Revaluing managed investments, shares and securities 108-04090050

This document outlines the process for revaluing managed investments, shares and securities including customer requested revaluations.

Use Customer First to process Client Reviews (CLI) and Manual Follow Up (MFU) activities. Complete the update in the CLI or MFU activity.

Use Process Direct to process customer requests for revaluations. Staff not trained in Process Direct, can use Customer First.

Process Direct

On this page:

20 March and 20 September Client review (CLI) and Manual Follow-up (MFU) activities

Customer request for revaluation

20 March and 20 September Client Review (CLI) and Manual Follow-up (MFU) activities

Table 1

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Step	Action
1	Market-linked managed investments, shares and securities Has the customer requested a revaluation of their market-linked managed investments, shares and securities? Yes, see Table 2 > Step 1 No, and a CLI or MFU activity exists on the customer record, go to Table 1 > Step 1 – Customer First tab

Customer request for revaluation

Table 2

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Step	Action
1	Customer request for revaluation If the automatic bulk update for 20 March or 20 September has been loaded onto the customer's record, it shows an Event Date in the future. For example: today's date is 15 March, and the Event Date for the investment shows 20 March In these cases, the workaround for MIS/SIS/SVS updates immediately prior to 20 March or 20 September must be followed. If the customer is: asking for a revaluation only, a trial assessment is available in go to Step 2 advising details have changed, for example some units or shares have been sold, see: Updating shares and securities, or Managed investments - updating existing investments
2	Bulk update of all listed shares Tell the customer there is a bulk update of the value of all listed shares and unitised managed investments each March and September. Does the customer want a revaluation of their listed shares and unitised managed investments now? Yes, go to Step 3 No, procedure ends here.
3	Change in value of one investment Tell the customer a revaluation will include all their Australian listed shares and Australian unitised managed investments. This may increase the asset value of their total investment portfolio. Offer the customer a trial assessment of their managed investments and/or shares. Does the customer want a trial assessment? Yes, go to Step 4 No, procedure ends here
4	Trial assessment To revalue all listed shared and unlisted managed investments for a customer and/or their partner: Key START into the Super Key Select the Revaluation Request workflow from the Task Selector Select the relevant tasks and select Start Event date and Receipt date fields will display today's date, edit if required. See Date of receipt for more information Channel type will display, edit if required Select Start Revaluation. The system recalculates the asset value on all the customer and/or partner’s Australian listed shares and Australian unitised managed funds using the current values from the Managed Investments (MIN) and Securities and Investments (SIN) databases. The deemed income also updates Select Next The revaluation data will display a provisional line on each investment. Select Next On the Financial Investment Summary (IVIS) screen, determine the changes in assessable income and asset values of all Australian listed shares and/or Australian unitised managed investments for customer and/or partner. Select either: Previous Period and Next Period a date to select a specific date Compare the updated values to the previous values Tell the customer the outcome Does the customer want to proceed with the revaluation of their shares and managed investments? Yes: Select Next Go to Step 5 No: Select Cancel Select Yes on the Cancel Transaction screen Procedure ends here
5	Finalise the update Select Assess and address any errors/warnings shown on the Errors (SWE) screen Check the payment outcome on Entitlement (ELD) screen Select Finish Record extra details in Notes Select Finalise to complete the transaction For Farm Household Allowance (FHA) customers, complete a reassessment of their Social Services Plan (SSP). See Change of circumstance for Farm Household Allowance (FHA).

