The following checklist and tax reporting tools have been developed to assist in completing your clients’ tax returns for 2010. Below you will find instructions on how to access your clients’ portfolio tax report, ensure tax information is up-to-date, and a guide to the Customised Portfolio Service tax report, including component definitions and ATO tax return labels.
Tax Reports for portfolios invested in Listed Trusts are only final once the tax components have been finalised. Please refer to the Listed Trust section below for more information.
| Tax Reporting Check List |
|---|
|
1. Confirm that the relevant ASX listed trusts for your clients’ portfolios have been finalised. |
If you have further questions regarding tax reporting for BlackRock’s Customised Portfolio Service, please contact our Adviser Services Centre on 1300 366 101 or email cps@blackrock.com.
Tax Reporting Tools
Finalisation of tax components for individual securities. (Listed Trusts)
The process of re-allocating tax components for ASX listed trusts, for the 2009/10 financial year, for the BlackRock Customised Portfolio Service has begun. As the information on tax components is received for each listed trust this information is updated on the system. If your clients’ account held any of these securities during the year their tax position is not final until we are able re-allocate tax components.
To keep you up-to-date on the re-allocation process, a ‘System Message’ will be sent on a weekly basis, to all advisers, that provides a list of trusts that have been updated for the 2009/2010 financial year (including the date). The spreadsheet also lists the date that they were updated last financial year, to provide you with an indicative timeframe as to when they may be received this year.
If you have transferred in securities during the tax year ensure that the tax lot history is updated. See instructions in BlackRock SMA User Guide - Account Operation, page 3 section 1.
Online tax reports can be produced at anytime by following the instructions in the BlackRock SMA User Guide - Account Operation, page 9, section 6.
Note: The Tax Summary report generally provides enough information for you to complete your clients’ tax return however there are several other reports available which can provide further details if required.
To assist you in preparing your clients’ 2010 tax return, a guide has been developed to provide a definition of each component of the Customised Portfolio Service Tax Report, including a reference to the ATO tax return labels for individuals, trusts and self managed superannuation funds.
This document provides general information only and is not intended to represent general, specific, investment or professional advice. If you have any questions in relation to your clients’ tax return, you should seek professional tax advice.
Download a copy of the Tax Report Guide.
|
IMPORTANT NOTE - SYSTEM TAX YEAR LOCK DOWN The tax reporting process for listed trusts is expected to be finalised early October 2010. |