If you are anything like me you are probably still waiting to do your CGT calculations for tax time.
I use Commsec as my main broker and while they offer some level of EOFY reporting I generally have no choice but to kill a couple of weeknights sifting over my trade confirmations, an Excel workbook, and a few bottles of red before I have something I can give to my accountant.
Compounding this frustration is the difficulty in working out what parcel to sell to minimise CGT. This means I also have to manually track which parcels (or half-parcels) I have sold to ensure I don’t make errors in reporting in subsequent years. Sure, I could use FIFO, but could often cost thousands in additional tax if I get it wrong.
With all this in mind I decided to find a better solution this year, and I could not be happy with the results. My discovery is a perfect portfolio management tool named Sharesight.
Sharesight provides a central, online repository for all your portfolio data, keeping it backed-up and secure. You can access your portfolio data from anywhere and grant shared access to others. It’s the perfect solution for portfolios of all types: buy & hold investors, frequent traders, and SMSF trustees.
For my CGT report issues, this is how easy the process was:
This is only one of a number of excellent reports Sharesight produces for you. You also get access to the following:
In addition, they also provide other great functionality including:
And it’s all cloud-based and secure!
I was honestly blown away by this tool when I first signed-up for it last week. I’ve never converted from a trial account to full service quicker. If you manage your holdings in a similar fashion as I do this will allow you to pretty much throw away all of your spreadsheets.
Pricing is competitive too:
For $25 p/m I was given back about 15 hours of my life usually devoted to manually calculating CGT, and as I delved into the feature set further I was amazed at what else I could do with the tool.
I think many investors on ASX Small Caps will find this as useful as I do, so I got in touch with Sharesights GM and told him I was going to give them a write-up. I also asked if he would be interested in providing us a discount for new sign-ups. He came back with a fantastic offer of 50% off the first year’s annual subscription.
I recommend that anyone who is interested in checking Sharesight out sign up for a free trial and if you like what you see you can upgrade to investor or expert plan using the following discount coupon:
Right, so you’re probably asking, “what’s Steve getting out of this”. The answer is absolutely nothing. This is the sort of software I build in my day job and I know how hard it is to get functionality like this right; and they have got it very right. I truly am so impressed by the quality of this that I think everyone deserve to benefit from it.