Customer First

On this page:

20 March and 20 September Client review (CLI) and Manual Follow-up (MFU) activities

Customer request for revaluation

20 March and 20 September Client Review (CLI) and Manual Follow-up (MFU) activities

Table 1

Expand table

Step	Action
1	Market-linked managed investments, shares and securities Has the customer requested a revaluation of their market-linked managed investments, shares and securities? Yes, see Table 2 > Step 1 No, and a CLI or MFU activity exists on the customer record: For unlisted shares and securities, go to Step 2 For unlisted managed investments, go to Step 11
2	Unlisted shares and securities CLI or MFU work item System generated CLI activities for unlisted shares and securities are show as an Unlisted share review-General work item with keyword PNSIUSRV. Staff generated MFU activities with keyword OSSIUS. This review is to update unlisted overseas shares and overseas share portfolios or overseas managed investments and portfolios not recorded in the MIN system. The Shares Summary Unlisted Securities SIUS screen is used due to the inbuilt currency converter not being available on the MIUS screen. Work item notes will confirm the company name, as recorded on the SIUS screen. To action the review: Open the work item. The default system to action these reviews is Customer First On the Activity Details (AY) screen, review the Notes. This will confirm the details of the updates required Once reviewed, select Continue or navigate to the Current Activity (AL) screen Select the review. the updates must be completed in the review activity Select the relevant unlisted shares and securities on the Securities and Investments Summary (SIS) screen, to go to SIUS For credit union and/or building society member shares, go to Step 3 For unlisted shares and securities, go to Step 4 For private company shares, go to Step 8 For overseas shares and overseas managed investments, go to Step 10 Note: do not record private company shares on SIUS. These are assessed on the company record by a Complex Assessment Officer (CAO). To check if a company is public or private, search for the company on ABN Lookup or ASIC Connect.
3	Credit union and/or building society shares recorded on SIUS Credit union and/or building society shares recorded on SIUS should be transferred to Savings and Direct Investments (SVDI). To update SIUS: Total Asset Value: update to zero (do not delete) Annual income: update to zero (if any income keyed) check the New home deduction amount $. If it has an entry, update it to zero Event Date: the date the MFU review activity is being completed Note: do not use the delete function unless the customer and/or partner never owned the shares listed on their record. To update SVDI, see Table 1 > Step 16 on the Customer First subtab in Adding shared and securities Event Date: the date of the update for the MFU review activity ensure any Loan/Encumbrance amounts are reflected on the SVDI screen ensure any New home deduction amounts are reflected on the SVDI screen Are there are other unlisted shares and securities? Yes, go to Step 4 No, to finalise the CLI review activity, go to Step 15
4	Assessing unlisted Australian shares and securities Some shares are temporarily coded on SIUS until the ASX code is added to the Shares Summary Listed Securities (SILS) screen. Is the ASX code available on the SILS screen? Yes: To update SIUS: - zero Total Asset Value - check the New home deduction amount $. if it has an entry, update it to zero - Event Date: the date the CLI review activity is being completed Note: do not use delete unless the customer and/or partner never owned the shares listed on their record To update SILS: - see Table 2 > Step 1 on the Customer First subtab in Adding shares and securities - Event Date: the date the CLI review activity is being completed - go to Step 15 to finalise the CLI review activity No, go to Step 5
5	Obtain current value of unlisted shares CLI share review requiring an updated price. Check if the share is listed on any of the following Financial Industry and Network Support (FINS) Bulletin pages. The most common share types coded on SIUS are ETF’s (exchange traded funds), Bendigo Bank Community Shares, or Delisted Shares. These share prices can be obtained using the last traded price or MFU date price from the following FINS Bulletin pages: Bendigo Community Banks Exchange Traded Funds Australian Stock Exchange (ASX) Company Changes and Delisting Public Unlisted Shares Is the unlisted share value available on the FINS Bulletin? Yes, go to Step 7 No, go to Step 6
6	More information needed for unlisted Australian public company shares Contact the customer to ask what information they have. If they do not have everything needed or the information is greater than 12 months old, check if getting the extra documents will be a cost to them. If there will be a cost, consider contacting the company accountant for the details. Get the following information: Company: name of the company or cooperative Product: name of security/share/product Type: for example, ordinary shares % Owned C/P: the % owned by the customer and their partner Event Date: the date when a change occurred to this security Holding Statement or Buy Contract The customer should also provide some of the following documents to assist in determining a value: latest Annual General Report including asset and liability information of the company if relevant, evidence that a market exists for a company's shares the director's report for at least the most recent financial year (this may be included in the Annual General Report) Is the required information