So, you have taken the important first step of signing up for a portfolio management solution to help manage your share portfolio – congratulations! This decision is going to make your life as an investor so much easier as well as give you more time and freedom. MiGain can deliver valuable reports such as the “Capital Gains Tax” report, “Dividends” report and “Combine” report – which, as tax time approaches, you can forward to your accountant with just one click.
On a user-friendly platform like MiGain, getting yourself set up for success requires three simple steps.
First, set up your portfolios.
Think of each portfolio as a specific tax entity. By keeping these entities separate, you will be able to produce tax reports at the end of the year for your accountant to do your capital gains and other tax calculations. I personally have a portfolio I call “Personal” and another one I call “SMSF”, as these two entities need to be kept separate at tax time. You can choose any name that is meaningful to you.
Second, import all your relevant information.
The import process in MiGain is designed to be intuitive and easy to use – but importing from some platforms may be slightly easier than others.
For example, the standard template for Commsec is already in the system and you can simply download all your history from Commsec and import it directly to MiGain.
Setup auto imports for your broker.
MiGain has auto-import for several brokers. Check the FAQ for the current list of auto-import brokers. Whilst we call this function ‘auto-import’, you will need to forward the email to your unique account email address to have these automatically imported for you into your portfolio.
Go to migain.io now for a 30 day completely free trial and start importing your investment data today – no credit card required!