Tax and EOFY toolkit


A range of resources to support you

Elections

Tax elections for the 2016/2017 Tax Reports are now closed.

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 guide to making your tax elections.

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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 guide to making your tax elections.

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 2017.

Explore our resources

Waiting on product issuers for more information.

  • Westpac
  • Macquarie Bank Limited
  • Citi
  • RBS
  • UBS

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

Status Key:

  • Outstanding – Fund Tax Reports have not yet been received by the Platform. If the information is not provided by the Expected Date, we will follow-up with them regularly. If we are informed by the Fund Manager of any material changes to the Expected Date, we will notify you via email and the Investment Menu News page.
  • Received – Fund Tax Reports are being processed at a Platform level, and are being reconciled to individual accounts (On average, this process will take around 2 weeks)
  • Audit – To provide assurance around the accuracy of your Tax Report, KPMG conduct an independent audit to ensure they remain consistent with the Assumptions and Principle outlined in the Tax Guide and that the information reported are consistent with the information from our source systems (On average, this process will take around 1 week).
  • Finalised – All the Tax Components for this Fund have been finalised (On average, this process will take around 1 week).

Product issuer schedule

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.

12H tax distribution schedule - coming soon

A specific form may be required if your client:

  • invests in US securities but is not a US citizen or US resident for tax purposes, most likely the Declaration of Foreign Residency (W-8BEN or W-8BEN-E form)
  • invests in securities listed or dual-listed in other nations, like Canada or Ireland
  • pays income tax in another jurisdiction, like the W9 form for US tax payers

Please note

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.

General information on W-8BEN forms > 

Please have your client complete the applicable Declaration of Foreign Residency form below.

IndividualEntity
W-8BEN form W-8BEN-E form

 

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:

  • Alcoa Inc (AAI)
  • iShares Asia 50 ETF (IAA)
  • iShares China Large-Cap ETF (IZZ)
  • iShares Core S&P 500 ETF (IVV)
  • iShares Core S&P Mid-Cap ETF (IJH)
  • iShares Core S&P Small-Cap ETF (IJR)
  • iShares Europe ETF (IEU)
  • iShares Global 100 ETF (IOO)
  • iShares Global Consumer Staples ETF (IXI)
  • iShares Global Healthcare ETF (IXJ)
  • iShares Global Telecom ETF (IXP)
  • iShares MSCI BRIC ETF (IBK)
  • iShares MSCI EAFE ETF (IVE)
  • iShares MSCI Emerging Markets ETF (IEM)
  • iShares MSCI Hong Kong ETF (IHK)
  • iShares MSCI Japan ETF (IJP)
  • iShares MSCI Singapore ETF (ISG)
  • iShares MSCI South Korea Capped ETF (IKO)
  • iShares MSCI Taiwan ETF (ITW)
  • iShares Russell 2000 ETF (IRU)
  • James Hardie Industries PLC (JHX) – Irish DWT
  • News Corporation (NWS)
  • OceanaGold Corporation (OGC)
  • RESMED (RMD)
  • Vanguard All-World Ex-US Shares Index ETF (VEU)
  • Vanguard US Total Market Shares Index ETF (VTS)
  • VanEck Vectors Gold Miners (GDX)
  • VanEck Vectors Morningstar Wide Moat (MOAT)
  • VanEck Vectors ChinaAMC CSI 300 (CETF)

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:

  • made no material errors in financial statements
  • complied with the Superannuation Industry (Supervision) (SIS) Act and regulations.

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 2017.

Provided by the auditor to the Board of Directors of Macquarie Investment Management Limited on the specified annual investor statements for the year ended 30 June 2017.

Review issued by KPMG after completion of all reports.

  • KPMG independent review report – coming soon

 

Report on Internal Controls over Custody, Investment Administration, Superannuation Administration and Information Technology. This includes an independent assurance report conducted by the auditor on the description of controls, their design and operating effectiveness for the year ended 30 June 2017.

Access to this report is only available to advisers via the secure wrap adviser portal under the resources section of this site. If you do not have access to this portal, please contact your adviser.

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.

Super tax

The tax calculations and adjustments for the period 1 July 2016 to 30 June 2017 will be in progress soon.

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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

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 2016 to 30 June 2017, and kept their accounts open until 6 February 2016.

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 on page 31 of the Further Information Booklet.

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 2016/17 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.