available? Yes, code the details: Where a market exists, use the market value Otherwise, use the Net asset backing method to calculate the share value i.e. Net asset value of the company (from the balance sheet) divided by the total number of shares issued by the company. This equals the value per share. Multiply the value per share by the number of shares owned by the customer = total share value owned by the customer If assistance is required to calculate the share value, utilise the Technical Support Model Key the unlisted public company details on the Shares Summary Unlisted Securities (SIUS) screen, go to Step 7 No, check prior DOCs and scanned images to see if information has been previously provided: If previous attempt to contact was unsuccessful: - send a request for information to the customer for required documents. See Requesting information (CLK) Create a Fast Note to document the attempt to contact customer and/or nominee and what information is required to complete the CLI activity Ensure the Link to existing activity radio button is selected. Select Continue Select the CLI activity on AL and then Continue Return to the AL screen and select CLI activity again Select Hold/resubmit for action on a future date and Continue Complete the Resubmit Date with the same due date as the RFI Procedure ends here until documents returned- once information provided select the review from AL and, go to Step 7
7	Update unlisted share value on SIUS screen Update the following fields: Product: with the total number of shares and the share price Total Asset Value: new value Event Date: the date the CLI review activity is being completed If the number of shares owned is not recorded in the Product field, check prior DOCs, scans or claims for this information: If these details are not available on the customer's record, contact the customer by phone and confirm the number of shares owned If phone contact was unsuccessful: Send a request for information to the customer for required documents. See Requesting information (CLK) Create a Fast Note to document the attempt to contact customer and/or nominee. Include the information required to complete the CLI activity Ensure the Link to existing activity radio button is selected. Select Continue Select the CLI activity on the AL screen and then Continue Return to the AL screen and select CLI activity again Select Hold/resubmit for action on a future date and Continue Complete the Resubmit Date with the same due date as the RFI Procedure ends here until documents returned to update details once information provided, select the CLI activity from AL and return to start of Step 7 To finalise the CLI review activity, go to Step 15
8	Private company shares recorded on SIUS Check the Link Summary (LS) screen to see if the customer is linked to the private company. Is the customer already linked to the private company record? Yes, go to Step 9 No, check prior DOCs and scanned images to see if a MOD PC for the private company has been provided If a MOD PC for the private company has been provided, go to Step 9 If a MOD PC has not been provided, make 2 genuine attempts to contact the customer to explain the issue Send a request for information to the customer for a completed MOD PC. See Requesting information (CLK) Once the MOD PC is provided, go to Step 9
9	Complex Assessment Officer (CAO) referral Make a CAO referral and include notes to advise: company shares are incorrectly coded on SIUS, and CAO assessment and SIUS correction required Finalise the MFU/CLI review. Add Notes 'private company shares incorrectly coded on SIUS – referred to CAO'. Procedure ends here.
10	Update unlisted overseas shares and overseas managed investment value on SIUS screen Update the following fields: Product: total number of shares and the share price. Note: If the product is an overseas share portfolio or overseas managed investment, this field may be left blank Total Asset Value: new value Event Date: the date the MFU review activity is being completed If the number of shares owned is not recorded in the Product field, check prior DOCs and scans for this information: If these details are not available on the customer's record, contact the customer by phone and confirm the number of shares owned If the product is an overseas share portfolio or overseas managed investment, contact the customer to confirm the current value of their investment If phone contact was unsuccessful: Send a request for information to the customer for required documents. See Requesting information (CLK) Create a Fast Note to document your attempt to contact customer and/or nominee and the information required to complete the MFU activity Ensure the Link to existing activity radio button is selected. Select Continue Select the MFU activity on AL and then Continue Return to the AL screen and select MFU activity again Select Hold/resubmit for action on a future date and Continue Complete the Resubmit Date with the same due date as the RFI Procedure ends here until documents returned once information provided, select the MFU activity from AL and return to start of Step 10 to update details go to Step 15 to finalise the MFU review activity
11	Unlisted managed investments CLI or MFU work item System generated CLI activities for unlisted managed investments show as an Unlisted managed investment review - General work item with keyword PNMIUSRV. Staff generated MFU activities will include keywords MARGLOAN, ABMIS, UNREGMIS, SMSFMIS. Work item notes recorded on the Unregistered Managed Investments (MIUS) screen, will confirm the company name. To action the review: Open the work item. The default system to action these reviews is Customer First In the Activity Details (AY) screen, review the Notes. This will confirm the details of what requires updating Once reviewed, select Continue or navigate to the Current Activity (AL) screen Select the review. Complete the updates in the review activity To go to the MIUS screen, select the relevant unlisted managed investment on the Managed Investment Summary (MIS) screen Go to Step 12.
