The timing of completion of a tax report is dependent on when we receive the tax information from product issuers. The first tranche will generally be made available by the end of July and subsequent tranches are then sent in the following months as we receive this information.
Why will some of my clients receive their tax reports later than others?
All fund components need to be finalised and processed for an account before the tax report can be issued.
To help you manage your client expectations around the availability of their tax reports, we’ve reached out to fund managers and requested an indication of when they can provide us their annual tax components.
The below key will help you navigate the schedule:
- Outstanding – The platform hasn’t received fund tax reports. If the fund hasn’t provided information by the expected date, we’ll follow them up regularly. We’ll also notify you via email and on the investment menu news page if we’re informed by the fund manager of any material changes to the expected date.
- Received – The platform is processing fund tax reports and are reconciling to individual accounts. (On average, this process generally takes around two weeks).
- Audit – To provide assurance around the accuracy of your client’s tax report, KPMG conduct an independent audit to ensure they remain consistent with the assumptions and principles outlined in the tax guide. They are also responsible for agreeing that the information reported is consistent with the information we have on file. (On average, this process generally takes around one week).
- Finalised – All tax components for this fund have been finalised. (On average, this process generally takes around one week).
How will I know when my client’s tax report is ready?
You can visit Adviser Online to download a schedule of which clients have their tax reports ready. Here’s some instructions on how to do this:
- Log in to Adviser Online
- Select reporting in the menu and click on client & adviser reporting
- Click run a report across all my clients’ accounts
- Select your adviser code from the dropdown menu and click generate adviser report
- Select tax status from the dropdown menu and choose either screen or pdf. Click continue
- Select your tax year
- Click generate.
You can also view this Help Centre article for more information.
How will my client know when their tax report is available?
We’ll email your client their tax report as soon as it’s ready.
To help ensure we can notify your clients when their tax report is available, please double-check their email address is up-to-date. You can update your client’s email address in Adviser Online. View this Help Centre article for more information.
Your clients can also update their email address anytime by contacting us.
If your account is closed, we’ll post your tax report to the postal address on file.
Tax elections let you customise each of your clients' tax reports to suit their individual needs, allowing you to manage capital gains and the tax treatment of adviser fees.
When are tax elections available?
Tax elections are open from Thursday 11 May 2023 to 6 July 2023
How can I change my client’s tax election status?
You can change your client’s tax election status in Adviser Online.
- Log in to Adviser Online
- Select Clients from the menu and select Wrap account administration
- Click maintain an investment account
- Select your clients’ account
- Select enter or maintain cgt cost base method
- Make a specific parcel selection or update default account cost base method.
- You can only make changes to tax elections when we communicate that the tax election window is open (i.e., during the above dates).
- Each year, we get in touch with you to let you know when tax elections are open to help ensure you don’t miss out.
- Any changes made to cost base elections will apply to disposals in the current financial year.