If you invest in overseas shares, the FIF report shows whether or not you are caught by the new Foreign Investment Fund (FIF) taxation rules. If you are, the FIF report will automatically calculate your taxable FIF income.
The first part of the report shows which of your shares are caught by the new rules after allowing for any exemptions that may be applicable. For most investors, there is also a further threshold exemption if the cost price of your overseas investments is less than $50,000. The report provides the cost price of all of your shares that are subject to FIF tax, so you can see whether you exceed the threshold amount.
If you are caught by the new rules, the report will calculate your FIF tax liability under both the Fair Dividend Rate (FDR) method and the Comparative Value (CV) method so that you can select the one that minimises your tax bill.
The first part of the report, showing whether you are caught by the new rules, is now available to all Sharesight subscribers (including free trial users). The remainder of the report is available to subscribers on the Expert plan.