Managed investments - adding a new investment 108-04090020

• Access the Customer Summary in Process Direct
• Use the Super Key to go to screens
• Key 'START' in the Super Key
• Select Income and Assets Update from the task selector
• Select Investments Summary from the task selector options
• Select Start to initiate the Change of Circumstances flow

For customers under Age Pension age, do not ask or record Australian superannuation products in accumulation that are invested in their name. If the new investment is a superannuation product for either the customer and/or their partner, see Assessing superannuation.

Before starting the update, check - 'Where did the money come from to buy the investment?'

For example, if the customer used funds from another asset such as savings, the Savings Summary (SVS) screen will need to be updated within the same activity.

If the new investment relates to:

• the purchase of a timeshare or afforestation asset, see Table 3, Step 1
• a managed investment held in trust for a minor, for example, children or grandchildren. See Trusts
• a managed investment owned by an entity (such as a trust or company), refer to a Complex Assessment Officer (CAO) for assessment. See Identifying and making suitable referrals to the Complex Assessment Officer (CAO)
• funds managed by a Public Trustee organisation on behalf of the customer, go to Step 3
• a superannuation fund that may be eligible for an exemption from the income and assets test, see Exempting superannuation investments
• all other managed investments, go to Step 4

The investment is:

• coded on the customer's record when:
• the Public Trustee is managing the personal funds of a customer under an administration order, and
• interest and earnings from the investment are reported on the customer’s personal income tax return
• not coded on the customer's record when:
• investments are made in the name of a trust
• earnings from the investment are on the trust's tax return
• the customer receives distributions from the trust

Documents for some State and Public Trustee managed investments may not always include the Asia Pacific Investments Register (APIR) code.

• Confirm the product is a managed investment – further verification may be required
• Refer to the Financial Industry and Network Support (FINS) Bulletin
• Check this investment is not already incorrectly coded on the Direct Investments (SVDI) screen as a bank account

Is the investment to be coded on the customer's personal record?

• Yes, go to Step 4
• No, refer to a Complex Assessment Officer. Procedure ends here

If there is a small change to asset value, check if the customer needs to notify.

Use the Income and Assets Update Task Selector (START) and select Next to go to the Managed Investments (MIS, MIP, MIUS).

Is the managed investment already recorded?

• Yes, see Managed investments - updating existing investments. Procedure ends here
• No, go to Step 5

A customer must provide the latest statement from a fund manager.

For portfolio products that do not have an Asia Pacific Investment Register (APIR) code, such as:

• Personal Investment fund portfolios, (also known as a master trust)
• Funds that have not purchased an APIR code
• Unregistered managed investments

The latest statement showing the current balance must be supplied.

For unitised products, the latest statement showing a breakdown of the investment options and number of units owned, must be provided.

Can the customer provide the latest statement?

• Yes, go to Step 6
• No, go to Step 11

Before coding the product, check the FINS Bulletin to determine if the product should be coded as one portfolio or as individual investment options. See Resources for a link.

• Use the Income and Assets Update Task Selector (START)
• Select Next to go to the Managed Investments (MIS, MIP, MIUS)
• Select Add on the Managed Investment (MIP) line to access the Create Managed Investment (MIP) options. The system will use details entered to search the Managed Investment (MIN) system for the investment product

Enter the investment's APIR code in the APIR Code field and press [Enter].

If the statement does not include an APIR code, go to step 7

The APIR code:

• must be exact to obtain a match
• consists of 9 characters:
• the first 3 are letters
• the next 4 are numbers
• the final 2 are 'AU'

Is there a match for the APIR code?

• Yes, select the APIR code from the search results, see Table 2, Step 1
• No, go to Step 7

Search for the managed investment product by clicking on the Fund Manager name field. This launches Search for APIR code.

Complete the following fields. To access screen help, key '?' in each field.

• Fund Manager: is mandatory and must have at least 2 characters. The first must be a letter
• Product Group: is optional, to narrow the investment search
• Search by Product Option: is optional, to narrow the investment search

Select the Search icon.

A product list displays below the Search for APIR code fields.

