Year End Adviser Guide 2016/2017. For Panorama Investments and Panorama Super

Transcription

1 Year End Adviser Guide 2016/2017 For Panorama Investments and Panorama Super

2 Contents Panorama year end introduction 1 Information for Panorama Super clients 2 Timetable for online statement delivery 3 Explaining the statement process to clients 4 Keeping you informed 5

3 1 Panorama year end introduction Giving you the tools and resources to help you best prepare this end of financial year We know that the end of financial year is a busy time for advisers. Panorama has developed a suite of tools and resources to help you prepare. This guide provides a summary of the key information accessible to you via our dedicated year end microsite. What s in this guide? > > Important transaction cut-off dates for 2017 including a handy print and pin up table to ensure you and your clients don t miss anything. > > Timetable for online statement delivery when you can expect year end reports to be available to help you manage client queries. 1 > > Overview of the statement delivery process and how we will keep you informed throughout year end. What can I access via the dedicated year end microsite? For your one-stop shop for all things year end, visit to start viewing all of the information you and your accounting or auditing partners might require when it comes to Panorama statements, including: > > Calendar with with cut off dates and estimated statement issue dates. > > Tax Estimator Tool providing you with an estimated delivery date for your clients Panorama Investments Tax statements. > > Tax and statement guides. > > Sample statements. > > Frequently Asked Questions a comprehensive set of Q&As from real adviser queries. 1. Timetable information provided in this guide is subject to change. Updates and further information will be placed on the Panorama year end microsite as required, so please check back regularly. 1

4 2 Information for Panorama Super clients Important information for Panorama Super clients claiming a tax deduction Some of your clients may be eligible to claim a tax deduction for personal contributions made to Panorama Super. Generally, to claim a tax deduction for personal contributions made during the 2016/2017 financial year, a valid personal tax deduction notice must be completed and provided to us by the earlier of: > > the day your client lodges their income tax return for the 2016/2017 financial year, and > > 30 June Particular care should be taken when making withdrawals and commencing an income stream with superannuation monies as this will impact your client s ability to claim a tax deduction on their personal contributions. Details on all the limitations that apply and other important information on claiming a tax deduction can be found on Panorama Online via the Help & Support page. Making changes to pension arrangements You can easily set or change a client s preferred pension payment details by clicking on Manage pension payments in the Commence pension tab on Panorama Online. To change pension details: Cut-off for requesting changes is Before the final payment for the current financial year (i.e. June 2017) Up to the day before the payment is scheduled to be made. Before the first payment for the new financial year (i.e. July 2017) Up to the day before the payment is scheduled to be made. 2

5 3 Timetable for online statement delivery The below timetable shows our estimated delivery dates for all year end reporting. We will provide updates via our microsite calendar with the most up to date estimated statement issue dates. To receive up to date information on when your individual client s Panorama Investments Tax Statement is expected to be ready, access our Tax Estimator Tool online via the year end microsite. The Tax Estimator Tool calculates an approximate Statement delivery date for each of your Panorama Investments clients based on information received from fund managers and share registries. It is a guide only and subject to change as more information is received over the financial year end, so be sure to check back on a regular basis. Visit com.au/resources/ for up to date information on the estimated statement delivery schedule. Product Statement Estimated online delivery period 1 Panorama Investments > > Annual Investor Statement > > July to 30 September Panorama Investments > > Tax Statement > > July to 30 September (or later if required 2 ). Panorama Investments > > PAYG Statement > > 17 July to 20 July Panorama Super > > Annual Statement > > September to 31 December To access your client s statement visit Panorama online: Clients >> Select client >> Document Library 1 For the most up to date estimated statement issue dates, visit the Panorama Microsite calendar in the website provided above. 2. For tax statements, dates may vary depending on factors such as the timeliness and accuracy of information we receive from fund managers and share registries. Please refer to section 4 of this guide for further information on factors affecting statement delivery dates. 3

6 4 Explaining the statement process to clients Panorama Investments One of the most common difficulties faced by advisers at this time of year is trying to explain to clients why their Panorama Investments Tax Statement may not yet be available. To assist you in those discussions, you will find outlined below a summary of the statement process and the factors that determine the delivery date for individual statements. Steps required to finalise client tax statements For a particular client to receive their tax statement the following steps needs to occur: 1 Year end closing prices must be received and verified for all assets held on Panorama Where applicable, all dividends and distributions for the year must have been processed to the client's account. Final and audited tax statements, containing details of the income tax components, must be received for every managed fund or listed trust that a client has invested in. Panorama reviews managed fund or listed trust tax statement to confirm the tax implications for individual Panorama clients. Any corporate actions the client has participated in and within the client's BT Managed Portfolio, are reviewed to ensure the correct tax treatment has been applied. Once these steps have been completed an individual s tax position can be determined and a tax statement produced. In summary, an individual s Tax Statement cannot be produced until Panorama receives the necessary tax information from every investment that the client holds, regardless of the size of their holding. Statements requiring special treatment Due to the complexity of tax calculations required, some clients statements will require special treatment. We will process these statements as quickly as we can. 4 Tax guides All tax guides will be available via the Panorama microsite ( and Panorama Online ( Clients >> Select client >> Document Library >> the drop down button next to the Annual Tax Statement Annual Audit Report An annual audit report is available for Annual Investment Statements. This can be found on Panorama online ( Clients >> Select client >> Document Library >> the drop down button next to the Annual Investment Statement.

7 5 Keeping you informed In addition to this guide, we will provide you with further information throughout the year end statement period. These communications will update you on the progress of statements being issued and any other information relevant to year end. Microsite For your one-stop shop for all things year end, visit to start viewing all of the information you and your accounting or auditing partners might require when it comes to Panorama statements. Refer to section 1 of this guide for more information about the microsite. Notifications Both Advisers and clients will receive an automatic notification when the statement is available: > > Advisers will receive a Panorama Online notification. This can be viewed in the message centre by clicking the flag icon in the top right hand corner. > > Clients will receive an automatic notification when their statement is available. Need more information? A comprehensive set of questions and answers regarding the year end process is provided on the Panorama year end microsite under FAQs. If you have any further questions please contact your Business Development Manager or the BT Panorama Support Team on Important Note Please ensure you have provided us with your current contact details. To change your details please contact the BT Panorama Support Team on

8 For more information resources/ This document has been prepared and is provided solely for the general guidance of advisers. It may not be copied, used, reproduced or otherwise distributed or circulated without the prior written consent of BTPS. Issue date, June BT Portfolio Services Ltd ABN (BTPS) operates Panorama Investments and BT Invest and administers Panorama Super. BT Funds Management Limited ABN (BTFM) is the responsible entity and issuer of interests in BT Cash and the trustee and issuer of Panorama Super, which is part of Retirement Wrap ABN Westpac Financial Services Ltd ABN AFSL (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. Together, these products are referred to as the Panorama products. A Product Disclosure Statement or other disclosure document (PDS) for the Panorama products can be obtained from BTPS by calling A person should obtain and consider the disclosure documents before deciding whether to acquire, continue to hold or dispose of interests in the Wrap products. BTPS and BTFM are subsidiaries of Westpac Banking Corporation ABN (Westpac). Apart from any interest investors may have in Westpac term deposits acquired through BT Panorama, an investment in, or acquired using, the BT Panorama products is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. Investments in the BT Panorama products are subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of any investments in, or acquired through, the BT Panorama products. BT Portfolio Services Ltd BT ab