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Managed investments - updating existing investments 108-04090030

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This document outlines how to process an update to managed investments owned by a customer or an entity such as a private trust or private company.

Staff trained in Process Direct select the Process Direct tab. Staff not trained, select Customer First.

Customer First

On this page:

Initial contact and coding

Updating and finalising managed investments

Updating a timeshare investment

Initial contact and coding


Table 1

Expand table

Step

Action

1

Customer updates

Is the customer only updating a timeshare or afforestation investment?

2

Discuss all income and assets updates

If there are concerns about the details, see Coding income and assets for Centrelink payments and services and Verifying income and assets.

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

Only enquiries, revaluations and updates for managed investments can be completed over the phone.

Can the customer provide all details needed for coding?

3

Documents and details required from customer

If documents scanned to the customer’s record do not contain all the details needed to identify the managed investment, try to contact the customer.

If contact with the customer is:

  • unsuccessful, request the information in writing and allow extra time for surface mail delivery
  • successful:
    • Tell the customer what details they need to provide
    • Use Mail Forms if a form needs to be sent
    • Request the information in writing and allow extra time for surface mail delivery
    • Tell the customer that all information is needed before coding any updates. This ensures they receive correct payments
    • DOC what has been requested

If documents relate to State or Public Trustee managed investments:

  • Check for an 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 has not been duplicated on the Direct Investments (SVDI) screen as a bank account

For all other managed investments, document should be a statement which includes:

  • For portfolio products that do not have an Aisa Pacific Investment Register (APIR) code, the latest statement showing the current balance
  • For unitised products, the latest statement showing a breakdown of the investment options and number of units owned

Procedure ends here until documents returned.

4

Complete updates

Who can complete these updates?

Is the managed investment owned by an entity (such as a trust or company)?

5

Locating the managed investment

Check the Managed Investments Summary (MIS) screen.

Bulk updates for 20 March or 20 September

When updating a managed investment and the bulk update for 20 March or 20 September has been actioned, the Event Date will display as a date in the future. To complete the update for an earlier Event Date, follow the workaround for MIS/SIS/SVS updates immediately prior to 20 March or 20 September.

Is the managed investment recorded?

6

Recorded investment

Have the fund details been coded correctly?

  • Yes, go to Step 7
  • No:
    • Key ‘0’ in the Total Asset Value field, or key ‘0’ in the Number of Units field for each past event date
    • Record the correct investment from the first event date with the original total asset value or number of units
    • Select the correct investment from the options available on MIP of MIUS screen for help with coding, see Managed investments - adding a new investment
    • Record all relevant past event dates with the total asset value or number of units

7

Withdrawal of funds

Is the customer advising a withdrawal?

8

Managed investment coded on the MIUS screen

If the customer advises a change of ownership, for example, to correct a managed investment from 50% to 100%:

Check if the investment is now on the MIN system and can be transferred from MIUS to the MIP screen. Go to the MIP screen.

For more help, key '?' for each field.

Search for the investment by coding the details for the managed investment in one (or more) of the following fields:

  • Fund Manager: must have at least 2 characters, the first character must be a letter
  • APIR Code: enter the Asia Pacific Investment Register (APIR) code. This code must be exact to obtain a match. It must have 9 characters. The first 3 are letters, the next 4 are numbers and the final 2 are 'AU'. Note: if coding this field, do not code the Fund Manager, Product Group or Product Option fields
  • Product Group: multiple keywords can be entered, separated by a comma. Fund Manager must also be coded
  • Product Option: multiple keywords can be entered, separated by a comma. Fund Manager field must also be coded
  • Current Name Only: if a Yes, only the most recent Fund Manager, Product Group and Product Option display. If No, former names display
  • Press [Enter]

A product list displays.

Is the managed investment now available on the MIN system?

9

Managed investment not available on the MIN system

Select the investment from the MIS screen.

The MIUS screen displays.

Update the details of the investment.

  • Confirm with the customer the current account dollar value
  • Once the changes are completed, the system will update the value of all shares and managed investments
  • For help with coding the MIUS screen:
  • See Table 2 > Step 6

10

Managed investment available on MIN system

Note: if the product has been duplicated on SVDI, zero the balance from the same date as the product was coded on MIP. See Dates of effect for review of decision outcomes.

If the customer advises a change of ownership, for example, to correct a managed investment from 50% to 100%:

Is the customer advising of an update to an existing investment on the Managed Investments (MI) screen?

