All online brokers provide complete details about the trades.. For example, I use Commsec IRESS so I just go and download the trades I have done and import/put them in QB. I have set up Shares e.g. CBA, ZIP, AZK as different stock. I can then generate reports based on where I lost money and where I made money, where I stand at a given point in time and other reports which I'd like to get. I am sure other platforms might be providing these types of reports but Commsec does not
Also, at the end of the year then it's just one click and ready for Tax. Of-course there are other things to do for the tax.
The reason for using spreadsheet I'd say is for expenses which you'd incur during the year. So as to get maximum deduction from the profits made from share trading.
Tax accountants, depending on how and what type of procedures he/she is using, will need confirmation of stock closing value. Just incase if there is any discrepancy. That way we, as clients don't get into problem. Due diligence.
I agree, if the accountants has to get all the details to feed in to the spreadsheet etc... will cost a fortune.
