We would like to provide you with an overview of how we will be providing you with the annual reports for your clients.
Annual Investor Statements and Annual Tax reports
This year we will be providing clients with two reports; an Annual Investor Statement and an Annual Tax Report for the 18/19 Financial Year.
Annual Investor Statements will be provided prior to the end of September 2019.
The target date for dispatch of the Annual Tax Reports is also the end of September 2019.
Meeting regulatory obligations
Powerwrap, as the Responsible Entity of the Managed Investment Scheme through which investor accounts are offered, must provide investors with Annual Investor Statements by the end of September each year.
In previous years, Powerwrap has combined this statement with the clients’ Tax Report, meaning one report was issued covering both.
In a number of cases, at the end of September Powerwrap was still waiting on distribution and tax component information from some fund managers in order to run the Tax Reports. This meant a draft report was issued in order to meet the September deadline, with another, final report being issued once all the relevant data had been received.
In order to streamline this process for everybody, and to minimise the number of draft reports being issued, this year we will be splitting out the reports into two:
- Annual Investor Statements will be provided by the end of September.
- The target issue date for Tax Reports is also the end of September but in the event all relevant information has not been received some reports may be generated after this date.
We will provide further information and updates as we progress.
Please do not hesitate to let your Relationship manager if you need any further information or detail.