Has the product been found?

• Yes, select the relevant APIR code from the search results, see Table 2, Step 1.
• No, go to Step 8

If the investment is a Self-Managed Super Fund (SMSF) see Table 2. Step 2

Check the FINS Bulletin by searching the investment's fund manager name under the alphabetical list.

Is the investment in the FINS Bulletin?

• Yes, go to Step 9
• No, go to Step 10

Key the investment as advised in the FINS Bulletin.

To:

• code Managed Investments (MIP), see Table 2, Step 1
• code Unregistered Managed Investments (MIUS), see Table 2, Step 2

Contact Local Peer Support (LPS) for help in locating product. If product still cannot be found:

• contact the FINS Helpdesk for coding advice, then key the managed investment as instructed

To:

• code the Managed Investments (MIP), see Table 2, Step 1
• code Unregistered Managed Investment (MIUS), see Table 2, Step 2

Check customer's record. There may be a documented request for the return of documents already recorded.

• Contact the customer and advise:
• what information they need to provide
• all information is required before recording any change. This will make sure they receive correct payments
• DOC the record with what has been requested
• Request the information and forms required and allow extra days for mail delivery

Procedure ends here until documents returned.

Once the search results locate the correct management investment product, the Fund Manager details will populate on MIP. If unable to locate the product with a name search (e.g. HESTA, Q-Super, REST or GESB) refer to the FINS Bulletin for individual coding instructions. Do not code these products on MIUS.

Key the following fields:

Fund Manager Details

• Investment date:
• The date the investment was made (as shown on certificate/policy)
• Note: where superannuation is in an accumulation fund, use the customer’s Age Pension age date, found on the Pensions General Information (PNGI) screen or the date of claim, whichever is the earliest.
• If a customer has joined a new fund after turning Age Pension age, use the date joined as the investment date
• If the following error presents “Managed Investment product has been closed on xx/xx/xx”, the Investment Date field needs to be completed with a date prior to the date the product closed
• Policy number:
• Key the policy/account/certificate number for the investment
• Note: if this number exceeds 10 characters, key the last 10 only

Investment Details

• Event date: the earliest of, the date the investment was made or the date the payment for the investment was transferred
• For new claims, the event date is the commencement date of the claim or the date the customer reached Age Pension age if the partner is current on income support
• Note: for early claims use the claim lodgement date if this is within 13 weeks of the customer reaching Age Pension age
• Funeral exempt:
• This field is only visible if the investment is a funeral bond
• Select Yes if the investment is to be disregarded from the income and assets tests
• Customer owned % and Partner owned %, for when the investment is owned jointly with the customer's partner
• Loan/Encumbrance amount $:
• If applicable, key the balance of the loan/encumbrance which is deductible from the investment value. See Loans and liabilities against assets
• Do not key margin loans here – see the FINS Bulletin which has information about margin loans, including the pseudo code for a number of margin loan products
• For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New home deduction amount $:
• If applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Rural exemption code: leave blank unless the customer is claiming a rural payment then select:
• ASS if asset value is exempt
• BTH if both asset and deemed income is exempt
• NOT if neither asset value or deemed income is exempt
• Number of units:
• Use when the investment is unit based
• It must be a whole number. If the customer owns a partial number of units, round down to the nearest whole number
• Account amount $, used for account based managed investments. Record in either dollar and cents or whole dollars rounding down, it will result in the same outcomes. For:
• margin loans: key the gross current market value
• personal investment funds: key the total value of the portfolio, including any cash component
• funeral bonds: for new funeral bonds, code the original amount invested. For existing bonds, code the total contributed by the customer since purchase (do not include investment earnings or bonuses paid)
• Enter Receipt date: and select Channel
• Select Save

The Investments Summary (MIS) shows the updated managed investment.

If the investment is recorded on the SVDI screen, zero the balance from the same date as the product is coded on the MIP screen.

Go to Step 3.

