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Why don't Sharesight trust income values match Issuer Annual Tax Statements?

The Sharesight trust income values don't match those reported in the Issuer Annual Tax Statements. Is there a reason for this? All of my ETFs show discrepancies. I'll include a couple of screenshots that illustrate the problem.
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  • Hi David,

    There are small discrepancies for some ETF's, eg VAS.

    However, I'm not aware of any discrepancies with VGS, certainly none that would cause such a big discrepancy that you highlight.

    Assuming you held VGS throughout the year you should have four distributions for the 2017/2018 year, see the screenshot below:


    If so, it is the holding totals that should add collectively to the values as displayed on your statement.

    If your holding totals still don't reconcile with your statement, please send a message to support@sharesight.com and we can investigate.

    Where there are small discrepancies, you can adjust these using the annual tax statement form as per the above screenshot. To see this button, just make sure you have 'show holding totals' selected in advanced settings and you run the report for the previous tax year.
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  • Hi Ben,

    Thanks for such a quick response. The distributions listed in the section that you showed seem in order. E.g., Income (Other) = 4,331.50 + 307.49 + 96.41 = $4735.40. This matches the Attribution Gross Amount shown on the Issuer Annual Tax Statement. The Tax Witheld = 451.43 + 35.31 + 10.05 = 496.79. This matches the Assessable Foreign Source Income Tax Paid Amount shown on the Issuer Annual Statement. I'll include a screenshot of these amounts from Sharesight below. Do you see where the problem may lie? I'll write to the support email address too and let's see if we can sort this out. Thanks for your help.

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  • Hi David,

    Given that, I'm pretty sure that the Sharesight distribution data, at least for VGS will be spot on. You might see a 1 or 2 cent discrepancy on one or two components, but that will be it.

    To check that your results in Sharesight match the statement you just need to do the following:
    1. Opening the taxable income report
    2. Set your date range to last financial year
    3. Select 'show holding totals' under advanced settings of the report
    4. Cross check the following holding totals for VGS match the statement totals.

    Starting from the top of your statement and referencing the attribution total (which is the important one):

    Interest = 1.56
    Discounted Capital Gains = 613.86
    CGT Concession = 613.86
    Foreign Source Income = 3506.13
    Foreign Income Tax = 496.79
    AMIT Decrease = You will have a decrease and an increase total. Take the AMIT Decease - AMIT Increase = AMIT Decrease value as displayed on your statement

    Also, the Net Cash Distribution from the statement of 4,711.93 should match the Net Amount on the Taxable income report.

    The fact that your foreign income tax is correct tells me that your holding total in Sharesight is correct and basically all the other components will be accurate as well.

    At least, that's the theory.
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  • Hi again Ben, I made a mistake. I didn't add up the values in Sharesight over multiple periods first for comparison against the issuer annual tax statement. After discussing this over email with support, I see where I was going off the track. I'm still trying to learn a some more about the AMIT and Other Net FSI values as these still vary from Sharesight to the issuer annual tax statement. I don't know where this variation comes from yet. Thanks again for your advice, Ben. I really appreciate it.
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  • I've taken a closer look and I see now that there are AMIT increases in earlier periods and an AMIT decrease only in the final quarter. Taken together, these fit perfectly with the issuer annual tax statement. I've learnt a bit today! I'm more impressed than ever by the attention to detail that Sharesight has to record-keeping and reporting. Really great. Thanks for your patience with my query, Ben.
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  • Hi David,

    That's no problem at all.

    I'm pleased to hear that everything tallies up correctly!
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