) an interest in a trust [think
property trust e.g. Westfield, infrastructure vehicle e.g. MIG], the
"company" will send you a tax statement. Among other things, your
trustee may have sold something, and distributed a capital gain to you.

If you sell something (company share or trust unit), then you have to
do your own capital gains figuring (or pay an accountant).
If your shares were involved in a merger, takeover, or some other
upheaval during the year, there may have been CGT implications which
would have been outlined (with wildly varying levels of clarity and
helpfulness) in the documentation which you should have retained.

In any case, even if you think that none of the above apply to you, get
the ATO publications "You and your Shares" and 'Personal Investor's
Guide to Capital Gains Tax" from their website and read them.

HTH,
John

[Ext User(Tom N)]

Snonck wrote:

> Do CommSec and E*TRADE provide you with an end of financial summary?
>
> That is do they tell you your total capital gains or losses for the
> year, so that when you do your tax you can just put the numbers straight
> in or is it more complex then that with all the dividends and stuff?

If you want that, you can get it - it's called a "wrap" account. It costs
more.

Netwealth.com.au has such a product (amongst others).