Managed investments - updating existing investments 108-04090030

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.

Process Direct

On this page:

Initial contact and coding

Updating and finalising managed investments

Updating a timeshare investment

Initial contact and coding

Table 1

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Step	Action
1	Customer updates Is the customer only updating a timeshare or afforestation investment? Yes, see Table 3 > Step 1 No, go to Step 2
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 in 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 the information that needs to be coded? Yes, go to Step 4 No, go to Step 3
3	Documents and details required from the customer If documents scanned to the customer’s record do not contain all 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 Investment 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	Who completes the updates Is the managed investment owned by an entity (such as a trust or company)? Yes: a Complex Assessment Officer (CAO) can only complete updates for more information, see Identifying and making suitable referrals to the CAO procedure ends here for Service Officers No: all Service Officers can process these updates at point of contact for all payments go to Step 5
5	Updating managed investments Go to the customer’s record Key ‘START’ in the Super Key field Select Income and Assets Update from the Task Selector Select Investments Summary from the task selector options Select Start to initiate the Change of Circumstance workflow The Investments Summary (MIS) screen will show. Go to Step 6
6	Locating the managed investment Check the Investment Summary (MIS). Expand the Managed Investments (MIP) and Unregistered Managed investments (MIUS) sections. For all new acquisitions of managed investments, see Managed investments - adding a new investment. 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 just before 20 March or 20 September. Is the managed investment recorded? Yes, go to Step 7 No, see Managed investments - adding a new investment. Procedure ends here
7	Recorded investment Have the fund details been coded correctly? Yes, go to Step 8 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 investment from the options available on the MIP or 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
8	Withdrawal of funds Is the customer advising a withdrawal? Yes, see Table 2 > Step 5 No, and the product is coded on the: Unregistered Managed Investments (MIUS) options, go to Step 9 Managed Investments (MIP) options, go to Step 11
9	Managed investment coded on MIUS If the customer advises a change of ownership, for example, to correct a managed investment from 50% to 100%: update the managed investment to a zero value, as ownership % cannot be changed add a new managed investment to code correct details. See Managed investments – adding a new investment Check if the investment is now available on the MIN system and can be transferred from MIUS to MIP. Select Add on the MIP line to access the Create Managed Investment (MIP) options Search for the managed investment by coding the details for the managed investment in one or more of the following fields: APIR Code: enter the Asia Pacific Investment Register (APIR) code. This code must be exact to obtain a match. A valid code has 9 characters. The first 3 are letters, the next 4 are numbers, and the final 2 are 'AU' Fund Manager: must have at least 2 characters, the first must be a letter Product Group: is optional. To narrow the investment search Fund Manager must also be coded Product Option: is optional. To narrow the investment search, Fund Manager must also be coded Select Search A product list displays. Is the managed investment now on the MIN system? Yes, go to Step 11 No, go to Step 10
10	Managed investment not on the MIN system Select the investment from MIUS by expanding the investment. Update the details of the investment. Select Add icon on the Unregistered Managed Investment History item line to access the Create Unregistered Managed Investment Entry options. 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 MIUS: for a customer, see Table 2 > Step 1 for a trust or company (Complex Assessment Officers (CAOs) only), see Table 2 > Step 2 To finalise a managed investment update, see Table 2 > Step 7.
11	Managed investment available on the 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%: update the managed investment to a zero value, as ownership % cannot be changed add a new managed investment to code correct details. See Managed investments – adding a new investment 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 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 MIUS and Expand the investment details Select Add on the Unregistered Managed Investment History item line to access the Create Unregistered Managed Investment Entry options Key '0' in the Total Asset Value field, or key '0' for the number of units Complete other fields as needed, for example, Event Date. Do not delete See Table 2 > Step 7

