Tax and EOFY toolkit
A range of resources to support you
Tax elections for the 2018/2019 tax reports are now open.
What are tax elections?
Online tax elections let you customise each of your clients' tax reports to suit their individual needs. Learn more about the tax election process and tax report release in our tax elections flyer.
Current tax elections
Unless you make elections for this tax reporting year, our default elections will apply. You can read about our default elections and other key information in our tax elections flyer.
Making elections for your clients
From adviser view:
- for capital gains elections follow the path: Administration > Investment > Enter or maintain a CGT cost base method
Some more information on complex security holders and non-residents
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:
- listed trusts
- international property trusts
- hedge funds
- geared investments
- instalment warrants.
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.
Choosing the specific parcel selection option
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:
- There is a sale for a partial holding in the 2018/2019 tax year, and
- There exists multiple buy parcels available for selection (you can find this in the unrealised gains report).
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 email@example.com. We’ll get in touch to let you know of next steps.
The tax calculations and adjustments for the period 1 July 2018 to 30 June 2019 have been completed for clients' super and pension accounts.
To assist you in explaining to your clients the principles and assumptions that we have used to calculate each member's notional tax return, we have released the
- online Superannuation Tax Calculation report (available as a client report)
- Guide to Member Tax Calculation
The Guide to Member Tax Calculation is provided to you for information purposes only. No action is required from you or your clients.
Frequently asked questions
(The following are further explained in the Guide to Member Tax Calculation)
How would this affect my client?
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.
Which clients are included?
Clients affected are those who held active accounts during the period 1 July 2018 to 30 June 2019, and kept their accounts open until 2 March 2020.
What if my client's account is closed?
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.
What if my client has switched between super and pension accounts during the financial year, or since 1 July?
If your client has switched between super and pension accounts during or since the 2018/19 financial year, the tax calculation will be completed on both of these accounts, with the transactions being processed to the open account.
Why would my client be debited a tax charge?
Clients may be debited tax charges if they disposed of assets and realised capital gains as a result during the financial year.
What do my clients see?
Your clients will see different adjustments on their Cash Transactions Report depending on the type of account they hold.
For superannuation clients:
- Superannuation tax calculation adjustment (credit or debit) - the total net tax position
- Distributed tax benefit adjustment - the forfeited tax benefits from closed member accounts.
For pension clients:
- Distributed tax benefit adjustment - the franking credits applicable to the account.
For clients who have switched between super and pension:
- Distributed tax benefit adjustment (credit or debit) - the total net tax position in the closed super account
- Distributed tax benefit adjustment - the franking credits applicable to the open pension account.