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myTax Guide

This guide explains how to transfer your Metrifly tax data into the Australian Tax Office's (ATO) myTax online system. It covers the key sections of your tax return that relate to investment income and capital gains.

warning

Metrifly provides tax reports, not tax advice. This guide is for general informational purposes. Always verify your tax return with a qualified tax professional, especially if you have complex investment structures or foreign income.

Before You Start​

  1. Finalise your data in Metrifly:

  2. Export your reports:

    • Export the Capital Gains Report as CSV
    • Export the Income Report as CSV
    • Keep these files handy while completing myTax

  3. Log in to myTax:

    • Go to my.gov.au and sign in
    • Navigate to the ATO section
    • Start or continue your tax return for the relevant financial year

Section 1: Dividends (Item 11)​

This section covers dividend income from Australian shares.

Where to Find Your Data​

In Metrifly, open the Income Report for the financial year. Look at the Domestic Dividends and Franking Credits totals.

What to Enter in myTax​

  1. Navigate to Item 11: Dividends in myTax.
  2. Enter the following:
myTax FieldMetrifly Source
Unfranked dividend amountTotal of domestic dividends where franking credits = $0
Franked dividend amountTotal of domestic dividends where franking credits > $0
Franking creditsTotal franking credits from the Income Report
tip

If you have both franked and unfranked dividends from the same company, they may need to be entered separately. Check the dividend statement from your broker for the exact breakdown.

Section 2: Capital Gains (Item 18)​

This section covers any profits or losses from selling shares.

Where to Find Your Data​

In Metrifly, open the Capital Gains Report for the financial year.

What to Enter in myTax​

  1. Navigate to Item 18: Capital gains in myTax.
  2. Select Yes to "Did you have a capital gains tax event?"
  3. Enter the following from your Metrifly report:
myTax FieldMetrifly Source
Total current year capital gainsTotal Capital Gains from the report
Net capital gainNet Capital Gain (after losses and CGT discount)
  1. If you have capital losses, enter them in the capital losses section.
  2. For the CGT discount, myTax will ask whether you held assets for more than 12 months. Metrifly's report breaks down short-term vs long-term gains to help you answer this.

CGT Schedule​

If your total capital gains exceed $10,000, the ATO requires a CGT schedule. Use the detailed breakdown from Metrifly's Capital Gains Report to complete this:

  • For each sale: asset description, purchase date, sale date, cost base, sale proceeds, gain/loss
  • Separate short-term and long-term gains
  • Apply the CGT discount to eligible long-term gains
info

You can use the CSV export from Metrifly to prepare the CGT schedule. The export contains all the line-by-line detail you need.

Section 3: Foreign Income (Item 20)​

If you hold shares on overseas exchanges (NYSE, NASDAQ, LSE, etc.), their dividends count as foreign income.

Where to Find Your Data​

In Metrifly, open the Income Report and look at the Foreign Dividends and Foreign Withholding Tax totals.

What to Enter in myTax​

  1. Navigate to Item 20: Foreign source income and foreign assets or property.
  2. Enter:
myTax FieldMetrifly Source
Foreign incomeTotal foreign dividends (converted to AUD)
Foreign income tax offsetTotal foreign withholding tax paid

The foreign income tax offset prevents you from being taxed twice -- once by the foreign country and once by Australia.

Checklist​

Before lodging your return, verify:

  • All dividends for the financial year have been confirmed in Metrifly
  • Capital gains report matches your broker's annual tax statement
  • Franking credits match the amounts on your dividend statements
  • Foreign withholding tax amounts match your broker's records
  • If applicable, AMIT tax statements have been entered
  • All amounts are in Australian dollars (Metrifly converts automatically for foreign holdings)

Common Mistakes to Avoid​

  1. Forgetting franking credits -- These reduce your tax. Always claim them.
  2. Double-counting dividends -- If your broker pre-fills dividend data in myTax, do not enter them again from Metrifly. Use one source or the other.
  3. Wrong financial year -- Ensure you are looking at the correct FY in both Metrifly and myTax. The Australian FY runs 1 July to 30 June.
  4. Omitting foreign withholding tax offset -- If foreign tax was withheld, claim the offset to avoid double taxation.
  5. Ignoring capital losses -- Capital losses can be carried forward to offset future gains. Always report them.

When to See an Accountant​

Consider professional help if:

  • You have complex investment structures (trusts, SMSFs)
  • You have significant foreign income or assets
  • You are unsure about CGT discount eligibility
  • Your capital gains exceed $10,000 and you need to prepare a CGT schedule
  • You hold managed funds with AMIT statements that have multiple income components