After making sure the product is not included in the FINS Bulletin, select Add on the MIUS line to access the Create Unregistered Managed Investment (MIUS) options. Key the following fields:

Header Detail

• Product name
• Investment name
• Investment date (dd/mm/yyyy):
• Use the date the investment was made (as shown on certificate or policy)
• Note: where superannuation is in an accumulation fund, use the customer’s Age Pension Age date, found on the Pensions General Information (PNGI) screen or the date of claim, whichever is the earliest
• Investment type: select the appropriate option
• Deeming Ex:
• Select Yes if the investment is exempt from the deeming rules
• Note: if deeming exempt, record an amount in the Interest Rate field

Item Detail

• Event date:
• Use the earliest of, the date the investment was made or the date the payment for the investment was transferred
• For new claims, the event date is the assessment date of the claim or the date the customer reached Age Pension age if their partner is current on income support
• Funeral exemption: select Yes if the investment is an exempt funeral investment
• Customer owned %
• Partner owned %: Note: superannuation cannot be jointly owned
• Rural exemption code: leave blank unless the customer is claiming a rural payment then Select:
• ASS if asset value is exempt
• BTH if both asset and deemed income is exempt
• NOT if neither asset value or deemed income is exempt
• Number of units:
• A unit based investment must be a whole number
• If the customer owns a partial number of units, round down to the nearest whole number
• Unit value amount: if the investment is unit based, the value of each unit
• Loan/Encumbrance amount $:
• If applicable, key the balance of the loan/encumbrance which is deductible from the investment value
• Only code the amount while the customer is entitled to have all or part of the asset exempt under the Assets Test. See Loans and liabilities against assets
• For sales of the former home finalised before 1 January 2023, the field includes the exempt amount from the sale of former home that the customer intends to spend on their new home
• New home deduction amount $:
• If applicable code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Total asset value: if the investment is:
• account based, key the current account balance in either dollars and cents or whole dollars rounding down, it will result in the same outcome
• a margin loan, key the gross current market value
• a personal investment fund, key the total value of the portfolio, including any cash component
• funeral bonds: for new funeral bonds, code the original amount invested. For existing bonds, code the total contributed by the customer since purchase (do not include investment earnings or bonuses paid)
• Interest rate: code if Deeming Ex: = Yes

Select Save.

Update Receipt date and Channel, select Save.

Go to Step 3.

• There is a bulk update to revalue all listed shares and unitised managed investments each March and September
• A customer may request a revaluation of their financial investments at any time
• Although their unitised managed investment prices are automatically revalued, they are required to notify changes to the number of units they own
• Margin loans, unregistered managed investments/superannuation funds, account based managed investments/superannuation funds and personal investment funds (also known as a master trust), are manually reviewed every 6 months
• Advise the customer they need to notify changes to:
• balance of their margin loan(s)
• value of their unregistered managed investment(s)/superannuation fund(s)
• value of their account-based managed investment(s)/superannuation fund(s)changes in the investment held within a personal investment fund portfolio (also known as a Master Trust)
• if they made any extra contributions to their funeral bond

Go to Step 4.

For new managed investments obtained after withdrawal from existing investments, see Managed investments - updating existing investments before finalising the activity.

• Select Assess
• Check the outcome on Entitlements (ELD) and select Finish
• Add any extra details to the Finalise Note which has been pre-filled with details of the income and assets update
• Select Finalise to complete the transaction
• See Table 3, Step 4 on the Customer First tab to set up a Manual Follow-up (MFU) review using review reason INV for:
• Margin loans
• Unregistered managed investments and superannuation products, including Self-Managed Superannuation Funds (SMSF)
• Account-based managed investments, or
• Personal investment funds
• Otherwise, procedure ends here

Although timeshare or afforestation investments are treated as managed investments, they do not have an APIR code and are coded on Direct Investments Account (SVDI).

Are there timeshare or afforestation investments coded on Other Assets (OAS, OASS) or Managed Investments (MIS, MIP, MIUS) or, is income from timeshare or afforestation coded on Other Income (OIN, OINS)?