  • Yes, see Table 2 > Step 3
  • No, but investment previously recorded on MIUS is now available on the MIN system:
    • Select the correct investment from the options available on the Managed Investments Product List (MIP) screen. For help with coding the MI screen, see Table 2 > Step 3
    • Go to the MIS screen and select the investment previously recorded on MIUS
    • Key '0' in the Total Asset Value field if account based, or '0' in Number of Units field if unitised
    • Complete the other necessary fields such as the Event Date, Source, Date of Receipt and Action fields. Do not delete
    • See Table 2 > Step 6

Updating and finalising managed investments


Table 2

Expand table

Step

Action

1

Updating the MIUS screen for a customer
  • 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 bond, key the total contribution by the customer since purchase (do not include investment earnings or bonuses paid
  • 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: if the investment is unit based, update the value of each unit
  • Event Date: the date of the change For MFU reviews, this is the date the activity is being completed
  • 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
  • Deeming Exempt: key 'Y' if the investment is exempt from the deeming rules
  • Interest Rate: key numeric value if Deeming Exempt = 'Y'
  • Funeral Exempt: key 'Y' if the investment is an exempt funeral investment
  • Rural Exempt: leave blank unless the customer is claiming a rural payment then key:
    • ASS - if the investment is exempt from the assets test. For example, for superannuation if the fund is in the accumulation phase
    • BTH - if both asset and deemed income is exempt
    • NOT - if neither asset value or deemed income is exempt
  • Source: Key the source of the information
  • DOR: Key the date of receipt of the information
  • Action: Key 'I'
  • Press [Enter]
  • The MIS screen displays showing the updated managed investment
  • Complete the activity on the Assessment Results (AR) screen
  • Record the details on a DOC

Go to Step 7.

2

Coding on the MIUS screen for a new trust or company

For Complex Assessment Officer (CAO).

Processing Team: Typically done by specialised processing teams in a service centre or Smart Centre. Unless otherwise stated, staff may complete this step if they are trained.

Key the following fields on the MIUS screen for a trust or company:

  • Fund Name: the fund manager name
  • Product: the product name
  • Total Asset Value: if the investment is account based, key the account balance (in either dollars and cents or whole dollars rounding down) it will result in the same outcome
  • 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 entity 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
  • Event Date: record the date from when the circumstances applied
  • Press [Enter]

The MIS screen displays showing the updated managed investment.

  • Complete the activity on the AR screen
  • Record the details on a DOC

Procedure ends here.

3

Updating the MI screen for a customer
  • Units: for unit-based investments, it must be a whole number. If the customer owns a partial number of units, round down to the nearest whole number:
    • For account based managed investments, record in dollars and cents or whole dollars, rounding down, it will result in the same outcome
    • For margin loans, key the gross current market value
    • For personal investment funds, key the total value of the portfolio, including any cash component
    • Funeral bond, key the total contribution by the customer since purchase (do not include investment earnings or bonuses paid
  • Event Date: key the date of the change
  • Policy number: if the field for the policy/account/certificate number was previously blank and the customer can now provide it, the investment will need to be zeroed off and recoded within the same update. Use today as the event date; see Managed investments - adding a new investment
  • Rural Exempt: leave blank unless the customer is claiming a rural payment then key:
    • ASS - if the investment is exempt from the assets test (for example, for superannuation if the fund is in the accumulation phase)
    • BTH - if both asset and deemed income is exempt
    • NOT - if neither asset value or deemed income is exempt
  • Loan/Encumbrance amount $: if applicable, update the balance of the loan/encumbrance. 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
  • If there is a later Event Date (DOV) recorded after the date of the update, correct each later DOV with the new balance/unitholding. For example, 20 March or 20 September bulk updates, not in the future, but after the date of the event of the update
  • If the following errors present for the Investment Date field:
    • ‘Managed Investment product XXX has been closed on DD/MMM/YYYY’, or
    • 'Managed Investment product XXX has been terminated on DD/MMM/YYYY’
    • refer to the Examples of E126MI error on the Resources page for required actions
  • Source: Key the source of the information
  • DOR: Key the date of receipt of the information
  • Action: Key 'I'
  • Press [Enter]

The MIS screen displays showing the updated managed investment.

  • Complete the activity on the Assessment Results (AR) screen
  • Record the details on a DOC

Go to Step 7.

4

Coding on the MI screen for a new trust of company

For Complex Assessment Officer (CAO).

Processing Team: Typically done by specialised processing teams in a service centre or Smart Centre. Unless otherwise stated, staff may complete this step if they are trained.

Key the following fields on the MI screen for a trust or company:

  • Units: if the investment is unit-based, key the number of units. Note: the system will not allow the coding of decimals. If the entity 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)
  • Event Date: record the date from which the circumstances applied
  • Policy Number: if the field for the policy/account/certificate number was previously blank and the customer can now provide it, page back and correct the first event date by updating the policy number field
  • Press [Enter]

The Managed Investments Summary (MIS) screen displays showing the updated managed investment.

Record the details on a DOC. Ensure the FAL screen is checked and any review for the return of the documentation completed.

Procedure ends here.

