All investment Wrap account holders will have a Wrap Tax Report made available online for Voyage or Grow Wrap.
We generate Tax Reports based on detailed information on individual investments provided by asset managers and share registries.
When Tax Reports become available
Wrap Tax Reports are made available as they are completed. The timing of completion of a report is dependent on when we receive the tax information from product issuers. The Product Issuer Schedule will list the expected date the tax information will be provided for securities that we have been notified of by the issuer. The first tranche will generally be made available by the end of July. Generally, more than 90% of tax statements are online by the end of September.
What clients will receive
Once your client’s Wrap Tax Report is available online, they’ll receive an email to let them know. For this reason, make sure your client’s email address is kept up to date. We’ll also notify you which of your client’s Wrap Tax Reports are included in a particular tranche release via email.
Account holders that closed their Investment Wrap account prior to the end of the financial year will receive their Wrap Tax Report by post as they will no longer have online access.
See which reports have been released
To download a tax status report that confirms which of your client's Wrap Tax Reports have been released:
- Log in to Adviser Online
- Select Reporting in the menu under the Adviser Online icon and click Client & adviser reporting
- Click Run a report across all my clients’ accounts
- Select your adviser code from the dropdown menu and click Generate adviser report
- Select tax status from the dropdown menu and choose either Screen or PDF. Click Continue
- Select your tax year
- Click Generate.
Your client's report status will be shown in the account details. Reports that are available will be shown as Final – Tranche. The number shown will indicate which tranche they were released with.
In addition, we also publish a Product Issuer Schedule. This provides the dates of when we expect to receive tax information from the product issuers and may help you to manage any queries you receive from your clients concerning when their Wrap Tax Report is expected to be available. For more information about tax, please call 1800 893 141 or contact service@wrapinvest.com.au.
Delays to Wrap Tax Reports
Most Wrap Tax Reports will be available by the end of September. However, certain assets can cause delays in finalising some reports.
If any of your clients hold one or more of the following securities, they can expect to receive their Wrap Tax Report between October and January:
- listed trusts
- international property trusts
- hedge funds
- geared investments
- instalment warrants.
Please refer to the Product Issuer Schedule for expected dates the tax information to be provided from the product issuers.
Clients listed as non-residents for tax purposes are also expected to receive their Wrap Tax Report between October and January. We’ll advise you of any changes to this timeframe.
We'll also keep you informed of the latest Wrap Tax Reports released by emailing you to confirm which of your clients' tax reports are available.
Lodging income tax returns
Non-residents and complex securities holders listed above may need to lodge their tax return through a tax agent to avoid any penalties that may apply if they do not lodge their return with the Australian Tax Office before 30 October.
Using ATO pre-filled data when preparing income tax returns
In accordance with ATO advice, you shouldn’t rely solely on pre-filled information when preparing your income tax return. Clients should always use their Wrap Tax Report.
Pre-filled information may be incomplete because of:
- Reporting requirements: Not all income that appears in your Wrap Tax Report is reportable to the ATO. Expenses are not reported to the ATO;
- Timing: Your income information may not yet have been supplied to the ATO or have been processed by them;
- Data-matching: The ATO only pre-fill data where it meets certain data-matching thresholds. Where these aren’t met, information is not pre-filled; and
- Validation: Information must meet certain ATO validation criteria to be accepted.
Please refer to our Tax resources and guides for more information.