• Yes, go to Step 2
• No, go to Step 3

• Cease the asset value on OAS, OASS, MIS, MIP MIUS or the income on OIN, OINS
• Code the asset value on Savings (SVP, SVDI)

To cease the asset value:

• Expand the timeshare or afforestation investment
• Add a new investment details entry
• Event date: today's date. Use the same date of event when adding it as a Direct Investment Account (SVDI)
• Total asset value: $0

To cease the income amount

• Expand the timeshare investment
• Add a new investment details entry
• Event date: today's date
• Gross amount: $0
• Frequency: blank

Note: income does not need to be coded. It will be assessed under the deeming provisions once the timeshare or afforestation is coded on SVDI.

Is the timeshare or afforestation located in Australia?

• Yes, go to Step 4
• No, go to Step 5

Go to SVDI and select Add.

Header Detail

• Investment type code: select OTH – Direct investment
• Investment name: the name of the organisation or timeshare
• Investment date: the date of the purchase
• Account number
• Customer owned %
• Partner owned %
• Deeming exemption:
• Select Yes if the customer has applied for and been granted a deeming exemption for the timeshare investment
• Note: the actual income from the investment is still assessable. Key Interest percentage % to assess actual income. Otherwise leave blank
• Note: to see if a product is exempt from deeming, see Deeming exemptions
• Account closed: defaults to No and does not need to be changed when adding a new investment

Item Detail

• Event date: the date of event
• Balance amount:
• Use the purchase price
• Code the applicable asset value in whole dollars. See Table 6, Step 1 in Assessment and sale of real estate and timeshare asset
• Interest percentage %: the actual rate of return. Leave blank if not deeming exempt
• Loan/Encumbrance amount:
• If applicable, key the balance of the loan/encumbrance which is deductible from the investment value
• Only code an amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. See Loans and liabilities against assets

Finalise the update:

• Select Save
• Update Receipt Date and Channel, select Save
• Select Assess
• Check the outcome on Entitlements (ELD) and select Finish
• Add any extra details to the Finalise notes which has been pre-filled with details of the income and assets update
• Select Finalise to complete the transaction

Go to SVDI and select Add.

Header Detail:

• Investment type code: select OSA, also code Investment Country and Currency fields. The system will populate the exchange rate saved after the date of receipt and channel are entered
• Investment name: the name of the organisation or timeshare
• Investment date: the date of the purchase
• Account number
• Customer owned %
• Partner owned %
• Deeming exemption: select Yes if the customer has applied for and been granted a deeming exemption for the timeshare investment
• Note: the actual income from the investment is still assessable. Key Interest percentage %: to assess actual income. Otherwise leave blank
• Note: to see if a product is exempt from deeming, see Deeming exemptions
• Account closed: defaults to No and does not need to be changed when adding a new investment

Item Detail

• Event date: the date of event
• Balance amount: code the applicable asset value in whole dollars. See Table 6 Step 1 in Assessment and sale of real estate and timeshare asset
• Interest percentage %: the actual rate of return. Leave blank if not deeming exempt
• Assets test deduction amount: the amount of encumbrance which is deductible from the balance of the investment, if applicable

Finalise the update:

• Select Save
• Update Receipt Date and Channel, select Save
• Select Assess
• Check the outcome on Entitlements (ELD) and select Finish
• Add any extra details to the Finalise notes which has been pre-filled with details of the income and assets update
• Select Finalise to complete the transaction

For customers under Age Pension age, do not ask or record Australian superannuation products in accumulation that are invested in their name. If the new investment is a superannuation product for either the customer and/or their partner, see Assessing superannuation.

Before starting the update, check - 'Where did the money come from to buy the investment?'

For example, if the customer used funds from another asset such as savings, the Savings Summary (SVS) screen will need to be updated and within the same activity.

