If you have shares and choose to reinvest the dividends, the Holdings Tank 'Reinvestment' feature offers a simple way to manage both tax and holdings.
To add a dividend reinvestment, follow these steps:
Step 1 - Navigate to Holdings Tank
Ensure you are in the correct financial year, locate your existing share holdings and select the 'Reinvest' button to open the pop-up.
Step 2 - Complete the Reinvestment Pop-up
Use your Dividend Reinvestment statement to fill in the required fields. There are two main steps in the form:
Add the New Shares: Enter the details of the new shares you received.
Add the Dividend Income: Record the dividend income.
Let's demonstrate this process using a CBA Reinvestment example, where we've highlighted the relevant information.
From the CBA Statement I can extract the following information to complete the Reinvest popup;
Cost of shares allocated = $101.10 each
Number of shares allocated = 3
Date of Reinvestment = 28th September 2023 (payment date)
Franking Credit = $104.91
Franked = $244.80
Unfranked = $0
Cash variance is auto-calculated as the difference between the cost of the shares issued and the dividend payment (which is from the balance brought forward). In this example = $58.50
Once you complete the form select the 'Reinvest' button which will create both the new Share Holding, and the Dividend Income which will be included in the Tax Summary.