Frequently Asked Questions

FAQs about preparing for end of year.

  1. Statement timing
  2. Notifications, Guides, Audit Reports and General Queries
  3. About Panorama Super
  4. Distributions and Stapled Securities
  5. Panorama Investments statement holdings and balance questions
  6. AMIT Changes to Tax Reporting for Trust Distributions 

1. Statement Timing 

When will statements be available?

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 Investments

  • Annual Investor Statements: July to September
  • Annual Tax Statement: July to September (or October if required), see question ‘Why are some Tax Statements delayed after 30 September?’ for more information.
  • PAYG: July

Panorama Super

  • Income Stream Payment Schedule & PAYG payment summaries (if applicable): July
  • Centrelink Schedules: July
  • Annual Statement: October to December

Why are Tax Statements released in tranches?

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.

Why are some Tax Statements delayed after 30 September?

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:

  • The account holds a listed unit trust that hasn't paid its final distributions for the 2017-2018 financial year. Many trusts don't pay their distributions until August/September/October but these distributions are taxable for the 2017-2018 financial year and must be included in the Tax Statement.
  • The fund manager issued their final 2017-2018 tax information after a statement release. 
  • Information received from Fund Managers or Share Registries goes through an internal review process to ensure the correct taxation treatment has been applied. This process can be quite complex and may take a number of weeks.

What do you need to produce Tax Statements?

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:

  • Process all June distributions for the year to their account. These distributions are generally received in July and August but some aren't received until a later date.
  •  receive and confirm 30 June closing prices for all their investments
  • process final distributions for the financial year to their account
  • settle all buy and sell trades for the year
  • receive audited tax statements including all taxation components from the investment manager of every managed investment the investor holds
  •  review the tax components statement to confirm their individual tax implications
  • ensure the correct tax treatment has been applied to any corporate actions the client has participated in during the year
  • complete a detailed review of the above information to ensure correct tax treatment has been applied.

Why has Panorama released the Annual Investor Statement or PAYG, before the Tax Statement?

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.

Are there any funds or securities which could delay Tax Statements?

A statement may take longer to release if the account holds:

  • Managed portfolios - this is due to the larger number of underlying assets within the portfolio. BT is required to receive tax components for each of the underlying assets before we can release the statement
  • AMIT - If a client holds a fund which has opted into the Attribution Managed Investment Trust Regime (AMIT). The processing of these funds are more complex and have taken longer than other assets.

2. Notifications, Guides, Audit Reports and General Queries

Can I choose whether to have statements sent to the adviser or accountant?

Once statements are released, they will be automatically available on Panorama Online for clients, Advisers and Panorama linked Accountants. 

  • Advisers can view and download statements by selecting Clients >> Select client >> Document Library.
  • Clients can view and download statements by selecting Document Library.

How will I be notified when the statement is available?

  • Advisers can use the Statement Estimator Tool to check when their client’s statement is estimated to be issued. Advisers will also receive a Panorama online alert once their client statement is uploaded. This will be via the message centre flag icon in the top right hand corner of the screen.

  • Clients will receive an automatic email notification when their statement has been uploaded. Please ensure you or your client has provided Panorama the current contact information.

Can I change my notification settings?

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. 

Where can I find the Statement Guides

Advisers 

  • From mid-June via this site or
  • From July via Panorama Online when the statement is released. They can be downloaded by selecting Clients >> Select client >> Document Library >> the drop down button next to the Statement.

Clients

  • From mid-June via this site or
  • From July via their Panorama Online account by selecting Document Library >> Guides.

What is the Annual Audit Report for?

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.

Where can I find the Annual Report?

Advisers 

  • On Panorama Online once the statement has been released by selecting Clients >> Select client >> Document Library >> the drop down button next to the Statement.

Clients

• On Panorama Online once the statement has been released by selecting by selecting Document Library >> Guides.

How are the rates of return calculated?

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.

3. About Panorama Super

When does my client need to claim a tax deduction?

If eligible, your client will need to complete a Personal Tax Deduction Notice before:

  • Your client lodges their income tax return (in respect of the financial year that the contribution was made in), and:
  • The end of the financial year which follows the financial year that the contribution was made in.

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.

Will my clients’ PAYG Payment Summaries and Centrelink Benefit Schedules be available on Panorama Online?

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.

What is involved in the Annual Review process?

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:

  • Their new nominated income payment for the 2017-2018 financial year based on their estimated account balance as at 1 July 2017 and selected payment frequency
  • Their nominated income payment for the 2016-2017 financial year

Please consider the following important information regarding the annual pension review:

  • If your client is due to receive their annual pension payment between 1 July 2017 and 10 July 2017 (inclusive), they will not receive their payment until we have completed the annual review process (expected to be 10 July 2017).
  • The minimum pension amount shown on Panorama Online will not be updated for the new financial year until the annual review has been completed.
  • Some of your pension clients will also receive an annual PAYG payment summary.

Details on how to access their Centrelink Schedule in the document library.

Which clients will receive a PAYG Payment Summary for the 2016/17 financial year?

A PAYG payment summary will be available to pension clients who:

  • were aged 59 or less throughout the 2016-2017 financial year 
  • turned 60 during the 2016-2017 financial year and received income payments before turning 60 (PAYG will only include income payments received by your client before their 60th birthday). 

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:

  • were aged 60 or over as at 1 July 2016
  • turned 60 during the 2016-2017 financial year and didn't receive any income payments before turning 60.

How can I update a client’s gainfully employed status?

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.

4. Distributions and Stapled Securities

What are distributions?

Fund managers generally pay a distribution to investors at the end of the financial year (30 June). This can be done via:

  • Income - the managed fund earns income on its underlying assets which is distributed to investors (generally at the end of each financial quarter, i.e. December, March, June and September).
  • Capital gains - the managed fund generates capital gains by selling assets at a profit and distributes those gains to investors (generally after the end of the financial year, i.e. after 30 June).

The fund manager decides how much income and capital gains it will distribute to investors.

What is a Stapled Security?

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.

How is income received from a Stapled Security reported in the client’s Tax Statement?

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).

How does Panorama work out the Cost Base and Reduced Cost Base of the Assets comprising the Stapled Security?

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.

5. Panorama Investments statement holdings and balance questions

Why are there dividends or trust distributions that have been paid into the Panorama Cash Account but are not appearing on the Tax Statement?

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.

Why don’t the opening/closing balance of the quarterly Income and Expense Reports match the opening/closing balances of the Annual Income and Expense Reports?

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.

Why doesn’t the Opening balance of my clients Annual Statement this year equal the Closing PV of their Annual Statement last year?

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.

6. AMIT Changes to Tax Reporting for Trust Distributions

The Attribution Managed Investment Trust Regime (AMIT) is a new taxation system for eligible managed investment schemes, initially introduced in May 2016.

We expect that the majority of the managed funds that we administer on Panorama will opt into AMIT. For more information about the AMIT regime and how it will impact you or your clients, a summary of the changes is available here:

How can we help you?