Viewing Costs associated with Share Purchases

Legacy KB ID: 5357

Question

How do I get a report that shows all the costs that were associated with my share purchases to report for tax?

Answer

View the Investment Transaction Report and export to Excel

The Issue

Investment transactions do not form part of your Personal or Business accounts.  Although some Investment Income accounts are available for personal income reporting, any costs associated with the acquisition of the Investment will not be reported in Categories.

You can view Investment Costs on the Investment Transaction Report, and this report is exportable to a spreadsheet programme where it can be manipulated.

The Buy transaction allows you to enter the following costs only:

• Commission

• GST on Commission

• Non-claimable expenses

• Stamp Duty

For personal share buyers, GST on Commission is not claimable and therefore will form part of the cost base of the shares together with the Commission amount.

If you are an entity that can claim the GST on commission, and you are using Home & Business with tax tracking activated, enter 0.00 in the Non-claimable field and the GST amount will be posted to the Claimable field and will not form part of your total cost.  An entry will be made to the Tax Control Account and will appear on the BAS Calculation Sheet.

To view a Report on all components on your share purchases:

1. Reports > Investing > Investment Transactions.

2. Modify the Date Range

3. Read the totals line for the various component totals

In you need to modify the results:

1. Click on Print > Export to, and select tab-deliminated (Excel compatible)

2. Save it to convenient location – eg your Desktop

3. View the file with Excel

4. Remove entries not required.

To view GST Claimable amounts (Home & Business; tax tracking activated):

1. View the Tax Control Register

2. Click on Report dropdown and select Amounts Received in [brokerage account name]

3. Modify date range to desired dates

4. If you need to extract values from more than one brokerage account, repeat the steps above for each brokerage account, export the report to a tab-deliminated file (Print>Export to) and merge the results.

Need more help?

Ask the Reckon Community at: https://community.reckon.com/reckon.