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New: Maintain Portfolios in Different Tax Residencies (Countries)

Now you can create portfolios in different tax residencies (countries) from within the same account.

This is a useful feature for those who maintain portfolios is more than one country and its respective currency.

Important note: the features available to a portfolio (such as localised tax reports) are only available respective to the tax residency you select when setting up that portfolio. This feature update does not allow you to toggle a portfolio’s currency back and forth.

Here’s an example: if you’re an Australian on our Investor Plan you can maintain 3 portfolios. Let’s assume 2 of your portfolios are Australian domiciled (say, an online brokerage account and your SMSF). But let’s also assume that you hold an account with a broker in the United Kingdom. You can now create a 3rd portfolio and set the “Tax Residency of Portfolio” to be United Kingdom.

This means the currency used for the 3rd portfolio will be the Pound Sterling, and you’d be able to run most of the standard Sharesight reports, including the generic international capital gains tax report. But you would not be able to run Australian CGT reports for this new portfolio (in this particular example).

Note: your 2 existing Australian portfolios will still provide the full, Australian-specific functionality that you’re used to.

Also note: you can still add holdings from any global market to any portfolio. They will be converted to that portfolio’s base currency automatically.

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  • This reply was created from a merged topic originally titled Allow for an alternate base burrency.

    Is it possible to change base currency for a portfolio? Each time a try to create a new portfolio is automatically records the base currency as Australia
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  • This reply was created from a merged topic originally titled foreign currency account settlement.

    I asked this question a few days ago but the response indicated that the problem was not understood. Could you refer this to Scott Ryburn( hi Scott).

    I operate an ASB Securities $AU account for dividends from Aust and settlement of ASX trades via ASB Secs in NZ. That situation must be relatively common with other Sharesight users, as other wise you get whacked with currency conversion charges.

    I can't enter the trades without entering a $NZ conversion. Your response to my earlier question was to enter a rate anyway - that is clearly wrong as there was no conversion and if entered the system would show gains/losses $NZ/$AU that do not exist. Can't you easily add a field to ignore exchange rates for that trade?
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  • This reply was created from a merged topic originally titled Multicurrency sync between xero and sharesight.

    To round up my previous question: Is it true that I cannot integrate sharesight and xero Premium completely? although xero offers multi-currency and sharesight also, the bridge between the two does not. is that right?
    • Hi Adriaan,

      Sharesight supports both standard and multi-currency Xero versions. If you are using the premium(multi-currency) version of Xero you can opt to have Sharesight send transactions either in their original source currency or converted to your portfolio currency. Note that in order for Sharesight to send foreign currency transactions to Xero you need to add support for that currency under Settings>General Settings>Currencies within Xero.
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  • This is a feature I was looking for earlier but I was forced to set up one of my Australian non resident portfolios as an Australian resident portfolio as some of my portfolios are Australian resident. If this function is now available it would be very helpful if I could convert the existing portfolio and not have to delete it then re-enter all transactions dating back many years.

    Ian S
    • Hi Ian,

      Thanks for your post. To answer your question, it is possible to set the tax residency and thus the currency differently for each of your portfolio's in Sharesight. However, please note that the functionality will diminish for some tax residency settings. Please read the information above in the announcement to ensure you are informed on this matter.

      Once a tax residency has been chosen this cannot be changed in Sharesight. Typically, the best way to transfer holdings is to download the All Trades report and upload it again in the new portfolio. Do not forget to ensure the date range is set wide enough to capture all your trades.

      Thanks for verifying this with us.

      Have a lovely day!

      Cheers,

      Emma
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