Distribution Tax Automation

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Distribution Tax Automation simplifies the end of the year processing when entering your annual tax statements for listed trusts or managed funds. Simple Fund 360 reduces the hours spent manually entering tax components and automates the generation of distribution tax components which improves your ability to reconcile quickly and effectively.

Simple Fund 360 will pre-fill the per-unit value on the more commonly known listed trusts and managed funds. This is known as System Tax Data.

For any securities currently not supported, you will be able to enter Custom Tax Data that will help you create a template that can be used to automate tax data across your entire database. Please also see the Help us Improve section below for any securities you come across that are not currently automated.

Please note: 

1. We highly recommend you to reconcile against your statement after using Distribution Tax Automation screen to prefill the components.

2. A warning message will display on the Statement of Taxable Income generated when distribution tax component review is not completed. (Coming soon)

Navigation Features Supported Securities FAQs Help Us Improve

Navigation


From the Main Toolbar, go to Home.
Navigate to Fund Workflow
Select a fund mceclip3.png
from the Main Menu select Compliance mceclip0.png
Select Distribution Tax Automation mceclip0.png

 

 

 

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9 comments
  • good

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  • Is there a way to print this entire article as a single PDF? I can only print each tab one at a time at the moment.

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  • Hey Johnny, unfortunately the export is limited to what is displayed within the browser.
    An alternative would be to copy-paste into a word document.

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  • When will the system tax data be available for the 2019-2020 year

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  • Hello Lin. Thanks for your query!

    We have already begun adding system tax data for the 19-20 financial year, and will continue to do so as the year progresses. To see what has been added already, navigate to the 'Supported Securities' tab, and under 'Supported Securities' , select the '+2020' tab.

    If there is anything else we can help you with, please let us know.

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  • Just one more question. Will the system tax data appear automatically for the securities that I hold, or do I need to initiate this somehow?

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  • Hi Lin!

    If the system tax data is available for the securities that you hold, then the system tax data will appear automatically. You will be able to tell which securities have system tax data from within the screen by seeing a lightning bolt in the far left column next to the security. By hovering your cursor over the lightning bolt, the message "has system tax data" will appear.

    To view the system tax data, have the security selected by checking the box on the left hand side of the security, and select 'Generate Tax Data' at the top of the screen.

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  • A lovely and long-awaited service. But while I saw 4 of my 5 trust investments (AOF, AVN, MUE, UMAX) and processed UMAX (for which there was data) there is no sign of my largest holding in SGP. I note that for some reason my SGP income has been matched to 23900/SGP.AX and that 23800/SGP.AX is empty. Should I simply change the transactions to put it into Distributions rather than Dividends, and then it will be matched?

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  • Hi Howard,

    Thanks for your post!
    1. SGP.AX system tax data is available. Please check through the chart of accounts to see if it is set up properly, where an income account for distribution should be linked to this security by default.
    2. You can recode that income to distributions for now, but if the account has been updated, then any future income should be matched to distributions.

    We note you have also sent us an email. Please also refer to the email reply for further details.
    Hope this helps.
    Eric

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