12	Assessing unlisted managed investments and superannuation products Some managed investments and superannuation products are temporarily coded on MIUS until the APIR code is added to the Managed Investments (MIP) screen. Is the APIR code available on the MIP screen? Yes: To update MIUS: - zero Asset amount field - check the New home deduction amount $. If it has an entry, update it to zero - Event Date: the date the CLI activity is being completed Note: do not use the 'delete' function unless the customer and/or partner never owned the managed investments or superannuation products listed on their record To update MIP: - see Table 2 > Step 1 on the Customer First subtab in Managed investments - adding a new investment - Event Date: the date the CLI review activity is being completed - go to Step 15 to finalise the CLI review activity No, go to Step 13
13	Obtain current value of unlisted managed investments CLI or MFU unlisted managed investments review requiring an update. Contact the customer by phone to obtain the current value for their: unlisted managed investment margin loan, account based managed investment and/or SMSF Was contact successful? Yes, go to Step 14 No, Send a request for information to the customer for required documents. See Requesting information (CLK) Create a Fast Note to document your attempt to contact customer and/or nominee and what information is required to complete the CLI or MFU activity Ensure the Link to existing activity radio button is selected. A drop down box will present. Select the started activity the Fast Note is to be linked to Tick the Held box A resubmit date box will present. Change resubmit date to date RFI is due Procedure ends here until documents returned When all information is provided, select the CLI or MFU activity from AL and go to Step 14.
14	Update unlisted managed investment value on MIUS Update the following fields: Product: update number of units if changed. This field can be left blank for portfolios, SMSFs, etc. Total Asset Value: new value, or Unit Value Amount: new value, and Number of units: number of units, if changed Event Date: the date the CLI or MFU review activity is being completed Select Continue and repeat until all updates are completed Go to Step 15 to finalise the CLI or MFU review activity.
15	Finalising updates Once all updates are completed: select Continue complete the activity on the AR screen record details on a DOC Go to Step 16 to set up the next Manual Follow-up (MFU) review
16	Setting up an MFU review code The following products are excluded from the bulk updates in March and September and must have a manual review created: Margin loans Account based managed investments and superannuation products Unregistered superannuation products Personal investment funds Self-managed superannuation funds (SMSF) Unlisted overseas manage investments Note: the system automatically creates the CLI review for Unlisted Australian Shares and securities and Unregistered Managed Investments (Non Super). A manual review is not required to be coded. In Customer First, create a manual review on the Review Registration (RVR) screen ensure the correct keyword is recorded as follows for: Margin loans: Service Reason: customer's payment type Review Reason: PEN: INV JSP, YAL and FHA (FHS): INA PPP and ABY: OTH Due Date: next bulk update 20 March or 20 September Source: INT Date of Receipt: today's date Notes: 'Contact customer to obtain 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 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. Account based managed investments and superannuation products: Service Reason: customer's payment type Review Reason: PEN: INV JSP, YAL and FHA (FHS): INA PPP and ABY: OTH Due Date: next bulk update 20 March or 20 September Source: INT Date of Receipt: today's date Notes: 'Contact customer to obtain the current market value of the portfolio.' Keywords: ABMIS 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. Unregistered superannuation products (except SMSFs) and Personal investment funds: Service Reason: customer's payment type Review Reason: PEN: INV JSP, YAL and FHA (FHS): INA PPP and ABY: OTH Due Date: next bulk update 20 March or 20 September Source: INT Date of Receipt: today's date Notes: 'Contact customer to obtain the current market value of the portfolio.' Keywords: UNREGMIS 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. Self-managed superannuation funds (SMSF): Service Reason: customer's payment type Review Reason: PEN: INV JSP, YAL and FHA (FHS): INA PPP and ABY: OTH Due Date: next bulk update 20 March or 20 September Source: INT Date of Receipt: today's date Notes: 'Contact customer to obtain 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. Unlisted overseas shares or overseas managed investment products: Service Reason: customer's payment type Review Reason: PEN: INV JSP, YAL and FHA (FHS): INA PPP and ABY: OTH Due Date: next bulk update 20 March or 20 September Source: INT Date of Receipt: today's date Notes: 'Contact customer to obtain the current shareholding or portfolio balance for overseas shares or unit numbers or portfolio balance for overseas managed investments.' 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.