5

Withdrawal from a managed investment

Before beginning this step, check the MIS screen to see if the managed investment(s) had already been recorded. Follow-up details and record any balance not previously recorded.

While in the customer's record, go to the MI screen by selecting the appropriate investment from the MIS screen:

  • If the customer has withdrawn all funds from the investment, zero the number of units or balance, do not 'd'elete or 'c'orrect the investment.). Ask the customer what has been done with the funds. For example, has the customer purchased an income stream
  • Units: if the investment is unit-based, key the current number of units held. Use whole numbers only. If the customer owns a partial number of units, round down to the nearest whole number
  • If the investment is account based, key the current balance in either dollars and cents or whole dollars, rounding down, it will result in the same outcome. For:
    • margin loans, key the gross current market value
    • personal investment funds, key the total value of the portfolio, including any cash component
  • On the MIUS screen zero out the Total Asset Value if the Unit numbers and Unit Value have been coded. These fields will also need to be blanked out
  • Event Date: key the date of the change:
    • Note: if all the funds have been immediately transferred into another investment, code the Event Date as the date the new investment was opened. If the funds have been immediately rolled over to purchase an income stream, code the Event Date as the purchase date of the income stream. See Income streams
  • 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, 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
  • If there is a later Event Date (DOV) recorded after the date of the update, correct each later DOV with the new balance/unitholding. For example, 20 March or 20 September bulk updates, not in the future, but after the date of the event of the update
  • If the following errors present for the Investment Date field:
    • ‘Managed Investment product XXX has been closed on DD/MMM/YYYY’, or
    • 'Managed Investment product XXX has been terminated on DD/MMM/YYYY’
    • refer to the Examples of E126MI error on the Resources page for required actions
  • Source: Key the source of the information
  • DOR: Key the date of receipt of the information
  • Action: Key ‘I’
  • Press [Enter]

Has the customer transferred the funds into a ‘holding’ account pending disbursement into another investment?

  • Yes, go to Step 6
  • No, and all other updates have been finalised:
    • Complete the activity on the AR screen
    • Record the details on a DOC
    • Ensure FAL screen is checked and any review for the return of the documentation completed
    • Go to Step 7

6

Managed Investment funds transferred to ‘holding’ account

If a customer advises funds have been held in a ‘holding’ account pending disbursement or roll over into another investment:

  • record the account on SVDI for the interim period with Event Date as the date of the transfer. See Coding income and assets for Centrelink payments and services
  • continue with any further updates
    • complete the activity on the AR screen
    • record the details on a DOC
    • ensure FAL screen is checked and any review for the return of the documentation completed

Go to Step 7.

7

What to tell the customer
  • There is a bulk update of the value of all listed share 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 and changes to investment options
  • 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)

Go to Step 8.

8

Setting up a MFU review code for a new product

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

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

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

  • Margin loans:
    • Service Reason: customer's payment type
    • Review Reason:
      PEN: INV
      JSP, YAL, PPS: INA
      PPP, ABY: OTH
    • 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:
      PEN: INV
      JSP, YAL, PPS: INA
      PPP, ABY: OTH
    • 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 superannuation products (except SMSFs) and Personal investment funds:
    • Service Reason: customer's payment type
    • Review Reason:
      PEN: INV
      JSP, YAL, PPS: INA
      PPP, ABY: OTH
    • 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:
      PEN: INV
      JSP, YAL, PPS: INA
      PPP, ABY: OTH
    • 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
  • Unlisted overseas shares or managed investment products
    • Service Reason: customer's payment type
    • Review Reason:
      PEN: INV
      JSP, YAL, PPS – INA
      PPP, ABY - OTH
    • 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 company/share showing the current shareholding and country it is listed in.'
    • Keywords: OSSIUS
    • 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.


Updating a timeshare investment


Table 3

Expand table

Step

Action

1

Changes to timeshare or afforestation assessment

All timeshare investments and afforestation schemes are treated as managed investments and coded on the Direct Investments (SVDI) screen.

If the customer is advising a new timeshare investment, see Managed investments - adding a new investment. Procedure ends here.

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

2

Income already coded for a timeshare or afforestation scheme

Cease income on the OINS screen and timeshare or afforestation investment on the OAS/MIS screens. Then code the asset value 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 does not need to be coded. It will be assessed under the deeming provisions once the timeshare or afforestation a scheme is coded on SVDI.

3

Key SVDI screen

From the Savings Summary (SVS) screen, select the appropriate line.

The SVDI screen is displayed. On this screen, key the:

  • new value/purchase price (in either dollars and cents or whole dollars rounding down, it will result in the same outcome) of the investment in the Balance field
  • Loan/Encumbrance amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value:
  • date of event (DOV) in the Event Date field
  • Source, DOR and Action (using the code I) fields

Complete the activity on the Assessment Results (AR) screen.

Record details on a DOC.

Procedure ends here.