Generating tax reports
Learn how to generate capital gains tax reports, select financial years, and understand CGT discounts.
Tax reports help you prepare for tax time by calculating your capital gains, losses, and dividend income. This guide covers how to generate and use these reports.
Requirements
To generate accurate tax reports, you need:
- Transaction-based portfolio — Cost basis portfolios don't have transaction dates
- Complete transaction history — All buys and sells recorded
- Accurate dates — Transaction dates determine holding periods
Note: Tax reports are for informational purposes. Always consult a tax professional for advice.
Generating a tax report
- Go to Reports in the sidebar
- Select Tax report
- Choose the financial year
- Select your tax region (US or Australia)
- Click Generate report
The report may take a moment to process if you have many transactions.
Understanding the report
Capital gains summary
The top section shows your overall position:
| Metric | Description |
|---|---|
| Total gains | Profits from sales |
| Total losses | Losses from sales |
| Net capital gain | Gains minus losses |
| CGT discount (if applicable) | 50% discount for eligible gains |
| Taxable gain | Final amount subject to tax |
Transaction details
Each sale is listed with:
- Date sold — When you sold
- Stock — What you sold
- Quantity — How many shares
- Proceeds — What you received
- Cost basis — What you paid (FIFO)
- Gain/Loss — The difference
- Holding period — Short or long term
- Discountable — Whether CGT discount applies
Dividend income
A separate section shows:
- Total dividend income received
- Franking credits (Australia)
- Foreign income and withholding tax
Financial years
Australia
The Australian financial year runs July 1 to June 30:
- 2023-24: July 1, 2023 to June 30, 2024
- 2024-25: July 1, 2024 to June 30, 2025
United States
The US tax year is the calendar year:
- 2023: January 1 to December 31, 2023
- 2024: January 1 to December 31, 2024
Select the correct region to ensure the right dates are used.
CGT discount (Australia)
In Australia, individuals may qualify for a 50% CGT discount on gains from assets held over 12 months.
How it's calculated
- Calculate the capital gain
- If held > 12 months, apply 50% discount
- The discounted amount is your taxable gain
Example
You sell shares for a $10,000 gain after holding for 18 months:
- Original gain: $10,000
- CGT discount (50%): $5,000
- Taxable gain: $5,000
TrackMyShares automatically identifies eligible gains and applies the discount in reports.
Who qualifies
The 50% discount applies to:
- Individuals
- Trusts (with distribution rules)
It does not apply to:
- Companies
- Super funds (they get 33.33% discount)
Short-term vs long-term (US)
In the US, holding period affects tax rates:
| Holding period | Tax treatment |
|---|---|
| Under 1 year | Short-term (ordinary income rates) |
| Over 1 year | Long-term (preferential rates) |
TrackMyShares reports separate short-term and long-term gains.
Offsetting losses
Capital losses can offset capital gains:
- Apply losses against gains of the same type first
- Then apply remaining losses against other gains
- Unused losses may carry forward to future years
The report shows your net position after offsets.
Exporting reports
PDF export
- Click Export PDF
- A formatted report downloads
- Share with your accountant or keep for records
CSV export
- Click Export CSV
- Download detailed transaction data
- Import into tax software or spreadsheets
Tips for tax time
Before generating
- Ensure all transactions are recorded
- Check dates are accurate
- Verify cost basis is correct
After generating
- Review for any errors
- Note any special situations (wash sales, etc.)
- Consult a tax professional if unsure
Record keeping
Keep your reports for:
- At least 5 years (Australia)
- At least 3 years (US)
- Along with broker statements for verification