How stocks work in Summ: a guide for share investors

If you've heard of Summ, it was probably as a crypto tax tool. It still is. Since July it also handles Australian and US shares and ETFs, and you don't need to hold any crypto to use it.

If you've only ever had a broker's year-end summary and a spreadsheet, here's what Summ does with your shares, step by step.

Step 1: bring in your broker history

Export your full trading history from your broker as a CSV and upload it under Accounts. If you've ever moved shares over from another broker, upload that old account's history too, so Summ can see where they were first bought. Summ reads the files and builds your holdings from them.

Brokers with a ready-made import include CommSec, CommSec International, Stake, Pearler, Selfwealth, Superhero, Bell Direct, nabtrade, Westpac Share Trading, ANZ Share Investing, Vanguard Personal Investor, Interactive Brokers, CMC Invest, Betashares Direct, Raiz and Tiger Trade. If you track your portfolio in Sharesight or Navexa, you can export from there and upload that instead, so your history comes with you.

If you hold shares across more than one broker, upload each one. Summ keeps the accounts separate and works out your position across all of them.

Step 2: Summ builds your parcels

Every purchase becomes a parcel: how many shares, what you paid including brokerage, and the date. When you sell, the sale is matched against your parcels to work out the gain or loss, which is how capital gains tax on shares works in Australia.

Which parcels a sale is matched against depends on the inventory method in your settings, such as first in, first out (FIFO), and you can change it under Settings, then Tax. Different methods can give a different capital gain in the year you sell, so check with your tax agent which one suits you.

This is where years of regular buying get fiddly. Ten buys of the same ETF are ten parcels, each with its own cost base and its own date. Summ holds all of them.

Step 3: dividends and franking credits, added for you

Summ generates your dividends automatically. No manual entry. Your franked and unfranked amounts, franking credits and any tax withheld are worked out and matched to the right shares.

If you reinvest dividends through a DRP, switch it on for that holding and Summ records each dividend as income and each reinvestment as a new parcel, instead of showing cash you never received. If you're on a DSSP instead, you record it the same way in the holding's settings, and the new shares are treated as bonus shares rather than income.

For US shares, foreign income and the tax withheld on it are worked out too. You set the withholding rate, 15% or 30%, on the holding to match how you report.

Step 4: corporate actions, handled automatically

Splits, consolidations, capital returns, demergers, mergers, special dividends and ticker changes all change your shares without a trade, and broker exports rarely record them properly. Summ picks these events up from market data and applies them to your holdings itself, so a 2-for-1 split shows as the same parcel with twice the shares and the same cost base, and a company that changed its ticker is still the one holding you bought.

Learn about this in more detail: how corporate actions affect your tax and what happens when a company changes its ticker.

Step 5: your ETF's AMMA statement

Most Australian ETFs and many managed funds send an AMMA statement each year, and one line on it changes the cost base of your units. From the ETF's asset details page, choose Add AMMA statement, upload the PDF to Ask Summ, confirm the figure it reads, and your cost base updates. Here's what each line of an AMMA statement means.

Step 6: your report

When you're ready, Summ gives you a Capital Gains report and an ATO myTax report. Your share gains and your crypto gains, if you have any, are set out separately, and your dividends, franking credits and foreign income are in the same report. Lodge from it yourself through myGov, or export it and hand your accountant a clean set of records instead of a folder of contract notes.

Along the way you can see your whole portfolio in one place, in AUD, including unrealised gains and the brokerage you've paid.

What it costs

Stocks are included in Summ plans, with shares and crypto covered together under one plan. Import your accounts and view your portfolio for free. Upgrade to generate your reports or unlock premium features like tax-loss harvesting.

Getting started

Export your broker history, upload it, and have a look at what Summ builds. Nothing is charged until you want the report.

See how Summ handles stocks

Get started with Summ.

Frequently asked questions

Do I need crypto to use Summ? No. You can run shares only, crypto only, or both.

How do I add my shares? Export your full trading history from your broker as a CSV and upload it under Accounts, including any old broker you transferred shares from. Sharesight and Navexa exports work the same way.

Does Summ handle dividend reinvestment? Yes. Record your DRP in the holding's settings and each reinvestment becomes a new parcel. DSSPs are supported too, recorded the same way.

Can my accountant use the report? Yes. Export the Capital Gains or myTax report and hand it over.

Why does Summ show a different number of shares from my broker? Usually Summ is missing part of the purchase history for that holding, often because the shares were transferred from another broker or came through a dividend reinvestment plan. Our share holdings reconciliation guide goes through the common causes and how to fix each one.

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This article describes how Summ records shares and ETFs. It is general information, not tax, financial or legal advice, and it does not take your circumstances into account. Speak to a registered tax agent about your own position.