You usually only need to update Navexa after lodging your tax return if something in your portfolio data was missing, incorrect, or your accountant used a different Capital Gains Tax (CGT) strategy.
When You Need To Update Navexa
You should update Navexa after lodging your tax return if the lodged return or accountant review shows that your portfolio records need to be corrected.
This usually happens when:
Something was missing from Navexa.
Something was entered incorrectly.
Your accountant used a different CGT strategy from the one selected in Navexa.
If none of these apply, you may not need to change anything in Navexa after lodging.
Missing Data
You should update Navexa if a transaction, income record or cost-base item was missing.
Examples include:
A missing buy or sell trade.
A missing dividend or distribution.
A missing crypto trade, transfer or income record.
A missing brokerage fee.
A missing AMIT or AMMA statement component.
A missing property cost-base item, such as stamp duty or legal fees.
Adding missing data helps keep future reports accurate.
Incorrect Data
You should update Navexa if something was recorded incorrectly.
Examples include:
Incorrect trade date.
Incorrect quantity.
Incorrect price.
Incorrect brokerage.
Incorrect exchange rate.
Incorrect dividend, distribution or franking credit amount.
Incorrect foreign income or withholding tax amount.
Incorrect cost-base adjustment.
Navexa reports are generated from the data recorded in your portfolio. Correcting the underlying record is usually better than trying to adjust the final report figure manually.
Different CGT Strategy
You may need to update Navexa if your accountant used a different CGT strategy from the one selected in your Navexa report.
CGT means Capital Gains Tax. It applies when you sell or dispose of an investment and make a capital gain or loss.
Examples of CGT strategies include:
FIFO, or First In, First Out.
LIFO, or Last In, First Out.
Minimise Gain.
Maximise Gain.
Minimise CGT.
Manual parcel selection, where available.
If your accountant used a different strategy, you may want to update the CGT settings in Navexa so the report for that year reflects the same approach.
To review this, open Tax Reporting > Capital Gains Tax, select the relevant financial year, then review your report settings.
When You May Not Need To Update Navexa
You may not need to update Navexa if your accountant made adjustments outside your portfolio data.
For example, your accountant may apply:
Personal tax adjustments.
Deductions outside your investment records.
Carried-forward loss treatment.
Rounding.
Other tax return adjustments that do not change your portfolio data.
In these cases, keep the accountant’s adjustment with your tax records. You do not need to change Navexa just to force it to match the lodged tax return.
Keep Final Records
After lodging, keep a copy of the final records used for that financial year.
These may include:
Your final tax return or accountant summary.
Exported Navexa tax reports.
Broker tax statements.
Dividend and distribution statements.
AMIT or AMMA statements.
Accountant notes or manual adjustments.
This helps you explain any differences between Navexa and the final lodged return later.
Remember, this is general information, not personal financial advice.