I've built a tool to calculate capital gains and capital gain discounts for my ASX stock investments. I download the .csv of confirmations from commsec and feed it to my program and it would spit out the best way to match buys and sells and apply capital gain discounts, to minimise my capital gains. It also detect anomalies in the stock sell data to warn me to manually enter any dividend reinvestment and capital raising data.
Should I spend $10000 to turn it into a website for everyone else? Would you use it?
It would produce something like this, importable into Excel:
Sample Australian Tax Return capital gains for year ending 2016-06-30
Total gains/losses: A$24910.557
Taxable gains/losses after discounts: A$2493.98
It optimises the buys and sells to maximise the capital gains discount. (some opportunities can be missed if doing manually)
Will you be interested in such a tool?
What do you think?
Can you think of any features to add?
Will it be useful to you?
What do you think of 50c per capital gains entry? (above example would cost $36)
Would you pay for it right now, if I calculate your returns for 20c each entry?
If yes, put "I'd to make an order for your service." in your comment. (First 10 people only in case I have to resort to doing some of it manually). I have an ABN and I'll invoice you properly so you can get a tax deduction for it in the next year.
If anyone is interested I'll post my email soon so you can send your:
* Stock confirmation statements until June 30 2017
* Details of shares bought from DRP and capital raises and IPO's, if they were sold this financial year
* Stock confirmation statements from previous years if you've sold stocks this year bought in previous years
* If the above applies, your previous years' capital gain calculations (preferably in csv or spreadsheet), so the algorithm doesn't match a sell transaction from this year with a buy transaction from previous years you've already told the ATO about.
* Whether you want to minimise capital gains or take the chance to mark some gains for this year if your marginal tax rate this year is lower than usual.
I'll use my program to calculate your capital gains, tell you how much it will be, give you an invoice, once paid, send you a file you can open in Excel or Numbers.app or Google Docs, which you can print to hand to your tax agent. You'd be able to request format changes, additional columns, etc. If you need some special format I can see if I can arrange it too.
In email I'll give you my ABN in case you want to sue me later...;you'd be giving me a lot information about your investments....(but then your tax agent knows a lot too)
If people are interested I'll invest a few grand in a proper website. (and make a discount link for my fellow hotcopper users of course)
