IMPORTANT NOTICE: The figures presented in this report are generated based on the data you supplied during the calculation process. These values are intended to serve as approximations and are for advisory purposes only. While we make every effort to guarantee the correctness of these outcomes, there is always a possibility for mistakes. It is advised that you independently confirm these results. If you are unsure or need further clarity, please consult your tax advisor.
Of all the reporting tools in your Navexa account, the taxation reports are among the most powerful.
Provided you’ve uploaded your portfolio information correctly and everything is up to date, the ATO myTax report automatically calculates the amount you’ll need to pay in taxes on your portfolio’s capital gains and income in a given financial year.
It provides you all the fields that you will find in the myTax form on the ATO portal.
You’ll find this report by clicking ‘Tax Reporting’ in the top navigation bar, then click 'ATO MyTax'.
How To Run The ATO myTax Report
Select the financial year at the top left.
The date range selection is preset to cover financial years.
Before running the report, check that your tax settings are correct, and that you’re looking at the correct financial year.
Once you’ve selected your settings and run the report for the financial year you want to see, you’ll see the following sections:
Capital Gains Summary
This section contains all the information you need for the capital gains portion of your tax
In the screenshot above, you will notice at the bottom 'Capital Gains Tax Breakdown'. Clicking this will expand open the full breakdown of your capital gains.
This is especially useful if you have more than $10,000 of gains for a given year. This is because the ATO then requires you to breakdown the carious aspects of your capital gains.
Taxable Income Summary
In this section, all the fields that you are required to input on the myTax form are present.
Please note: At this time, Navexa only supports tax calculation and reporting for Australian customers. This report is not tax advice. We suggest verifying with an accountant before filing your tax return.