SelfWealth Brokerage

We are using SelfWealth as a broker. Brokerage on trades are bought up front at a cost of $9.50, so as an example a credit for 5 trades can be bought at a cost of $47.50. As each trade is used the credit reduces. Once used further trade credits need to be purchased.

Can I ask practitioners, that have clients using SelfWealth as a broker, how they handle the cost of brokerage. At the moment we are manually amending each investment transaction to add the cost of brokerage – this is obviously not an efficient process.

Hi CNH

I use Selfwealth, too. I do this way simply. When you buy 10 or 20 tickets in advance, it is expense (investment expense 375/999 in desktop version and 37500/BHP in 360). This is my way. It may not be out of sense. Any body have better idea?

Thanks for your reply :slight_smile:

If you are allocating directly to 37500/share code are you treating your trading as a “business”[ATO Share Trading as a Business “costs incurred in buying or selling shares – including the cost of the shares – are an allowable deduction in the year in which they are incurred”]. If treating it as a business within a SMSF I am presuming that this becomes an issue

If you have the shareholding as an investment then per the ATO “the transaction costs of buying or selling shares is not an allowable deduction against income, but are taken into account in determining the amount of any capital gain”

I would welcome other insights?

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Yes, your opinion is deeply appreciated. It can be an issue in my way. Thanks a lot.

This issue has somewhat gone away now that brokerage costs are deducted from trade proceeds, but a deduction as an expense could be a valid treatment as the purchase of trades was non-refundable and expired after a period of time, whether you bought or sold shares or not.

Hi Shocker, with SelfWealth now charging brokerage at the point of trade, unfortunately the issue hasn’t gone away as the brokerage comes through as a separate bank line which then needs to be align to the trade.

Until SelfWealth can consolidate these charges onto the one transaction then a manual process is required. :slightly_frowning_face: I have now a manual routine going, which is not ideal but covers the immediate need

Has the situation changed since Selfwealth integration with BGL Simple Fund in June21?

Just wondering if any users have experience/feedback regarding SelfWealth since the integration? I’m currently using Commsec and is very happy with every aspect except the higher brokerage of $29.95+ compared to Selfwealth’s flat $9.95 fee.

If you setup a data feed with SelfWealth, it elimiates that separate brokerage line item issue.

If you are uploading the transactions via CSV, I would edit the CSV file transactions in excel before I upload it to SF360 - there are plenty of handy formulas/features in excel that make the job easier.

These guys charge $3 brokerage per trade - https://hellostake.com/au/pricing/aus