Tax elections for the 2019/2020 tax reports are now open.
From adviser view:
While we do our best to distribute client Tax Reports as soon as possible, there are certain securities that can delay the process. If any of your clients hold one or more of the following securities, they can expect to receive their Tax Report between October and December:
Clients listed as non-residents for tax purposes are also expected to receive their Tax Report between October and December. We will advise you of any changes to this timeframe.
Non-residents and complex securities holders listed above may need to lodge their tax return through a tax agent to avoid any penalties that may apply if they do not lodge their return with the Australian Tax Office before 30 October 2019.
One of your tax election options is specific parcel selection, where you can specify the open parcels against which disposals can be allocated.
Please note that this may not be an option across all listed securities due to a corporate action event.
If you’d like to choose specific parcel selection and the security you wish to select isn’t displayed, this will be available if:
To proceed with the specific parcel selection for securities not available online, please complete this spreadsheet with the details of the specific parcel(s) you’d like to nominate and send it back to us at firstname.lastname@example.org. We’ll get in touch to let you know of next steps.
Waiting on product issuers for more information.
In an effort to help you manage your client expectations around the availability of their Tax Reports, we have reached-out to Fund Managers and requested an indication of when they will be able to provide us their annual tax components.
The below schedule shows the dates that we expect to receive this information for each Fund. Please note that all Fund components need to be finalised and processed for an account before the Tax Report can be issued.
Once issued, you can view your client’s Tax Reports via the adviser website
Product issuer schedule - available here
This provides investors with the distribution components for managed investments available on investment menus. The information provided will assist investors with undertaking their own withholding obligations on behalf of their direct non-resident beneficiaries/investors.
Most tax reports will be available by the end of September. However, certain assets can cause delays in finalising some tax reports.
Here’s a list of these external assets which we expect will be delayed this year.
|Security||Security name||Reason for delay|
Expected timing of tax statement
Expected timing of tax statement
Expected timing of tax statement
We'll keep you informed of the 2019 tax report releases by emailing you and confirming which of your client’s reports are available.
A specific form may be required if your client:
For individual investors, only one W-8BEN form is required per individual, regardless of how many dual-listed securities are held. Where there are multiple beneficiaries, such as a joint account, a form must be completed for each beneficiary.
For entity investors, only one W-8BEN-E form is required per entity, regardless of how many dual-listed securities are held. Completed forms must be submitted directly to us for processing. Please do not send these directly to the share registry as they will not be accepted.
View more information on these forms below.
Please have your client complete the applicable Declaration of Foreign Residency form below.
Documents to help you complete the correct fields:
If your client is invested in JAMES HARDIE INDUSTRIES PLC (JHX) – Irish DWT securities, please have them use this special form.
The following securities require a W-8BEN or W-8BEN-E form:
Self managed super fund (SMSF) auditors are required to conduct both a financial and compliance audit, and subsequently express an opinion that the SMSF has:
To assist you and SMSF auditors in this process, the reports below highlight the effectiveness of our internal controls and ensure the information provided in investor statements contains no material errors.
Provided by the auditor to the Board of Directors of Macquarie Investment Management Limited on internal controls and other relevant accounting procedures as they relate to the specified annual investor statements for the year ended 30 June 2020.
These reports may also apply to other account structures held through our platform and are not individually prepared for each SMSF client. We therefore recommend that you review the information provided, and assess whether it provides sufficient evidence regarding internal controls and material accuracy of the annual investor statements in order to meet your specific auditor responsibilities.
Specific documentation from the SMSF's trustee will be required when carrying out your audit obligations in respect to assets that are either held outside your account. To assist you in determining the extent to which these reports may be relied upon, please refer to the Government's Auditing and Assurance Standards Board website and the Guidance Statement GS009 Auditing Self-Managed Superannuation Funds.
We’ve completed the tax calculations and adjustments for the period 1 July 2019 to 30 June 2020 for clients' super and pension accounts.
Resulting tax adjustments were made to your clients' Cash Accounts/Hubs and appeared in their Cash Transactions Report. Please see below for further information about this adjustment.
To help you explain to your clients the principles and assumptions that we’ve used to calculate each member's notional tax return, we’ve released the
The Guide to Member Tax Calculation is provided to you for information purposes only. No action is required from you or your clients.
(The following are further explained in the Guide to Member Tax Calculation)
If the annual tax liability of a member is less than the tax payments made during the year, we credit a refund to the member's Cash Account, otherwise their account is debited with a tax charge.
Clients affected are those who held active accounts during the period 1 July 2019 to 30 June 2020, and kept their accounts open until 25 February 2021.
Members who leave the Fund prior to the year's annual processing date will not receive the benefit of any franking credits, foreign income tax offsets or any revenue/capital losses that have accrued. These tax benefits will be allocated on a proportional basis across all active accumulation accounts as at the processing date.
For further information, please refer to the Annual taxation adjustments section of the relevant Product Disclosure Statement.
If your client has switched between super and pension accounts during or since the 2019/20 financial year, the tax calculation will be completed on both of these accounts, with the transactions being processed to the open account.
If your client transitioned from PortfolioOne to Grow Wrap in December 2020, the tax calculation will still be completed on their accounts as they’re in the same super fund. The transactions have been processed as usual to their open account.
Clients may be debited tax charges if they disposed of assets and realised capital gains as a result during the financial year.
Your clients will see different adjustments on their Cash Transactions Report depending on the type of account they hold.
For superannuation clients:
For pension clients:
For clients who have switched between super and pension:
|KPMG Independent Review Report|
|Product Issuer Schedule|
|Internal Controls (GS007)|
National Australia Bank Limited (2016)
Commonwealth Bank Australia Limited (2016)
Qantas Airways Limited (2016)
Westpac Banking Corporation (2016)
|Independent audit report|
|Independent review report|