Saxo Markets, a multi-asset trading and investing specialist, and Sharesight, a portfolio tracking and tax reporting service provider, have partnered to deliver an integrated record keeping services for self-directed investors.
The open banking styled initiative integrated through an open API would allow Australian Saxo clients to create share trading summary reports in one click.
The joint solution would allow investors to easily obtain personalised reports for performance tracking and tax reporting purposes.
This included capital gains tax reports, dividend income reports and benchmarking insights to track against the market.
Adam Smith, Saxo Markets chief executive, said the integration was a natural fit as both companies were committed to provided self-directed investors with tools often only available to professionals.
“This integration also makes tax reporting easier for our clients, providing a seamless solution to reduce the ongoing burden of tax administration,” Smith said.
Doug Morris, Sharesight chief executive, said their clients had tended to have high portfolio weighting to Aussie shares.
“Given this local bias, we see our alliance with a Saxo as highly beneficial for our clients,” Morris said.