Tax reports

The timing of completion of your clients’ tax reports depends on when we receive the tax information from the product issuers. We need to receive all fund components for an account and process them before we can issue the tax report.

For non-resident clients a year end withholding tax reconciliation is performed on all open accounts after all tax components have been finalised before the tax report is released. The non-resident tax reports are likely to be released post September each year.

The first tranche of client tax reports is generally available by the end of July and subsequent tranches become available in the following months.

Expected completion times

To help you manage your clients’ expectations around the availability of their tax reports, view the Product Issuer Schedule for the FY23/24 tax year. This will give you an indication of when we expect to receive the tax components from the funds.

The below key will help you navigate the schedule:

  • Outstanding – We haven’t received fund tax reports yet. If the fund hasn’t provided information by the expected date, we’ll follow them up regularly. We’ll also update the Product Issuer Schedule if we’re informed by the fund manager of any material changes to the expected date.
  • Received – We’re processing fund tax reports and are reconciling them to individual accounts. This process generally takes around two weeks.
  • Audit – To provide assurance around the accuracy of your clients’ tax reports, KPMG conducts an independent audit to ensure the reports remain consistent with the assumptions and principles outlined in the tax guide. They’re also responsible for confirming that the information reported is consistent with the information we have on file. This process generally takes around one week.
  • Finalised – All tax components for this fund have been finalised. The finalisation process generally takes around one week.

How will I know when my client’s tax report is ready?

In Adviser Online (via Wrap Online), you can download a report that shows for which clients the tax reports are ready:

  1. Select Reporting in the menu under the Macquarie icon and click on Client & adviser reporting
  2. Click Run a report across all my clients’ accounts
  3. Select your adviser code from the dropdown menu and click Generate adviser report
  4. Select Tax status from the dropdown menu and choose either Screen or Pdf. Click  Continue
  5. Select your tax year
  6. Click Generate.

You can also view When will tax reports become available on the Macquarie Help Centre for more information.

How will my client know when their tax report is available?

We’ll email your client as soon as their tax report is available online.

Please ensure their email address is up to date. View the Help Centre article Update client or trustee details for more information about updating your client’s contact details.

Your clients can also update their email address online anytime by logging in to their account via macquarie.com.au.

If your client’s account is closed, we’ll post their tax report to the postal address on file.

Tax Elections

Tax elections let you customise each of your clients' tax reports to suit their individual needs, allowing you to manage capital gains and the tax treatment of adviser fees.

Elections for FY23/24 are open between 9 May 2024 and 5 July 2024. You can only make elections or changes to elections during this window.

Changing your client’s tax election status

To change a tax election status in Adviser Online (via Wrap Online):

  1. Select Clients from the menu under the Macquarie icon and select Wrap account administration
  2. Click Maintain an investment account
  3. Select your client’s account
  4. Select Enter or Maintain cgt cost base method
  5. Select Make a specific parcel selection.

Any changes made to cost base elections will apply to disposals in the current financial year.

Changing adviser fee tax elections

In Adviser Online (via Wrap Online), you can choose how your clients will receive their report and if your fees are deductable. To do this:

  1. Select Clients from the menu under the Macquarie icon and select Wrap account administration
  2. Click Change adviser tax election
  3. Select the Adviser code and tax year and click View or maintain adviser level tax election
  4. Select Modify.

Need help?

For more information please view the article Tax Elections on the Macquarie Help Centre.

Contact us

Need help? If you’re an adviser, please contact us via live chat in Adviser Online. If you’re a client, please call

1800 025 063

Talk to us today

To speak to a specialist complete this form and we'll be in touch.

Help and support

Visit our Adviser Help Centre and search our adviser FAQs. 

 

Additional information

This information is provided for the use of licensed and accredited brokers and financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. This information does not take into account any person’s objectives, financial situation or needs. Before making any financial investment decision or a decision about whether to acquire or continue to hold any products mentioned on this page, a person should obtain and review the offer documents relating to that product and also seek independent financial, legal and taxation advice.

Unless stated otherwise, this information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL).

Any information on Macquarie Wrap products has been prepared by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237492 RSEL L0001281 (MIML). The Macquarie Separately Managed Account is issued by Macquarie Investment Services Limited ABN 73 071 745 401 AFSL 237495 (MISL). In deciding whether to acquire or continue to hold a product, a person should consider the PDS, IDPS Guide, or other relevant offer document(s) available on the Macquarie website. Our Target Market Determinations are available at macquarie.com.au/TMD.

Funds invested on your behalf by MIML, or investments in the SMA other than cash on deposit with MBL, are not deposits with or other liabilities of MBL or any other entity of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of MBL, MIML, MISL or any other member of the Macquarie Group guarantees any particular rate of return or the performance of the investments, nor do they guarantee the repayment of capital.

Any information on this page in relation to mortgages has been prepared by Macquarie Securitisation Limited ABN 16 003 297 336 AFSL and Australian Credit Licence 237863 (MSL).