Note: we do our best to share general resources so you can do your own research. When it comes to tax, this is personal to your investing and financial position. We are not a tax advisor and don't have any information about your personal situation. When investing, there may be tax implications and you should get advice from a licensed tax adviser.
This is a simple, step-by-step guide to setting up tax reporting on your Pearler account, using our Sharesight integration.
Sharesight is a popular performance tracking and tax reporting solution for investors - which is why we built the integration! It includes many useful features such as automatic dividend tracking, performance reports, and support for multiple currencies. You can track up to 10 holdings for free!
This guide covers everything you need to set up and create your tax reports at the end of the financial year - specifically, your Taxable Income Report and Capital Gains Report (included in the Sharesight paid plans) - so you (or your accountant) can then complete your tax return.
These two reports are all most people need as they cover dividend income, interest income and capital gains, however, your situation may vary. As always, this is not personal financial or tax advice so if you're not sure whether this applies to you please seek professional help.
Step 1 - Login to Pearler
Simply log in to your Pearler account to get started.
Step 2 - Go to your
Step 3 - Login/Sign Up to Sharesight
Login to Sharesight using the account details of the Sharesight account you would like to sync, or if you don't have a Sharesight account yet click the "Signup" tab to sign up for a free Sharesight account.
Step 4 - Sync with Sharesight
Once you are back on your Pearler Reports page, you can click on Manage to check/edit the portfolio that is synced with Sharesight.
Let’s open Sharesight to check that your account is now updated and to create your tax reports - click "Go to Sharesight Home".
Step 5 - Compare holdings
The best way to tell if you need to add any more information to Sharesight is by comparing the number of units held in Pearler and Sharesight.
Sharesight Holdings
Pearler Holdings
As you can see, the units match. This means we don’t need to do any further syncing on Sharesight.
Note: even if units held are the same, the portfolio value might not be the same at a given point in time because Pearler and Sharesight use different data feeds. This is fine, all that matters is that the units match.
If the units don’t match, this is usually because you either:
1) have shares on a platform other than Pearler that are synced to the Sharesight portfolio,
2) have transferred some shares to Pearler that need to be manually added on Sharesight or
3) need to activate/deactivate dividend reinvestment tracking on Sharesight. Please reach out to the Sharesight team via their chat if anything doesn't make sense here.
Step 6 - Go to Reports in Sharesight
Once you've synced all your information in Sharesight, click on the Reports tab in the main Sharesight navigation menu.
Step 7 - Go to Taxable Income Report
Once you can see all the reports Sharesight offers, select Taxable Income Report in the Tax and Compliance section (click on "View Report").
Step 8 - Create a Taxable Income Report
Once you're on the Taxable Income Report page, select "Last Financial Year" by following steps #1 and #2 below. Once you've done that, export the report in your preferred format (step #3).
Taxable Income Report done! ✅
Step 9 - Go to Capital Gains Report
Now click back on the "Reports" tab and this time select Capital Gains Tax Report in the Tax and Compliance section instead (click on "View Report").
Step 10 - Create a Capital Gains Report
Once you're on the Capital Gains Report page, select "Last Financial Year" by following steps #1 and #2 below.
Once you've done that, export the report in your preferred format (step #3).
Capital Gains Report done! ✅
Wrapping up
You’ve now created a Taxable Income Report and a Capital Gains Report for the last financial year – congratulations!
Better yet, Pearler will now automatically update Sharesight every time you make a transaction so when next year rolls around, all you need to do is log in to Sharesight and print out the reports now.
We hope you love the simplicity of this as much as we do. If you need any further assistance please just reach out to us via the live chat or help@pearler.com.