If the new investment relates to:

• the purchase of a timeshare or afforestation asset, see Table 4, Step 1
• a managed investment held in trust for a minor, for example, children or grandchildren. See Trusts
• a managed investment owned by an entity (such as a trust or company), refer to a Complex Assessment Officer (CAO) for assessment. See Identifying and making suitable referrals to the Complex Assessment Officer (CAO)
• funds managed by a Public Trustee organisation on behalf of the customer, go to Step 2
• a superannuation fund that may be eligible for an exemption from the income and assets test, see Exempting superannuation investments
• all other managed investments, go to Step 3

The investment is:

• coded on the customer's record when:
• the Public Trustee is managing the personal funds of a customer under an administration order, and
• interest and earnings from the investment are reported on the customer’s personal income tax return
• not coded on the customer's record when:
• investments are made in the name of a trust
• earnings from the investment are on the trusts tax return
• the customer receives distributions from the trust

Documents for some State and Public Trustee managed investments may not always include the Asia Pacific Investments Register (APIR) code.

• Confirm the product is a managed investment – further verification may be required
• Refer to the Financial Industry and Network Support (FINS) Bulletin
• Check this investment is not incorrectly coded on the Direct Investments (SVDI) screen as a bank account

Is the investment to be coded on the customer's personal record?

• Yes, go to Step 4
• No, refer to a Complex Assessment Officer. Procedure ends here

If there is a small change to asset values check if the customer is required to notify.

Complex Assessment Officers – for managed investments owned by a trust or company, search for investment details on the entity's record in Environment A.

Go to the Managed Investments Summary (MIS) screen.

Is the investment already recorded?

• Yes, see Managed investments - updating existing investments. Procedure ends here
• No, go to Step 4

A customer must provide the latest statement from a fund manager.

• For portfolio products that do not have Asia Pacific Investment Register (APIR) codes, such as:personal Investment fund portfolios, (also known as a Master Trust)
• funds that have not purchased an APIR code
• unregistered managed investments

The latest statement showing the current balance must be supplied.

For unitised products, the latest statement showing a breakdown of the investment options and number of units owned, must be provided.

A pseudo APIR code is issued to all managed investment funds on the Managed Investment (MIN) system that do not have an APIR code.

Can the customer provide the latest statement?

• Yes, go to Step 5
• No, go to Step 10

Before coding the product, check the FINS Bulletin to determine if the product should be coded as one portfolio or as individual investment options. See Resources for a link.

Go to the Managed Investment Product List (MIP) screen. The system uses details on MIP to search the Managed Investment (MIN) system for the investment product.

The investment product can be found by entering the APIR code in the APIR code field. Note: if searching for the investment product using the APIR code field, do not code the Fund Manager Product Group or Product Option fields.

If the statement does not include an APIR code, go to step 6

The APIR code:

• must be exact to obtain a match
• consists of 9 characters:
• the first 3 characters are letters
• the next 4 are numbers
• the final 2 are 'AU'

Is there a match for the APIR code?

• Yes, select the Product Option and select Continue, see Table 3, Step 1
• No, go to Step 6

Search for the managed investment product via the fund manager name and either the product group name or the product option name.

Complete the following fields. To access screen help, key '?' in each field:

• Fund Manager field, must have at least 2 characters and the first character must be a letter
• Product Group field, multiple keywords can be entered, separated by a comma. When using this field, the Fund Manager field must also be completed
• Product Option field, multiple keywords can be entered, separated by a comma. When using this field, the Fund Manager field must also be completed
• Current Name Only field, if 'Y'es is entered, only the most recent fund manager, product group and product option will be displayed. If 'No’ is entered, former names will also be displayed

Select Continue.

A product list will display on the MIP screen.

Has the product been found?

• Yes, select the appropriate product from the list by coding 'S' in the field next to the product. The Managed Investments (MI) screen is displayed. See Table 3, Step 1
• No, go to Step 7

When the product is not on the MIP screen, it may have been changed or updated in some way. Check the Main Menu (MIMM) screen, see Managed investments.

• For Self-Managed Super Fund (SMSF), see Table 3, Step 2
• For other managed investments, check the FINS Bulletin by searching the investment's fund manager name under alphabetical list. If investment is:
• in the FINS Bulletin, go to Step 8
• not in the FINS Bulletin, go to Step 9

To:

• code on MIP screen, see Table 3, Step 1
• code MIUS screen, see Table 3, Step 2

Contact Local Peer Support (LPS) for help in locating product. If product still cannot be found:

• contact the FINS Helpdesk for coding advice and key the managed investment as instructed

To:

• code the MIP screen, see Table 3, Step 1
• code the MIUS screen, see Table 3, Step 2

Check the customer’s record. There may be a documented request for the return of documents already recorded.

