Tax reports for your investment clients
The timing of completion of your clients’ tax reports depends on when we receive the tax information from the product issuers. We need to receive all fund components for an account and process them before we can issue the tax report.
For non-resident clients a year end withholding tax reconciliation is performed on all open accounts after all tax components have been finalised before the tax report is released. The non-resident tax reports are likely to be released post September each year.
The first tranche of client tax reports is generally available by the end of July and subsequent tranches become available in the following months.
Expected completion times
To help you manage your clients’ expectations around the availability of their tax reports, you can see the Product Issuer Schedule for the FY22/23 tax year here. This will give you an indication of when we expect to receive the tax components from the funds. We’ll provide an updated schedule for FY23/24 in late August.
The below key will help you navigate the schedule:
- Outstanding – We haven’t received fund tax reports yet. If the fund hasn’t provided information by the expected date, we’ll follow them up regularly. We’ll also update the Product Issuer Schedule if we’re informed by the fund manager of any material changes to the expected date.
- Received – We’re processing fund tax reports and are reconciling them to individual accounts. This process generally takes around two weeks.
- Audit – To provide assurance around the accuracy of your clients’ tax reports, KPMG conducts an independent audit to ensure the reports remain consistent with the assumptions and principles outlined in the tax guide. They’re also responsible for confirming that the information reported is consistent with the information we have on file. This process generally takes around one week.
- Finalised – All tax components for this fund have been finalised. The finalisation process generally takes around one week.
How will I know when my client’s tax report is ready?
In Adviser Online (via Wrap Online), you can download a report that shows for which clients the tax reports are ready:
- 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 the 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 as soon as their tax report is available online. Please ensure their email address is up to date. View the Help Centre article ‘How can I update details for me and my clients online’ for more information about updating your client’s contact details. Your clients can also update their email address online anytime by contacting us.
If your client’s account is closed, we’ll post their tax report to the postal address on file.
Tax elections
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.
Elections for FY23/24 are open between 9 May 2024 and 5 July 2024. You can only make elections or changes to elections during this window.
Changing your client’s tax election status
To change a tax election status in Adviser Online (via Wrap Online):
- Select Clients from the menu and select Wrap account administration
- Click Maintain an investment account
- Select your client’s account
- Select Enter or Maintain cgt cost base method
- Select Make a specific parcel selection.
Any changes made to cost base elections will apply to disposals in the current financial year.