Updating and finalising managed investments

Table 2

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Step	Action
1	Updating Unregistered Managed Investments (MIUS) screen Select Edit in the header details. Update Item Details: Event Date: the date of the change. For Manual Follow-up (MFU) reviews, this is the date the activity is being completed Funeral Exemption: select Yes if the investment is an exempt funeral investment Rural Exemption Code: leave blank unless the customer is claiming a rural payment then select: ASS - 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 Number of Units: 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, update 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 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 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 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 a funeral bond, key the total contribution by the customer since purchase (do not include investment earnings or bonuses paid) Interest rate: code if Deeming Exempt: Yes Select Save Enter Receipt Date Select the Channel Select the Service Reason. If the system does not select a default Service Reason, select the most relevant Service Reason for the update Select Save Go to Step 7.
2	Coding the MIUS screen for a new trust or company For Complex Assessment Officer (CAO). Code in Customer First. See Table 2 > Step 2 on the Customer First tab.
3	Updating Managed Investment (MIP) for a customer Select the investment from MIS by expanding the investment. Select Add icon on the Managed Investment History item line to access the Create Managed Investments Entry options. Update Item Details: Event Date: the date of the change Rural Exemption Code: leave blank unless the customer is claiming a rural payment then select: ASS - if 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 loan/encumbrance which is deducted from the investment value: Only code an 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, 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 Number of Units: use 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 Account Amount: use for account based managed investments. Record 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 a funeral bond, key the total contribution by the customer since purchase (do not include investment earnings or bonuses paid) 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 DOV of the update If the following errors present for the Investment Date field: ‘Managed Investment product has been closed on XXXX-XX-XX’, or 'Managed Investment product has been terminated on XXXX-XX-XX’ refer to the Examples of E126MI error on the Resources page for required actions Select Save Enter the Receipt Date Select the Channel Select the Service Reason. If the system does not select a default Service Reason, select the most relevant Service Reason for the update Select Save Go to Step 7.
4	Coding the MI screen for a new trust or company For Complex Assessment Officer (CAO). Code in Customer First. See Table 2 > Step 4 on Customer First tab.
5	Withdrawal from a managed investment First, check managed investments (MIS, MIP, MIUS) to see if the managed investment(s) had already been recorded. Follow-up details and record any balance not previously recorded. For managed investment (MIP): select the investment from MIP and expand investment details select Add on the Managed Investment History item line to access the Create Managed Investment Entry options For unregistered managed investment (MIUS): select the investment from MIUS and expand investment details select Add on the Unregistered Managed Investment History item line to access the Create Unregistered Managed Investment Entry options If the customer has withdrawn all funds from the investment, zero the number of units or balance. Do not delete the investment. Ask the customer what they have done with the funds. For example, has the customer purchased an income stream Event Date: key the date of the change: Note: if all 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 Number of 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 Account Amount: 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 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 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 has been closed on XXXX-XX-XX’, or 'Managed Investment product has been terminated on XXXX-XX-XX’ refer to the Examples of E126MI error on the Resources page for required actions Select Save Enter the Receipt Date Select the Channel Select the Service Reason. If the system does not select a default Service Reason, select the most relevant Service Reason for the update Select Save Have the funds been transferred into a holding account pending disbursement into another investment? Yes, go to Step 6 No, and all other updates have been finalised: Check the Future Activity List (FAL) screen in Customer First. Complete any review for the return of the documents 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 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 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 must 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	Finalising the process 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 2 > Step 8 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.

Updating a timeshare or afforestation investment

Table 3

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Step	Action
1	Changes to timeshare or afforestation assessment All timeshare investments and afforestation schemes are treated as managed investments and coded on Direct Investment Account (SVDI). If 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 Other Assets (OAS, OASS), or Managed Investments (MIS, MIP, MIUS), or income from timeshare coded on Other Income (OIN, OINS)? Yes, go to Step 2 No, go to Step 3
2	Income already coded for a timeshare or afforestation scheme Cease the income on OIN, OINS and the timeshare or afforestation investment on OAS, OASS, MIS, MIP, MIUS. Then re-code on Savings (SVP, SVDI). To cease the asset value: Expand the time share or afforestation investment Add a new investment details entry Event Date: today's date. Use the same date when adding it on SVDI Total Asset Value: $0 To cease the income amount: Expand the time share 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 scheme is coded on SVDI.
3	Key Direct Investment Account (SVDI) details Go to SVDI and Add the following fields: Event Date Balance Amount: the new value/purchase price of the investment (in either dollars or cents or whole dollars rounding down) 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 Select Save Update the Receipt Date Select the Channel Select the Service Reason. If the system does not select a default Service Reason, select the most relevant Service Reason for the update Select Save Select Assess Check the outcome on Entitlements (ELD) and select Finish Finalisation Notes pre-fill with details of the income and assets update. Update to record any extra details Select Finalise to complete the transaction

Step	Action
1	Customer updates Is the customer only updating a timeshare or afforestation investment? Yes, see Table 3 > Step 1 No, go to Step 2
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? Yes, go to Step 4 No, go to Step 3
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)? Yes: a Complex Assessment Officer (CAO) can only complete updates for more information, see Identifying and making suitable referrals to the CAO procedure ends here for smart centre, Access and Processing Staff No: all Service Officers can process these updates at point of contact for all payments go to Step 5
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? Yes, go to Step 6 No, see Managed investments - adding a new investment. Procedure ends here
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? Yes, see Table 2 > Step 5 No, and the product is coded on the: Unregistered Managed Investments (MIUS) screen, go to Step 8 Managed Investments (MI) screen, go to Step 10
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%: update the managed investment to zero value, as ownership % cannot be changed add a new managed investment to code correct details. See Managed investments – adding a new investment 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? Yes, go to Step 10 No, go to Step 9
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: for a customer, see Table 2 > Step 1 for a trust or company (which can only be done by a CAO), see Table 2 > Step 2 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%: update the managed investment to zero value, as ownership % cannot be changed add a new managed investment to code correct details. See Managed investments – adding a new investment 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

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). 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). 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) Unlisted overseas managed investments 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: '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 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: 'Contact customer to obtain 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: 'Contact customer to obtain 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: '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 Unlisted overseas 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: 'Contact customer to obtain the current unit numbers or portfolio balance for overseas managed investment.' 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.

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? Yes, go to Step 2 No, go to Step 3
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: only code an 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 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.

Operational Information

Managed investments - updating existing investments 108-04090030

Process Direct

Initial contact and coding

Updating and finalising managed investments

Updating a timeshare or afforestation investment

Customer First

Initial contact and coding

Updating and finalising managed investments

Updating a timeshare investment