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How to: Get Tax Ready
How to: Get Tax Ready
Navarre Trousselot avatar
Written by Navarre Trousselot
Updated over a week ago

Reporting your investment activity to the government is, generally speaking, necessary for all investors.

Navexa makes this process quick and easy.

We providing comprehensive tax calculation & reporting tools.

Here's an introduction:

Your Tax Overview

Start in your Navexa account's 'Tax Overview' page.

Access this page by clicking 'Tax Reporting' on the top navigation menu (Australian customers only at this stage).

Then selecting 'Overview'.

Here, you can access everything you need to get your portfolio tax ready.

  1. Financial year selector: Click here to select financial years for which you can generate tax reports.

  2. Total Capital Gain: This shows you your current capital gain or loss.

  3. Total Income: This shows you your total investment income.

  4. Tax Readiness: Here you can see if there are any issues you need to fix to become tax ready.

  5. Tax Settings: This shows you your current sale allocation method or CGT strategy. Click 'Modify' to change this setting. See more on tax strategies here.

  6. Capital Gains Tax report: This report generates a full breakdown of your capital gains tax obligations. Click 'View Report' to generate your capital gains tax report. Creating a capital gains tax report.

  7. Taxable Income report: This report generates the detail of all the income your have received. Click 'View Report' to generate your taxable income report. Creating a taxable income report.

  8. Historical Cost report: Shows you opening and closing balances for all holdings in your portfolio. Click 'View Report' to generate your historical cost report.

  9. Unrealised Gains report: Simulates selling your entire portfolio so you can see your tax obligations. Very useful for tax loss harvesting. Click 'View Report' to generate your unrealised gains report. Calculating unrealised gains.

Getting Tax Ready

To ensure your tax reports are accurate, you need to ensure all of your investment data is correct.

The most common step you'll need to take is to 'confirm' dividends. This is essentially reconciling the dividend that Navexa has auto calculated with the dividend you received in your broker account.

You can see below a portfolio that is not tax ready yet, due to unconfirmed dividends.

  1. A warning banner will appear like this one, showing you which things need fixing. In this case there are 22 dividends that need confirming.

  2. In the 'Tax Readiness' section you can see everything else is looking good, apart from the dividends.

You can still run all the tax reports without fixing these issues. But, this means there's a higher risk of inaccuracy in the calculations and results.

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