The Tax Statement Console is designed to help you process automated annual tax statements for listed or unlisted investments. This console is only available at the Fund level.
Navigate to Fund Level > Periodic Processing > Tax Statement Console
Tax Statements can be created in four different ways:
- Automatic - by generating them in the Tax Statement Console
- OCR - by uploading and extracting the data from a file them in the Tax Statement Console
- Wrap/Platform feed - for providers that support this as part of their data feed
- Manually entered - when none of the other options are available
The reason that investments linked to a wrap/platform are not supported by Class through the Tax Statement Console is that the tax statements they prepare may be different. They may apply ratios using a different methodology (e.g. parcel match) compared to investors who held the managed funds or listed trusts directly.
Overview of Tax Statement Console
- Financial Year- This allows you to select the relevant financial year. It will only show closed financial years as well but you will not be able to edit them unless the financial year is reopened
- Generate- This allows you to generate tax statement where the status of 'Generate Tax Statement' is available. One or multiple checkboxes cal be selected at once
- Summary Status - Summarises the number of tax statements in the various states
- Number of distributions - This shows the number of distrbution events processed against the holding during the financial year
- Distribution Process - This shows the total distribution cash amount processed against the holding during the financial year
- Tax Statement Processed - This shows the total net distribution amount as in the tax statement event processed
- 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.
- Status - These will vary as follows:
Status Description Action Generate Tax Statement Tax statement can be generated automatically as the ratio is supported by Class. You can generate tax statement per holding or in bulk through the Console. 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 ORThe 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 ANDDistribution cash does not equal Distribution tax statement processed.
Check distribution cash or reinvestment events 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 further action required.
- 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
Generating an Automated Tax Statement
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 at the fund level.
- The buy/sell transactions for the securities have been entered in Class up to 30 June
- Distribution/reinvestment for the securities have been entered/generated in Class up to 30 June
- Distribution cash events have been matched with the actual cash received to 30 June.
Generate Tax Statements in Bulk
- Tick the check-box against all the holdings you want to create a tax statement for
- Click Generate, this will submit the tax statement events automatically without opening the event
Generate a Single Tax Statment
- Select the menuon the right-hand side column of the screen
- Click Generate
- 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.
Class will use 30 June as the effective date for the tax statement by default.
There are some situations, where you should change the effective date earlier - If all the units are sold before 30 June and there are cost base adjustments in the tax statement, e.g. Westfield (WFD) restructure implemented on 7 June 2018. You can also split the tax statement in the proportion of each distribution amount and use the ex-date of the distribution as the effective date for the tax statement by ticking the checkbox for Use Distribution Date.
This option is particularly useful to pro-rata tax statements when a fund is switching between deemed segregated and unsegregated period.
See FAQs - Tax Statement Console knowledge-based article to address scenario-based questions our Support Team have previously answered.
Find out more about our other Consoles:
- Activity Statement Console
- Cash Console
- Corporate Actions Console
- Feeds Console
- Member Console
- Property Console
- TBAR Console