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Sharesight Review – Is It Actually A Must Have For Every Investor?

 

In 2007, Tony and Scott Ryburn launched Sharesight, an investment monitoring program. With over 250,000 users, Sharesight enables investors to consolidate their investments on a single program, analyse their portfolio’s progression, and calculate their tax responsibilities.

Pros and Cons of Sharesight

Pros

  • More sophisticated performance monitoring.
  • A comprehensive look at your portfolio record.
  • Investors with less than ten holdings are eligible for a free account.
  • Simple reporting makes it easy to file your taxes.
  • Deductible taxes.

Cons

  • There are only eight cryptocurrencies supported.
  • As a non-broker, Sharesight is unable to conduct deals.
  • Importing trades or huge CSV files is difficult.
  • For newbies, the interface might be daunting.

User Interface 

Sharesight has several features making it simple to comprehend your returns. These include:

  1. The Home Page

The portfolio performance is shown on the home page, and you can narrow the graph to show just your selected market, industry, or nation within specific time frames such as your first acquisition, previous login, current month, etc.

  1. Summary of Holdings

Sharesight provides a detailed overview of your holdings organised by the market. Each security’s investment income, currency, return, price, market value and quantity are displayed in every column. This eliminates the hassle of constructing a spreadsheet and continually updating the statistics.

 

It’s easy to upload your holdings from a brokerage to a computer. You can either manually add your holdings or import them from a brokerage. After that, you select your brokerages, and Sharesight will prompt you to sign in or import your transaction records so that the portfolio tracking system can be automatically updated.

  1. All-Inclusive Tax Reports

Sharesight provides an Unfulfilled Capital Gains Report to assist you in estimating unfulfilled capital appreciation in an Australian portfolio and predict how taxable income might affect your investment returns if you sold certain shares on the reporting date.

 

This function allows you to see how to control losses and decide whether to sell or hold shares before the close of the financial year.

Can You Claim Sharesight on Tax?

In most circumstances, tax residents in Australia and New Zealand can recover their membership costs when they move to a premium plan, saving on tax preparation. It’s preferable to see a professional accountant if you want to learn more.

 

To discover more about the tax consequences of investing in stocks, visit Tax on Share Trading Australia.

Does Sharesight Work with CommSec?

Yes, Sharesight works with CommSec. By connecting your account to CommSec or importing a spreadsheet containing your transaction records, Sharesight allows you to access your past trading records.

Is There an Existing App for Sharesight?

Sharesight has a mobile application known as “Sharesight Reader,” accessible on iOS and Android devices. However, it’s outdated, and its user experience is less responsive than the desktop version.

When you want to use the app on your smartphone, you should use the online version because the user experience is superior.

What Does it Cost to Use Sharesight?

Signing up with Sharesight is entirely free. Users of Sharesight can choose from four different plans.

  1. Free Plan

You can manage one portfolio and ten holdings with restricted reporting. You’ll also have a membership to the support centre’s community page and receive regular dividend price notifications.

  1. Starter Plan

The starter plan costs $19 per month and $171 per year. It allows you to manage one portfolio and twenty assets with minimal reporting. Features of the starter plan include automated dividend price notifications, exposure to a support forum, and live chat support.

  1. Investor Plan

The investment plan costs $31 per month or $279 per year. With enhanced reporting, you could manage up to three accounts and an infinite number of holdings.

 

You’ll get significant exposure to the same services as the starter plan, plus the following:

 

  • Cash accounts
  • Email assistance
  • CGT report
  • Xero integration
  • Benchmarking

 

  1. Expert Plan

The expert plan costs $48 per month and $432 per year. You can access five portfolios, an infinite number of holdings, and comprehensive reporting. Additionally, you can get all of the benefits of the investment plan, plus:

 

  • Report on contribution analysis
  • Five custom groupings
  • Quick email assistance
  • Expedited chat assistance
  • Discussion forum 

What Can Sharesight Help You Track?

Sharesight keeps a record of all your investments. Here are some of the things it keeps track of:

 

  • Equities and exchange-traded funds (ETFs) from more than forty platforms.
  • Bonds traded on the Australian and New Zealand stock exchanges
  • Mutual and regulated funds from across the world (Australia, New Zealand, Canada, UK).
  • 67 international currencies.
  • Cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Bitcoin (XBT), Litecoin (LTC), Stellar (XLM), Dash (DASH), Monero (XMR), and Bitshare (BTS) 
  • Valuable metals like gold (custom investment).
  • Non-listed investment methods like peer-to-peer lending, private equity, fixed-interest and real estate

 

Does Sharesight Cover Brokerage?

Sharesight is an affordable, straightforward portfolio management tool.

 

It connects your investment accounts, allowing you to analyse the success of each investment, compare historical results, and figure out the amount of taxes you owe at any moment.

 

Furthermore, you can manage other clients’ reports conveniently. For example, when two clients are from different nations — Australia and the United States — Sharesight will provide both accounts under their distinctive username; however, they’ll only access a single portfolio.

 

It enables Sharesight to perform its trick by combining various portfolios into a centralised platform without omitting anything crucial.

 

Is Sharesight a Secure Platform?

Yes, Sharesight is highly secured; it maintains data integrity and security by employing various data encryption protocols. Besides, Sharesight is also ASIC-registered and conducts monthly security checks.

 

You may also use Google’s identification system to verify your account and protect it with two-factor authentication.

Final Verdict

Sharesight is a fantastic resource for investors who want to keep track of their holdings in one spot. Even though many alternative portfolio monitors have more functionality, Sharesight conveniently serves the needs of the average retail investor.

 

If you’re searching for an investment tracker, Sharesight is an excellent choice.

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