Enhanced Income generation for stapled securities
Processing distribution for certain stapled securities can be complex due to the inconsistent tax treatment on distribution and dividend. This results in inconsistency in income processing.
Class 'Income Generation' has been enhanced to generate the correct split between dividend/distribution to ensure the correct tax component is taxed in the correct financial year. This is essential to ensure the correct income amounts is used to automate the generation of tax statements.
The following securities that will be enhanced for the 2018/19 financial year are:
- APA Group (APA) - Units Fully Paid Stapled Securities
- Charter Hall Group (CHC)- Stapled Securities Us Prohibited
- Dexus (DXS) - Units Fully Paid Stapled
- GMG- Goodman Group - Stapled Securities Fully Paid
- Transurban Group (TCL) - Ordinary Shares/Units Fully Paid Triple Stapled
- Lendlease Group (LLC) - Unit/Ordinary Fully Paid Stapled Securities
For detailed instructions on processing Stapled Securities income events for the 18/19 FY, please refer to our user guide.
Support for the following corporate actions are now available in Class:
- Trade Me Group Limited (TME) was acquired by Titan AcqustionCo New Zealand for NZ$6.45 per share (8/5/2019)
- Gazal Corporation Limited (GZL) was acquired by Sunshine B Pty Ltd (a subsidiary of PVH Group) for A$6.00 per share (31/5/2019)
- Merger of MacPhersons Resources Limited (MRP) and Intermin Resources Limited (IRC) (14/06/2019)
- Kina Petroleum Corporate (KPE) acquired all shares in Kina Petroleum Limited (KPL) by issuing one share for every 30 KPL shares (15/4/2019)
- Navitas Limited (NVT) was acquired by BGH Capital for A$5.825 (05/07/2019)
- Income transactions will be auto-generated by Class for Implemented Portfolios. We have also added support for any Foreign Assets in your Implemented Portfolios feeds to allow you to record your transaction data for these assets automatically and reduce this workload. (DEV-16081)
- We've fixed an issue where users were having problems setting up Westpac cash feeds on IE 11, allowing you to set up these automated data feeds and reduce your workload. (DEV-16010)
- We have fixed an issue where HUB24 feeds were not processing transactions for ETFs, ensuring you have correct transaction data for these investments. (DEV-15763)
- We have improved the generation of Interest against cash accounts in HUB24, allowing you to receive automated classification of interest transactions. (DEV-15742)
- We've improved the foreign asset support for Netwealth data feeds. Users using Netwealth will now receive automated transactions for Foreign assets automatically, reducing manual data entry. (DEV-13150)
- Balance reporting for holdings under Netwealth has been corrected. This will allow you to reconcile your balances of investments where multiple holdings are held for the same investment. (DEV-12144)
- We've fixed the missing tax free field mapping for automated tax statements (DEV-16264)
- Hide detailed link for investment movement and returns in client view (DEV-16188)
- Updated algorithm to determine the ECPI method disclosure in Item 10 of the SMSF Annual Return (DEV-16196)
MFA changes coming
From Monday, 30 September Class users will be required to set up their security questions upon logging into Class. This will help users to utilise the self-service functionality to reset their MFA.