• Contact the customer and advise:
• what information they need to provide
• all information is required before recording any change. This will make sure they receive correct payments
• DOC the record with what has been requested
• Request the information and forms required and allow extra days for mail delivery

Procedure ends here until documents returned.

For Complex Assessment Officer (CAO) use only.

Managed investments owned by an entity are recorded on the entity record in Environment A.

For aggregation, all managed investments coded on the Managed Investments (MIN) system are assessed as non-primary production assets.

If a customer, trust or company runs a primary production business and invests some of its working capital in managed investments:

• these may be recorded on the Other Assets (OAS) screen as primary production assets
• manually code any updates to share/unit prices
• only update current investments when details of all managed investments are provided

Check the Managed Investments Summary (MIS) screen.

To determine if the investment is included in the Managed Investments (MIN) database, check if the investment is listed on the MIP screen.

Complex Assessment Officers - for managed investments owned by an entity, code the investment details for a trust or company on the entity’s record in Environment A.

Key investment details:

• if the investment is unit-based, key the number of units in the Units field. Note: the system will not allow the coding of decimals. If the customer owns a partial number of units, round down to the nearest whole number
• if the investment is account based, key the amount (in either dollars and cents or whole dollars rounding down, it will result in the same outcome) in the $ field
• for margin loans, key the gross current market value
• for personal investment funds code, the total value of the portfolio including any cash component
• funeral bonds: for new funeral bonds, code the original amount invested. For existing bonds, code the total contributed by the customer since purchase (do not include investment earnings or bonuses paid)
• Funeral exempt: key Y if the investment is to be disregarded from the income and assets tests
• Customer % and Partner %: if the investment is owned in conjunction with the customer’s partner, key the percentage owned by the customer and their partner
• Event date: key the earliest of, the date the investment was made or the date the payment for the investment was transferred
• For new claims, the event date is the commencement date of the claim or the date the customer reached Age Pension age if the partner is current on income support. Note: for early claims use the claim lodgement date if this is within 13 weeks of the customer reaching Age Pension age
• Policy number: key this field if the policy/account/certificate number is provided.
  (Note: if this number exceeds 10 characters, key the last 10 only)
• Investment date: key the date the investment was made (as shown on the certificate/policy)
• Note: where superannuation is in an accumulation fund, use the customer’s Age Pension Age date, found on the Pensions General Information (PNGI) screen or the date of claim, whichever is the earliest.
• If a customer joins a new fund after turning Age Pension age, use the date joined as the investment date
• If the following error presents “Managed Investment product has been closed on xx/xx/xx”, the Investment Date field needs to be completed with a date prior to the date the product closed
• Loan/Encumbrance amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value
• Only code the amount while the customer is entitled to have all or part of the asset exempt under the Assets Test. See Loans and liabilities against assets
• Do not key margin loans here – see the FINS Bulletin which has information about margin loans, including the pseudo code for a number of margin loan products
• For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New home deduction amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• select Continue

The MIS screen shows the updated managed investment.

If the investment is recorded on the SVDI screen, zero the balance from the same date as the product is coded on the MIP screen.

• Complete the activity on the AR screen. For new managed investments acquired after a withdrawal from an existing investment, see Managed investments - updating existing investments before finalising the activity
• Record details on a DOC

Go to Step 3.

