ETrade has announced it is now able to offer tax reporting on shares trading activities for all of its retail clients.
The new facility, called the Tax Tools Standard, has been developed by ETrade in conjunction with portfolio administration service provider Praemium and has been made available to active clients free of charge.
"The Tax Tools service is part of our commitment to continually raise the bar with new innovative services that make online trading easier," ETrade Australia managing director Stuart Sayers said.
The reporting capability can generate documentation that summarises the tax position of all ETrade activity undertaken by individuals for the entire financial year.
The service has been designed to alleviate the inconvenience of manually collating contract notes and dividend statements by providing all of the necessary information in a consolidated report.
It will be available for use from the end of July.
The Tax Tools facility is the first of its kind to be offered by an online broking house and will be followed by further services in the next few months.
"Two additional subscription tax reporting services offering extra features for proactive traders will be available later this year," Sayers said.
The deal to develop the tax reporting system was signed with Praemium back in February 2009.
Under the partnership, Praemium will not be able to provide the same type of service to another brokerage firm in the market for a period of two years.
