Can I still use the Class Tax Statement Template to automatically generate event?
Yes. Class will continue to work to provide community-level Tax Statement Templates for widely held securities as the data becomes available, including listed trusts, ETFs, stapled securities and managed funds. This list can be found in our knowledge article on 2019 Tax Statement Template.
What file formats are supported by OCR for Tax Statements?
Currently, this feature only supports PDF file formats.
What type of documents are supported by OCR for Tax Statements?
Both digital and scanned PDFs are supported.
However, digital PDFs generally give better and more accurate results as they are created from the original electronic version of the document (e.g. Microsoft Word document). For a scanned PDF, OCR's ability to successfully extract tax components and pre-fill the Tax Statement event is dependent on the quality of the image.
What type of securities are supported by OCR for Tax Statements?
OCR for Tax Statements supports most of the commonly held securities including listed trusts, ETFs and managed funds. Stapled securities are excluded.
Why can't I OCR a Tax Statement for a stapled security?
Due to the difficulty for OCR to match Tax Statement labels to the appropriate data on the page has meant we had to exclude these security types from the current release. Stapled securities will still be supported via community-level Tax Statement Templates.
You can now attach the document to the generated Tax Statement event, for record-keeping in Class's DMS, from within the Tax Statement Console.
Can I OCR Annual Tax Statements issued by Wrap/Platform?
Unfortunately, at this stage, OCR for Tax Statements does not support Annual Tax Statements issued by a Wrap/Platform. You can only upload and extract data from Tax Statements issued for directly held securities or held through broker accounts (e.g. CommSec, BellDirect).
Can I OCR a consolidated Annual Tax Statement similar to that issued for Platinum Trust Funds?
No. At this stage OCR for Tax Statements does not support a consolidated Annual Tax Statement, where the statement covers multiple investments. The individual Tax Statements should either be separated before attempting OCR or should be manually entered.
Why couldn't Class extract data from a scanned PDF even though the image quality looks good?
Extracting data from a scanned PDF is dependent on several factors, but in general OCR for Tax Statements is optimised for 300 dpi images, therefore scanning at 300 dpi optical resolution or higher is preferred. In cases where the font size of the characters on an image is very small, scanning documents in at 400 dpi or higher can improve character recognition.
If a high-quality scanner is not available, we recommend you source the original digital PDF before attempting to OCR the Tax Statement.
Why did Class extract incorrect data from a scanned PDF?
Extracting correct data and then putting together a complete Tax Statement using OCR is extremely complex. Scanner feed problems, image stretch, skewing and event slight variations on the page layout of each form can cause data misalignment. OCR for Tax Statements currently cannot enhance or "fix" the uploaded document before attempting extraction. The details extracted from the Tax Statement will never be automatically submitted, so you can verify and correct any data before submission.
Class recommends you use a high-quality scanner or source the original digital PDF. If the quality of the scanned image is not under your control, we recommend priority be given to sourcing the original (digital) version of the PDF.
My document is horizontally scanned. Can OCR for Tax Statements help?
No. The feature can only extract data from documents which are scanned vertically.
Can I use software to enhance or improve a scanned document?
Using software, such as Adobe Acrobat or Nitro PDF, to enhance the quality of an image may increase the OCR's chances to extract and match data correctly, for example rotating document to change text direction. However, if the original scan was done at a low resolution using software to enhance an image at a later stage will not improve OCR results. We recommend preference be given to sourcing digital PDFs or using a high-quality printer/scanner.
Can I use an app on my phone to scan Tax Statements?
Mobile phone apps work with mixed results and are primarily dependent on the mobile phone camera and app itself. We have tested various apps that are available in the market. We recommend preference is given to sourcing digital PDFs or using a high-quality printer/scanner where a minimum 300 dpi optical resolution can be maintained.
How does OCR for Tax Statement handle AMIT?
If there is an AMIT component, the balancing figure between the cash and the attribution amount will firstly be adjusted in the Tax Exempted field, up to the point where it is equal to the absolute value of the AMIT amount and the remaining difference will be adjusted under CGT Concession. If the CGT Concession amount is negative as a result of this adjustment, then the remaining difference will be adjusted back to the Tax Exempted field.
Both Tax Exempted and CGT concession amounts are accounting entries and will not have a tax implication.
Do I need to check amounts extracted before submitting?
Yes. We suggest you check the amounts before submitting and let us know if you find problems or have feedback. The amounts extracted will be presented to you first for review. You can edit the fields with incorrect amounts before clicking submit. The feature also has validations in place to prevent incorrect amounts being extracted where additional information is available on the statement.
Any known issues I should be aware of?
Currently, we are aware of the following issues
- Platinum Trust Investments - OCR can't extract amounts for the categories Foreign Source Income and Capital Gains NTAP.
- Schroder Investments - some Tax Statements have the tables use alternate colours for rows (or colour bands).