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
Version 1.0
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Hi HAL9000,
So your Accountant has advised that you are not being classed as a share trader, but as an investor.
The entries look all good.
Dividends just need to go to a dividend income account. The franking or non franking of them should flow through when your accountant does the tax return.
Whether you are receiving dividends in cash or are in a dividend reinvestment plan should also flow through once end of year adjustments are done.
Really gets down to whether your Tax Accountant knows what they are doing. or just 'winging it!'
Profit and loss on sale of shares, with applicable discounting, should also flow through from the tax return.
Just make sure that before you sign off on a return being lodged that you actually check it and agree with what is being lodged.