The service, integrated via an open API, will allow Saxo’s Australian clients to easily create aggregate trade reports.

Through the solution, investors will be able to receive customized reports for both performance tracking and tax reporting purposes, including capital gains tax reports and dividend income reports, as well as comparative market tracking insights.

Saxo Markets CEO Adam Smith said: “Our integration with Sharesight is a natural fit as both our companies are committed to providing self-directed investors with tools often only available to professional investors.”

"This integration also simplifies tax reporting for our customers, providing a seamless solution to reduce the ongoing burden of tax administration."

Sharesight added that the integration with Saxo will expose its clients to the platform provider offering access to 36 international exchanges and more than 40,000 instruments across all asset classes.

Sharesight CEO Doug Morris commented: "Sharesight clients tend to have a high portfolio weighting towards Australian equities and are not as exposed to global investment opportunities."

"Given this local bias, we see our alliance with Saxo as extremely beneficial to our clients."

The manual work that goes into tax reporting will be largely streamlined, the companies added, with investors able to give their accountants access to trade records.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].