The Tax Statement Console helps you process automated annual tax statements for securities. This article covers:

• Creating Tax Statements
• Overview
• Pre-requisites
• Generate in Bulk
• Generate for Single
• Generate for Platform/Wrap
• Audit Trail

Creating Tax Statements

Tax Statements can be created in four different ways in Class:

• Automated - by generating from the Tax Statement Console
• OCR - by uploading and extracting the data from a PDF in the Tax Statement Console
• Wrap/Platform data feed - for providers that support this
• Manual - when none of the other options are available

Overview

The Tax Statement Console is only available at the Fund level. 

For a list of all supported automated tax statements review the Tax Statement Release schedule for the relevant financial year. Tax statements can be generated on a per security basis or in bulk. 

 Navigate to Fund Level > Periodic Processing > Tax Statement Console

1. Financial Year - This allows you to select the relevant financial year. It will show closed financial years as well but you will not be able to edit them unless the financial year is reopened.
2. Generate - This allows you to generate Tax Statements when the status 'Generate Tax Statement' is available. One or multiple checkboxes can be selected at once. You can click on the chevron drop-down to choose between two options.
3. Status - Count of the number of Tax Statements in each statuses
4. Number of distributions - Count of the number of distribution events processed against the holding during the financial year
5. Distribution Processed - The total distribution cash amount processed against the holding during the financial year
6. Tax Statement Processed - The total net distribution amount processed in the Tax Statement event
7. Source - either Auto -Generate or Manual
   Auto-Generate The tax statement was processed by utilising the tax statement template provided by Class.
   Manual  -The tax statement was processed by a user manually or modifications have made to an automated template.

8. Status - These will vary as follows:

   Status	Description	Action
   Generate Tax Statement	The Tax Statement ratio is supported by Class.	The Tax Statement is available to generate.
   Manual Tax Statement	Tax statement needs to be processed manually OR The date of the distribution income and the date of the Class ratio does not match OR The tax statement template cannot be applied due to unit movement.	You need to enter the tax statement manually from the documents sourced from the provider or check the date of the cash distribution entered to make sure the accounting date matches with the income announcement in Class.
   Reconciliation Issue	The tax statement event has been generated AND Distribution cash does not equal Distribution Tax Statement processed.	Check distribution cash or reinvestment events have all been processed in Class against the Distribution Tax Statement.
   Complete	The Tax Statement event has been generated and Distribution cash equals Distribution tax statement processed.	No action required.

9. Menu - This allows you to Generate Tax Statements, Upload Document, Upload And Extract a document (OCR functionality) or View an event that has already been processed
10. Retrieve - This functionality allows you to generate Tax Statements for Platform/Wrap linked Investments.
    
    

Pre-requisites 

Pre-requisites for generating  Tax Statements in the Tax Statement console:

• Buy/sell transactions for the securities have been entered to 30 June
• Distribution/reinvestment for the securities have been entered/generated to 30 June
• Distribution cash events have been matched with the actual cash received to 30 June. 

Generate in Bulk

1. Tick the check-box against all the holdings you want to create a Tax Statement for
2. Click on the chevron drop-down to choose between two options to bulk Generate
3. Year end date will submit the Tax Statement with either 30 June date or the date the investment was fully disposed, if this happened earlier

4. Distribution date will submit the Tax Statements with each distribution (accounting) date.

   This option is particularly useful to pro-rata tax statements when a fund is switching between deemed segregated and unsegregated period.

   
   
   

   Clicking on the Generate button directly instead of the drop down will Generate using the Year end date option.

Generate for Single 

1. Select the menuon the right-hand side column of the screen
2. Click Generate
3. Review the components and click Submit
   

Small discrepancies may arise due to rounding or sometimes attributed to changes in quantities during the year as a result of buy and sale.

1. Effective date - Class will use 30 June as the effective date for the tax statement by default or the date the investment was fully disposed if this happened earlier in the year.
2. select Use Distribution Date to generate the Tax Statement using each Distribution Date as the effective date of the Tax Statements. This option is particularly useful to pro-rata tax statements when a fund is switching between deemed segregated and unsegregated period.

Generate for Platform/Wrap

You will first need to retrieve Tax Statements. Once retrieved you will then be able to Generate Tax Statements in the normal way. Please refer to Tax Statement Console for Platform/Wrap Investments for more details.

Audit Trail

What's Next?

See FAQs - Tax Statement Console knowledge-based article to address scenario-based questions our Support Team have previously answered.