Complex Assessment Officers - for managed investments owned by an entity:

• code the MIUS screen for a trust or company on the entity’s record in Environment A
• if there is a margin loan code the outstanding balance on the TRLD screen, see Trusts and companies - recording liabilities

After making sure the product is not included in the FINS Bulletin, key the following fields:

• Fund Name: fund manager name
• Product: product name
• Investment type: investment type
• Total asset value: if the investment is account based, key the account balance in either dollars and cents or in whole dollars rounding down. It will result in the same outcome. For
• Margin loans, key the gross current market value
• Personal Investment Funds code the total value of the portfolio including any cash component
• Funeral bonds: for new funeral bonds, code the original amount invested. For existing bonds, code the total contributed by the customer since purchase (do not include investment earnings or bonuses paid)
• No of units: if the investment is unit based, the number of units. Note: the system will not allow the coding of decimals. If the customer owns a partial number of units, round down to the nearest whole number
• Unit value: if the investment is unit based, the value of each unit
• % owned customer/partner: the percentage owned by the customer and their partner (if superannuation, it cannot be jointly owned)
• Event date: the earliest of, the date the investment was made or the date the payment for the investment was transferred
• For new claims, the event date is the assessment date of the claim or the date the customer reached Age Pension age if the partner is current on income support
• Investment date: the date the investment was made (as shown on certificate/policy)

Note: where superannuation is in an accumulation fund, use the customer’s Age Pension Age date, found on the Pensions General Information (PNGI) screen or the date of claim, whichever is the earliest

• Loan/Encumbrance amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value. See Loans and liabilities against assets
• For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New home deduction amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Deeming exempt: 'Y' if the investment is exempt from the deeming rules. Note: if recorded as deeming exempt, record an amount in the Interest rate field
• Funeral exempt: 'Y' if the investment is an exempt funeral investment
• Source: the source of the information
• DOR: the date of receipt of the information

Select Continue - the MIS screen displays the updated managed investment.

• Complete the activity on the AR screen. For new managed investments acquired after a withdrawal from an existing investment, see Managed investments - updating existing investments before finalising the activity
• Record details on a DOC
• For managed investments owned by entities (Complex Assessment Officers only), procedure ends here.
• For all other managed investments, go to Step 3

• There is a bulk update to revalue all listed shares and unitised managed investments each March and September
• Customers may request a revaluation of their financial investments at any time
• Although their unitised managed investment prices are automatically revalued, customers are required to notify changes to the number of units they own
• For managed investments owned by entities (Complex Assessment Officers only), procedure ends here
• Margin loans, unregistered managed investments/superannuation funds, account based managed investments/superannuation funds and personal investment funds (also known as a master trust), are manually reviewed every 6 months
• Advise the customer they need to notify changes to:
• balance of their margin loan(s)
• value of their unregistered managed investment(s)/superannuation fund(s)
• value of their account-based managed investment(s)/superannuation fund(s)
• changes in the investment held within a personal investment fund portfolio (also known as a Master Trust)
• if they made any extra contributions to their funeral bond

Go to Step 4.

The following products are excluded from the bulk updates in March and September:

• Margin loans
• Account based managed investments and superannuation products
• Unregistered managed investments and superannuation products
• Personal investment funds
• Self-Managed Superannuation Funds (SMSF)

In Customer First, create a manual review on the Review Registration (RVR) screen as follows for:

• Margin loans:
• Service Reason: customer's payment type
• Review Reason: INV
• Due Date: next bulk update 20 March or 20 September
• Source: INT
• Date of Receipt: today's date
• Notes: 'Request the latest statement for <insert product details> from the lender showing the current market value of the portfolio and current loan balance amount.'
• Keywords: MARGLOAN
• Workgroup: leave blank
• Position: leave blank
• Transfer to Region: leave blank
• Account based managed investments and superannuation products:
• Service Reason: customer's payment type
• Review Reason: INV
• Due Date: next bulk update 20 March or 20 September
• Source: INT
• Date of Receipt: today's date
• Notes: 'Request the latest statement for <insert product details> from the fund manager showing the current market value of the portfolio.'
• Keywords: ABMIS
• Workgroup: leave blank
• Position: leave blank
• Transfer to Region: leave blank
• Unregistered managed investments and superannuation products (except SMSFs) and Personal investment funds:
• Service Reason: customer's payment type
• Review Reason: INV
• Due Date: next bulk update 20 March or 20 September
• Source: INT
• Date of Receipt: today's date
• Notes: 'Request the latest statement for <insert product details> from the fund manager showing the current market value of the portfolio.'
• Keywords: UNREGMIS
• Workgroup: leave blank
• Position: leave blank
• Transfer to Region: leave blank
• Self-Managed Superannuation Funds (SMSF):
• Service Reason: customer's payment type
• Review Reason: INV
• Due Date: 12 months from latest statement
• Source: INT
• Date of Receipt: today's date
• Notes: 'Request the next financial statements for <insert product reference number> and review the value of the member's balance of the SMSF.'
• Keywords: SMSFMIS
• Workgroup: leave blank
• Position: leave blank
• Transfer to Region: leave blank

