The Holdings Tank is essentially a tax calculator with additional functionality to ensure financial oversight with daily market values, however it can still easily manage several events and offerings to ensure accurate tax calculations.
We've listed some frequently asked questions below to showcase just how clever this little tank really is!
Q1. Can Holdings Tank manage Dividend Re-investments?
Yes, in TaxTank we have a feature to accommodate share re-investments. This feature will automatically create a new parcel of shares for the new share allocation, as well as the Dividend income and franking credit which will impact the tax summary.
Q2. Can Holdings Tank manage Bonus Shares Issues?
Yes, bonus share issues are added in the same way as normal shares. When selecting the Add Buy button a user can select the ticker, buy price per unit and the quantity to create the new parcel in TaxTank. Each parcel is recorded separately to ensure accurate CGT calculations should holdings be sole in the future.
Q3. Can Holdings Tank manage Share Splits;
Although the number of shares increases the price is adjusted proportionally so the total dollar amount remains largely the same. Whilst there is currently no separate feature, in TaxTank share parcels can be easily edited to accommodate share splits if they occur.
Q4. Can Holdings Tank manage Share Consolidations;
Similar to share splits, a reverse stock split consolidates the number of existing shares of stock held by shareholders into fewer shares.Whilst there is currently no separate feature, in TaxTank share parcels can be easily edited to accommodate share consolidations if they occur.
Q5. Can Holdings Tank manage Share Purchase Plans;
Yes, share purchase plans are also added in the same way as normal shares. When selecting the Add Buy button a user can select the ticker, buy price per unit and the quantity to create the new parcel in TaxTank. Each parcel is recorded separately to ensure accurate CGT calculations should holdings be sole in the future.
Q6. Can Holdings Tank Import Share Holdings from Comsec?
We have an import feature being released in the coming week or two. This feature will enable you to download the template with the required fields, or create your own from your commsec export, and then import your holdings into TaxTank.
Q7. Do you have reports that show the market value as of today (ie functions similar to Sharesight.com.au)
TaxTank uses the daily closing price to keep market values current for shares. We display the current market values and total profit/loss percentages for each ticker, you can also drill down into each ticker to see the same information for each parcel of shares purchased. The header summaries the total holdings for each asset class, as well any allocated dividends in the current financial year.
Q8. Does Holdings Tank have a Tax Report?
One of the powerful features of TaxTank is the CGT report which is calculated live and available 24/7. Each time a sale occurs we recalculate the report to ensure the optimum tax position with consideration to available losses and concessions. We also do the same for property to ensure accurate tax planning across all asset classes.
Q9. Can Holdings Tank manage Holdings in Other Entities Like Trusts?
Another great feature TaxTank offers is ownership flexibility. You can add assets held in your name, as well as those held in other entities like companies or trusts. In TaxTank, only the assets held in your name will impact your tax summary, however you can view and filter your whole portfolio from one dashboard, and also download the CGT report for inclusion in your trust or other tax returns when relevant.
Q10. Do you have extra charges for the Tax Report?
Oh the best part, TaxTank’s Holdings Tank module is only $6/month, which includes the capital gains tax report available all year round. This is no additional costs or upgrades needed to access, its part of the $6/m subscription.