Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to ...
Updated 9 years ago
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Hi HAL9000
When I say that the information will flow through I mean that a lot of the information on dividends will download automatically from the ATO when the tax return is done on line.
Banks, employers and Publicly listed Companies advise the ATO electronically of what has been paid in interest, wages and dividends and this will automatically populate to the tax return.
If your accountant wants the three income accounts then do it that way.
I would just have one customer card called Dividends. Then when you do a receive money for the dividend proceeds, put the name of the company in the memo field.
At the end of the year the Accountant will be able to get a listing of transactions on each account and the memo will let them be able to match the dividends received in your MYOB file, to what the company says it has paid you.
As to the profit/loss made on the sale of shares, for you to work this may become a bit time consuming. Shares held for over 12 months, the profit can be discounted by 50%. So it may be just best to put the net proceeds received from a sale to another Other Income account called Share Sales and record the details in the memo field, eg 2000 rio shares sold @ $100.01c each. Then your Accountant can work the actual profit.
I would just check with your Accountant if that is how they would like you to do it. I would also request them to actually give you a printout of the end of year adjustments you will need to do in MYOB, once they have lodged the Tax return, so you don't need to work them yourself.