The review will mature on the Due Date coded in the RVR activity. Workload Management will allocate the review for manual action.

Procedure ends here.

Although timeshare or afforestation investments are treated as managed investments, they do not have an APIR code and are coded on the Direct Investments (SVDI) screen.

Is there:

• timeshare or afforestation investments coded on the Other Assets (OAS) or Managed Investments Summary (MIS) screens, or
• income from timeshare or afforestation coded on Other Income Summary (OINS) screen?

• Yes, go to Step 2
• No, go to Step 3

Any income from timeshare investments coded on the OINS screen and any timeshare or afforestation investment coded on the OAS/MIS screens must be ceased and the asset value recoded on the SVDI screen.

To cease the asset value, key:

• Event Date: today's date (the same date of event is used for ceasing the timeshare or afforestation when adding it on the SVDI screen)
• Amount: $0

To cease the income amount, key:

• Event Date: today's date
• Amount: $0
• Freq: blank

Note: income is not required to be coded as it will be assessed under the deeming provisions once the timeshare or afforestation is coded on the SVDI screen.

Is the timeshare or afforestation located in Australia?

• Yes, go to Step 4
• No, go to Step 5

Go to the SVDI screen and key the following fields:

• Investment name: the name of the timeshare or afforestation
• Account number: this can be left blank
• Type: the investment type. OTH
• Balance: code the applicable asset value in whole dollars. See Table 6, Step 1 in Assessment and sale of real estate and timeshare asset
• Interest %: the actual rate of return, leave blank
• Non FI deprvd income: the income amount for deprivation, if there is no asset value
• % Owned: the percentage owned by the customer and/or partner
• Event date: the date of event
• Investment date: the date of purchase
• Loan/Encumbrance amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value
• Only code the amount while the customer is entitled to have all or part of the asset exempt under the Assets
• Deeming exempt: code 'Y' if the customer has been granted a deeming exemption for the timeshare investment
• To see if a product is exempt from deeming, see Deeming exemptions, otherwise leave blank
• If 'Y' is coded, actual income received from the investment is assessable - key the Interest % field to enable assessment of actual income
• The Source and DOR and Action (using the code I) fields

Complete the activity on the AR screen.

Record the details on a DOC.

Procedure ends here.

• Investment name: the name of the organisation or timeshare
• Account number: this can be left blank
• Type: the investment type. OSA
• Balance: code the applicable asset value in whole dollars. See Table 6, Step 1 in Assessment and sale of real estate and timeshare asset
• Interest %: the actual rate of return, leave blank
• Non FI deprvd income: the income amount for deprivation, if there is no asset value
• % Owned: the percentage owned by the customer and/or partner
• Event date: the date of event
• Investment date: the date of purchase
• Assets test deduction amt: the amount of encumbrance (in whole dollars rounding down) which is deductible from the balance of the investment, if applicable
• Deeming exempt: code 'Y' if the customer has been granted a deeming exemption for the timeshare investment, To see if a product is exempt from deeming, see Deeming exemptions, otherwise leave blank. If 'Y' is coded, actual income received from the investment is assessable - key the Interest % field to enable assessment of actual income
• The Source: and DOR: and Action: (using the code I) fields
• Once the Source and DOR fields are completed, the Investment Country and Currency fields will populate to code. Once these are completed the relevant exchange rate will pre populate

Complete the activity on the AR screen.

Record the details on a DOC.

Procedure ends here.