Customer request for revaluation

Table 2

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Step	Action
1	Customer request for revaluation If the automatic bulk update for 20 March or 20 September has been loaded onto the customer's record, it will show an Event Date in the future. For example: today's date is 15 March, and the Event Date for the investment shows 20 March In these cases, the workaround for MIS/SIS/SVS updates immediately prior to 20 March or 20 September must be followed. If the customer is: asking for a revaluation only, go to Step 2 advising details have changed, for example some units or shares have been sold, see: Updating shares and securities, or Managed investments - updating existing investments
2	Bulk update of all listed shares Tell the customer there is a bulk update of the value of all listed shares and unitised managed investments each March and September. Does the customer want a revaluation of their shares now? Yes, go to Step 3 No, procedure ends here
3	Change in value of one investment Tell the customer a revaluation will include all their Australian listed shares and Australian unitised managed investments. This may increase the asset value of their total investment portfolio. Offer the customer a trial assessment of their managed investments and/or shares. Does the customer want a trial assessment? Yes, go to Step 4 No, go to Step 6
4	Trial assessment In Customer First or Customer Record go to either the: Managed Investments Summary (MIS) or Shares and Investments Summary (SIS) screens. Make a note of the value of the managed investments or shares. Enter: 'Y' in the Calculate field the date of event in the Event Date field 'Y' in the Trial field the appropriate code in the Source field the date of receipt in the DOR field select Continue Compare the updated values to the previous values. Tell the customer the outcome. Does the customer want to proceed with the revaluation of their shares and managed investments? Yes, go to Step 5 No: go to the Activity List (AL) screen delete (D) the trial activity select Continue confirm cancel activity go to Step 8
5	Cancel the trial activity On the MIS/SIS screens, complete fields as per previous trial assessment but enter 'N' in the Trial field. This converts the trial activity into a normal activity. Finalise the activity on the Assessment Results (AR) screen. Complete the recalculation.
6	Recalculation Go to either the MIS or SIS screens in the customer's record. Key 'Y' in the Calculation field Complete the Source and DOR fields Select Continue Complete the activity on the AR screen For Farm Household Allowance customers, a reassessment of their Social Service Plan (SSP) is required to complete the update. See Change of circumstance for Farm Household Allowance(FHA).
7	Recalculation of asset value The system recalculates the asset value on all the customer's Australian listed shares and Australian unitised managed funds. The current values from the Managed Investments (MIN) and Securities and Investments (SIN) databases are used. The deemed income also updates.
8	Final step Record details on a DOC.

Operational Information

Revaluing managed investments, shares and securities 108-04090050

Process Direct

20 March and 20 September Client Review (CLI) and Manual Follow-up (MFU) activities

Customer request for revaluation

Customer First

20 March and 20 September Client Review (CLI) and Manual Follow-up (MFU) activities

Customer request for revaluation