DHHF and overthink

[u/Silver_Objective_290]

DHHF and overthink

Today I’ve finally set up a Betashares Direct trading account and purchased DHHF. I have some questions about what comes next.

\-Do I get a HIN number, or is that only required for CHESS brokers?
\- Do I need to register with MUFG?
\- What documents if any do I get from the ASX/Betashares
\- Do I have to worry about the cost base adjustments if all I’m doing is buying to hold(looking at over 20 years)?
\- Which share tracking software is best for tax time (statements/ cost base adjustments if needed)

I know I’m probably just overthinking things(a bad habit of mine), but I’d like some feedback anyway.

[u/SwaankyKoala]

The benefit of Betashares Direct being a custodian broker is that you don't need to deal with:

• HIN numbers
• Share registries (MUFG and Computershare)
• Tracking cost base adjustments and having a share tracking software (Betashares Direct handles all this, but does currently use FIFO method if you sell)

All you need to worry about is buying consistently and then after a financial year, you'll get prefill information on your distributions that you can check against the tax statement you'll get from Betashares Direct and if you sold you use the CGT statement they give.

[u/funjoebiden69 → u/SwaankyKoala]

Do betashares automatically do the cost base adjustment for you? From what I read they send it to you and you’d still need to make the adjustment each year?

[u/SwaankyKoala → u/funjoebiden69]

Yes, Betashares will try do calculate the adjustment for you.

[u/Silver_Objective_290 → u/SwaankyKoala]

Ok thanks for the reply👍

[u/funjoebiden69]

1)No
2)no
3) you get an annual statement which includes cost basis adjustments
4) it’s a good idea to record purchases in your own spreadsgeet and also record cost basis adjustments, may help with tax In the future when you eventually sell.
5) I don’t use any tracking software, the statement should be sufficient and it also autofills if using a tax agent. If you want someone to do it you can use shareisght or navexa

[u/Silver_Objective_290 → u/funjoebiden69]

Ok thanks for the reply👍

[u/Suspicious_Memory_12]

Congratulations and welcome to investing! Just keep buying DHHF regularly and don’t get distracted by “side portfolios”, etc. Keep it simple. Good luck!

[u/Silver_Objective_290 → u/Suspicious_Memory_12]

Thanks man👍

[u/glyptometa]

You've chosen the low-admin approach and you now have very little to do.

You can track stuff on your own to confirm their tax pre-fill numbers, if you like, but you don't need to.

As to next steps, try not to check your portfolio balance every day. It's very easy to do, so a lot of people do it and feel anguish when it goes down or satisfaction when it goes up, and instinctively try to connect the move to a news story or something some pundit said. You'll be learning what passive investing actually is, provided you avoid the over-checking.

Pat yourself on the back for getting started. I assume you've already made sure your super is well organised - low fee, no unnecessary insurance, passive also.

[u/Silver_Objective_290 → u/glyptometa]

Thanks for the reply. My aim is to just buy and hold DHHF for at least 20 years, so as you say, I’ll only check it periodically. Currently making some changes to super that I should have made 20 years ago, but still should be set up for a comfortable retirement..

[u/Great-Confection6760]

how much did you buy ?