Tax Reports 2017 Checklist

Transcription

1 Tax Reports 2017 Checklist Macquarie Wrap Helping you make all the necessary elections for your clients Tax Reports. Action required Print out the Tax Status Report Tax report mailing adviser level election Wrap print and mail Wrap print and adviser mail Online only (adviser print and mail) Default: Wrap print and mail Adviser fee deductibility adviser level election Adviser ongoing fees Adviser transaction fees Default: Unallocated Parcel allocation account level election FIFO (first in first out cost base method) MIN GAIN (cost base method) Specific parcel selection Default: FIFO Call us on , visit macquarie.com.au/wrapsolutions or macquarie.com.au/personal, send mail to Macquarie Wrap GPO Box 4045 Sydney NSW This document is current as at May 2017 and is issued by Macquarie Wrap Solutions, a registered business of Macquarie Investment Management Limited ABN AFSL RSEL L (MIML). This document contains general information only and is provided for the use of licensed financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. FLY /17 FLY /16

2 Tax Reports 2017 Making your elections Macquarie Wrap Effectively manage your clients expectations about when they ll receive their Tax Reports When will client Tax Reports be released? We ll keep you informed of the 2017 Tax Reports release dates, by ing you: 1. before the first release (tranche 1) to advise whether we expect any of your clients reports will be released later than Saturday 30 September 2. in October to provide specific information about the status of all your clients outstanding Tax Reports. Why would a Tax Report be delayed? Generally, clients who receive their Tax Reports after September are affected by one or more of the following circumstances: invested in instalment warrants, meaning a likely release in November or December invested in specific investments where the companies or product issuers are yet to provide us with the necessary year-end tax information an error on the account is being addressed. We release Tax Reports weekly SELECTION We will select all accounts whose reports are available for release AUDIT The auditor will review the selected reports and identify any discrepancies RELEASE Reports which pass the audit will be released online and a list of these will be ed to each adviser MAIL OUT We will mail clients the hard copy of their report after the online release, unless Adviser print and mail option was selected macquarie.com

3 Tax Reports 2017 Making your elections Macquarie Wrap 2 of 4 Viewing tax elections What action is required from me? Current elections Unless you make new elections for the 2016/17 tax reporting year, we will carry forward your elections from the previous period. If you have not made elections before, or have changed or created new adviser codes since July 2016, our default elections will apply. Making elections You can make elections between 15 May to 7 July Read on to find out what options are available and how to make changes to your elections. Elections are open through our platform from 15 May to 7 July How can I view my current elections? Your current elections are available from the Tax Status report on our platform. This report can help you manage your clients Tax Reports. To access the report, log in to the platform and follow the path: Reporting > Run a report across all my clients accounts > Generate adviser reports > Tax status. You can view: adviser fee elections mailing options indication of whether your clients Tax Reports are complete and available (as the reports are being released). Fund manager tax statements Our tax website notes which fund manager tax statements have been received and processed. As we rely on these statements to produce tax reports, this information gives you greater transparency of the status of your clients reports. Customising your clients Tax Reports online to meet their needs Elections made last year will be carried forward to this year, otherwise our default elections will apply. Selecting the cost base You have the choice of three election options regarding how parcels are to be disposed of for each account: Method Description Any change you make to the cost base election will apply to disposals in the current financial year (1 July 2016 to 30 June 2017). To set or change the CGT election, log in to our platform and follow the path: Administration > Investment > Enter or maintain CGT cost base method. FIFO MIN GAIN First in first out Disposals will be allocated to the earliest open parcel. This is the current default method. Minimum gain Disposals will be allocated against the open parcel that will generate the lowest gain. Keeping you informed Regular updates will be posted on our website throughout the tax reporting period. Take advantage of our tax reporting resources and support materials. Specific parcel selection You specify the open parcels against which disposals can be allocated.

4 Tax Reports 2017 Making your elections Macquarie Wrap 3 of 4 Making elections that apply to all your clients accounts There are two adviser level elections that affect the treatment of fees and mailing options. Any elections chosen last year will automatically be carried forward to this year. To set or change your adviser level elections, log in to our platform and follow the path: Administration > Adviser tax election. Please note, some elections may be set at the dealer level, meaning you may not be able to change this at the adviser level. Your options for adviser fee elections Fee types Unallocated Deductible Non-deductible Adviser transaction fee (default election is unallocated) Adviser ongoing fee (default election is unallocated) On the Tax Report, adviser establishment fees have been treated as non-deductible and any dealer service fees are unallocated. Your Tax Report mailing options Option Wrap print and mail Wrap print and adviser mail Online only Detail We will print your clients Tax Reports with a cover letter and mail these directly to them. We will print your clients Tax Reports and send them to you for your own mailing. There will be no client cover letter, however you will receive a cover letter listing the client reports included. A file of your clients Tax Reports will be available via the online scheduler function. There will be no client cover letter. Your clients can fill out their tax returns sooner You can register your clients for ClientView, our investor website, allowing them to access their Tax Guide and Tax Report one week before it is mailed to them. Instant access enables them to complete their tax return as quickly as possible. Your clients can share access to their reporting To make the sharing of information easier, your clients can grant their accountant, SMSF administrator or other financial representative secure view-only access to their account reporting. This tax information allows these representatives to complete the client s tax return quickly, without you or your client manually sending them information.

5 For more information call us on , us at visit our website at macquarie.com.au/wrapsolutions or macquarie.com.au/personal, or send mail to Macquarie Wrap GPO Box 4045 Sydney NSW This document is current as at May 2017 and is issued by Macquarie Wrap Solutions, a registered business of Macquarie Investment Management Limited ABN AFSL RSEL L (MIML). This document contains general information only and is provided for the use of licensed financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. FLY /17