Tax elections

Online tax elections let you customise each of your clients' tax reports to suit their individual needs. You have options for managing capital gains and the tax treatment of adviser fees. 

Please note that tax elections are only open from mid/late May through to early July. We’ll be in touch when tax elections are open to ensure you don’t miss out. 

You can select one of three Capital Gains Tax (CGT) / cost base options. The FIFO (first in, first out) option is selected by default. 

• FIFO – Disposals will be allocated to the earliest open parcel
• Minimum gain – Disposals will be allocated against the open parcel that will generate the lowest gain
• Specific parcel selection – You specify the open parcels against which disposals can be allocated. 

Adviser transaction fees and ongoing Adviser service fees will appear as deductible in your clients’ tax reports.

Tax elections are carried forward from the previous year. This means that elections are automatically updated. To check your client’s current tax election status: 

1. Log in to Adviser Online
2. Select Reporting from the menu under the Adviser Online icon and select Client and Adviser Reporting
3. Select Run a report across all my clients’ accounts
4. Click Generate adviser reports
5. Select Tax Status from the drop-down menu and choose to either view in browser (screen) or download a PDF. Select Continue
6. Select the tax year. By default, the most recent year is selected. Click Generate
7. Your tax election is recorded under the Default Cost Base Method heading.