Estimated statement delivery dates can be found via the Calendar and Estimator tool (Panorama Investments only) on the microsite. High level estimated timings are:
Panorama Tax Statements are produced in a series of statement runs referred to as 'tranches'. Each tranche includes statements for clients for whom we have received and processed all tax component information for their investments. Once we have a reasonable number of statements ready for release, we issue a tranche (usually every 2-3 weeks).The first tranche will be released in July and will include statements for those clients whose tax components have been finalised. Further tranches will occur as we progressively receive tax components, until all of your clients have received a Tax Statement.
The timing of statements will depend on the investments held in the accounts portfolio during the year. Some investments such as Listed Trusts, Hedge Funds and funds that have suspended trading, generally provide requisite tax information later than other investment types. Panorama cannot process any tax information until data has been received from the product providers.
A Tax Statement can be delayed if:
There are a number of steps involved in producing Tax Statements. Before we can determine an investor's tax position and produce their Tax Statement, we need to:
Panorama is legally required to ensure all clients receive their Annual Investor Statement within 3 months from financial year end. Also Panorama issues clients their PAYG statement within 20 days after each quarter end to support any BAS reporting requirements.
A client may receive their Annual Investor Statement and PAYG Statement before Panorama is in a position to issue the tax statement due to required components not being received. We recommend clients use the Annual Tax Statements to lodge their tax return.
A statement may take longer to release if the account holds:
Once statements are released, they will be automatically available on Panorama Online for clients, Advisers and Panorama linked Accountants.
Notifications are automatically sent to advisers via Panorama Online message centre and clients via an email. However in the future we would like to have available the ability for advisers and clients to tailor their notifications.
The Annual Audit Report checks internal controls and procedures Panorama have in place including account reconciliations and the accuracy of Panorama Investments Annual Investor Statements. The Annual Audit Report doesn't include details of clients' personal accounts, this information is included in the statements.
The Annual Audit Report will be available when the client’s Annual Investor Statement is uploaded on or before 30 September.
• On Panorama Online once the statement has been released by selecting by selecting Document Library >> Guides.
The rates of return are the Time Weighted Rate of Return (TWRR) based on the most recent unit price information provided by fund managers and believed to be reliable.
The returns are presented after deducting investment manager fees (including GST) and any superannuation fund income tax applicable, but before deducting our ongoing fees and expenses. Past performance is not an indication or guarantee of future performance.
If eligible, your client will need to complete a Personal Tax Deduction Notice before:
You can submit your clients’ Notice via the ‘Rollovers & contributions’ menu, then clicking on the ‘Deduction notices’ tab. Alternatively, clients may complete the ATO Notice of intent to claim or vary a deduction for personal super contributions.
Notices generally need to be submitted within a restricted timeframe and prior to commencing a pension or making a withdrawal. Notices can be submitted online anytime throughout the year.
Detailed instructions and information on timeframes can be found in the Help & Support section under Products & investments > Manage deductions.
Yes, your client's PAYG payment summary - superannuation income stream and Centrelink Benefit Schedule will be available on Panorama Online sometime after 14 July 2017.
You will be able to access it by navigating to the Document Library in Panorama Online and selecting your latest Centrelink Schedule and/or PAYG payment summary.
The annual pension review allows you and your clients to review the pension payments received in the 2016/17 financial year.
As part of the annual pension review, Income Stream Payment schedules will be emailed to your Panorama Super pension clients after 10 July 2017.
Your clients Income Stream Payment schedules will include:
Please consider the following important information regarding the annual pension review:
Details on how to access their Centrelink Schedule in the document library.
A PAYG payment summary will be available to pension clients who:
As payments for clients aged 60 or over are tax free and don't need to be included in their tax return, a PAYG payment summary won't be posted to pension clients who:
You can confirm a client’s status (if not already provided) for the 2016/17 financial year at the time of making a contribution via Panorama Online or by completing the ‘Eligibility to Contribute’ form under Help & Support > Forms > Super.
The ‘gainfully employed’ status will need to be reconfirmed for the 2017/18 financial year and can be done when the first contribution for that financial year is made via Panorama Online or by completing the ‘Eligibility to Contribute’ form.
Fund managers generally pay a distribution to investors at the end of the financial year (30 June). This can be done via:
The fund manager decides how much income and capital gains it will distribute to investors.
A Stapled Security is created when two or more securities are contractually bound (bundled) together so that they cannot be sold separately. Each stapled security can then be traded on the stock exchange under the one ASX code.
Although the Stapled Security must be bought or sold as a whole, the underlying individual securities are treated separately for taxation.
For stapled securities that were acquired prior to stapling and disposed of during the current financial year, we have reported the disposal of the stapled security as the disposal of each separate asset making up the stapled security. However, we have reported realised and unrealised stapled securities at the consolidated level in all other circumstances.
Income paid from a stapled security can comprise of both dividend and trust distribution components.
If the dividend component of the income from a stapled security is paid after 30 June 2017 but with an ex-date that falls on or before 30 June 2017, then the income payment will be taxable over two income years. This is because the dividend component is taxable on a pay date basis (i.e. the 2018 income year) but distributions are generally taxable on a present entitlement basis (i.e. the 2017 income year).
If a stapled security is sold within 12 months of the stapling date, then separate disposals are normally reported on Net Capital Gains. Only the consolidated asset is shown on the unrealised gains and losses field.
If your clients held stapled securities during the financial year, we recommend they obtain independent tax advice in relation to the taxation treatment of the stapled securities and their distributions.
The Tax Statement will report all income entitlements attributable to the client during the financial year for investment holdings that are held within Panorama. It is possible that the client may have some investment holdings that are held outside the Panorama platform, but they have nominated their Panorama Cash Account as the account for the income to be paid into. Income received from external holdings will not be included in the client's Tax Statement.
Any difference in the valuation between the reports reflects updated unit prices received from fund managers, or transactions that have settled following the generation of the Quarterly Reports. The opening balance on the first Quarterly Income & Expense Report may vary from the opening balance on the Annual Income and Expense Report. Similarly, the closing balance on the fourth Quarterly Income and Expense Report may vary from the closing balance on the Annual Report.
This change can be attributed largely to changes in prices. When the client's Annual Statement was generated for last year, the prices used in the closing PV would have been the best available at that time. However, when this year’s Annual Statement is generated all prices for the opening PV will have been confirmed by fund managers and have an effective date of 30 June the previous year. As a result, minor discrepancies may arise between the closing balance of the previous year's statement and the opening balance of the current year's statement.
The Attribution Managed Investment Trust Regime (AMIT) is a new taxation system for eligible managed investment schemes, initially introduced in May 2016. There will be minor changes to Annual Tax Statements (ATS) and online reporting for clients who hold investments in an eligible managed investment scheme.
To find out more about the AMIT regime and how it will impact you or your clients, a summary of the changes is available here: