Updating shares and securities 108-19092734

For a small change to asset values, determine whether the customer is required to notify.

If there are concerns with the truth of the customer's information, see Coding income and assets for Centrelink payments and services.

If the customer has requested a revaluation of their market-linked managed investments, shares and securities, see Revaluing managed investments, shares and securities.

Check for a record of the investment. If the customer wants to remove their credit union or building society member shares that are keyed on Saving Summary (SVS), go to Step 5.

All other shares and listed securities will be on the Shares and Securities Summary (SIS, SILS, SIUS).

Enter START into the Super Key field to begin the Income and Assets Update workflow.

Is the investment already recorded?

• Yes:
• on the Shares and Securities Summary (SIS, SILS, SIUS)
• listed shares will be displayed under Shares Summary Listed Securities (SILS)
• unlisted shares will be displayed under Shares Summary Unlisted Securities (SIUS)
• go to Step 2
• No:
• investigate if the company name has changed. For example, ask the customer or check the FINS Bulletin
• if company name has changed, go to Step 3
• if it is a new investment, see Adding shares and securities

If the customer is advising:

• updates to investments held by a trust or company:
• the update must be referred to a Complex Assessment Officer (CAO)
• for CAO update action, go to Step 7 in Table 2
• a change of ownership of shares, go to Step 3
• a change to their option(s) and/or warrant(s), go to Step 6
• a change to the number of shares held, go to Step 4
• an update to credit union and/or building society member shares, go to Step 5
• of an update to the value of unlisted shares, go to Step 7

The system does not allow changes in the % owned field or change in company name. The investment will need to be closed and keyed as a new investment from the date of the change of ownership.

Make a note of the details currently recorded. They will be needed when recoding the investment with the new ownership information.

If the investment is on:

• SILS:
• select > to expand share details
• on the Shares Summary Listed Securities Details line, select to open the Create Shares Summary Listed Securities Details
• update the Number of Shares field to zero (do not delete)
• check the Loan/Encumbrance amount $: if it has an entry, update it to zero. 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
• check the New home deduction amount $: if this field has an entry, update this to zero
• SIUS:
• select > to expand share details
• on the Shares Summary Unlisted Securities Details line, select to open the Create Shares Summary Unlisted Securities Details
• update the Asset Amount to zero (do not delete)
• check the Annual Income field, if there is any income, update it to zero
• check the New home deduction amount $: field, if it has an entry, update it to zero
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. If the customer has a loan against their unlisted shares or sold their former home prior to 1 January 2023 and invested some or all of the sale proceeds into unlisted shares, this will be recorded on the SVDI screen. If the investment is recorded on SVDI, update the Balance to zero. Check the Loan/Encumbrance amount $: field, if it has an entry, update it to zero

For all updates:

• Event Date (DOV) is the date the ownership changed. The new investment, with the new ownership, will have the same DOV
• check the Rural Exempt field. If it has an indicator, change it to be blank
• select Save and repeat until all updates are completed

Note: do not use delete unless the customer and/or their partner never owned the shares listed on their record. See Sale of principal home.

Manual coding will be needed to add the shares as a new investment. While in the same activity, see Adding shares and securities.

Includes:

• more of the same shares have been purchased
• the customer receives additional shares as part of a dividend reinvestment scheme rather than cash or a payment
• some or all of the shares have been sold

The update to the record will depend on whether the customer has acquired new shares or sold some or all of their existing holdings.

If the customer has additional shares, either purchased or received as part of dividend reinvestment or has sold some shares

• SILS:
• select > to expand share details
• on the Shares Summary Listed Securities Details line, select to open the Create Shares Summary Listed Securities Details
• update the Number of Shares field to the number currently held
• 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. If the shares are security for a loan, key the amount of the loan. Do not key margin loans here. Go to the FINS Bulletin, which has information about margin loans including the pseudo key for a number of margin loan products. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New home deduction amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• SIUS:
• select > to expand share details
• on the Shares Summary Unlisted Securities Details line, select to open the Create Shares Summary Unlisted Securities Details
• update the Asset Amount to the new figure, either taking into account the extra shares or the reduced amount of shares
• check the Annual Income field if required
• 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
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. If the customer has a loan against their unlisted shares or sold their former home prior to 1 January 2023 and invested some or all of the sale proceeds into unlisted shares, this will be recorded on the SVDI screen. If the investment is recorded on SVDI, update the Balance of the investment and if required, update the Loan/Encumbrance amount $: field with the updated loan value, or pre 1 January 2023 exempt sale proceeds amount

If all shares or listed securities have been sold

• SILS:
• select > to expand share details
• on the Shares Summary Listed Securities Details line, select to open the Create Shares Summary Listed Securities Details
• update the Number of Shares field to zero if all shares have been sold
• check the Loan/Encumbrance amount $: update the balance to zero if all shares have been sold. 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
• check the New home deduction amount $: update the amount to zero if all shares have been sold. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership
• SIUS:
• select > to expand share details
• on the Shares Summary Unlisted Securities Details line, select to open the Create Shares Summary Unlisted Securities Details
• update the Asset Amount to zero if all shares have been sold
• check the Annual Income field if required
• check the New home deduction amount $: update the balance to zero if all the shares have been sold. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. Unlisted shares with a loan or pre 1/1/2023 exempt sale proceeds amount will be recorded on the SVDI screen. Check SVDI for unlisted shares. Update the Balance to zero. If applicable, remove any Loan/Encumbrance amount recorded. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership

Note: do not use delete unless the customer and/or their partner never owned the shares listed on their record.

For all updates:

• The Event Date (DOV) is the date of the change:
• when buying or selling shares there is a trade date and a settlement date. The trade date is the date that the transaction happens on the market. The settlement date is the date the payment is made for the trade and ownership is transferred. For social security purposes the settlement date is the date of purchase and the date of event, as that is the date legal ownership transfers
• Check all fields and make adjustments as needed
• Select Save and repeat until all updates are completed

Go to Step 8.

Customer has closed their credit union or building society account(s):

• Enter START into the Super Key field to begin the Income and Assets Update workflow
• Go to Savings Summary (SVS, SVP, SVDI)
• Under Direct Investment Account (SVDI) select > to expand the member shares entry
• On the Direct Investment Account Balances line, select to open Create Direct Investment Account Balances. Update:
• Event Date: the date of change
• Balance Amount: zero
• Select Save, repeat until all updates are complete
• Once all updates are complete, select Assess and Finish
• Update Notes is required and select Finalise

Procedure ends here.

These are currently not available on the Securities and Investments Reference (SIN) system and must be coded under Shares Summary Unlisted Securities (SIUS)

Update SIUS:

• Select to expand share details
• On the Shares Summary Listed Securities Details line, select to open the Create Shares Summary Listed Securities Details
• Update the Asset Amount
• Update other fields as needed
• The Event Date (DOV) is the date of change:
• when buying or selling shares there is a trade date and a settlement date. The trade date is the date that the transaction happens on the market. The settlement date is the date the payment is made for the trade and ownership is transferred. For social security purposes, the settlement date is the date of purchase and the date of event, as that is the date legal ownership transfers. Select Save and repeat until all updates are completed

Go to Step 8.

Update SIUS:

• Select to expand share details
• On the Shares Summary Unlisted Securities Details line, select to open the Create Shares Summary Unlisted Securities Details
• Update the Asset Amount
• Update other fields as needed. If the value of the investment drops below the New home deduction amount, consider if the deduction can be applied to other investments with the same ownership. See Sale of principal home
• The Event Date (DOV) is the date of change (date of update for an MFU revaluation only)
• Select Save and repeat until all updates are completed

Note: do not use the delete function unless the customer and/or their partner never owned the shares listed on their record.

Go to Step 8.

If investments have been:

• sold, ask the customer what has been done with the proceeds of the sale
• purchased, ask where the money came from

Make any other updates within the same transaction.

If the information cannot be provided verbally, see Requesting information (CLK).

Once all updates are complete:

• Select Assess
• Select Finish
• Update finalisation Notes as required
• Select Finalise
• Complete any related work items as appropriate

For a small change to asset values, determine whether the customer is required to notify.

If there are concerns with the legitimacy of the customer's information, see Coding income and assets for Centrelink payments and services.

Check for a record for the investment. If the customer wants to remove their credit union or building society member shares that are keyed on SVS, go to Step 5.

All other shares and listed securities will be on the Shares and Investments Summary (SIS) screen

Is the investment already recorded?

• Yes:
• on SIS, select the investment
• the details of the investment will open in the Listed Securities (SILS) screen, or Unlisted Public Securities (SIUS) screen
• go to Step 2
• No, investigate if the company name has changed. For example, ask the customer or check the FINS Bulletin:
• if company name has changed, go to Step 3
• if it is a new investment, see Adding shares and securities

If the customer is advising:

• updates to investments held by a trust or company:
• the update must be referred to a Complex Assessment Officer (CAO)
• for CAO update action, go to Step 7
• a change of ownership of shares, go to Step 3
• a change to their option(s) and/or warrant(s), go to Step 6
• a change to the number of shares held, go to Step 4
• an update to credit union and/or building society member shares, go to Step 5
• updating the value of unlisted shares, go to Step 8

The system does not allow changes in the % owned field or change in company name. The investment will need to be closed and keyed as a new investment from the date of the change of ownership.

Make a note of the details currently recorded. They will be needed when recoding the investment with the new ownership information.

If the investment is on:

• SILS:
• update the Total Number of Shares field to zero (do not delete)
• check the Loan/Encumbrance Amount $: if it has an entry, update it to zero. 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
• check the New home deduction amount $: field. if it has an entry, update it to zero
• SIUS:
• update the Total Asset Value to zero (do not delete)
• Annual Income to zero (if any income keyed)
• check the New home deduction amount $: if it has an entry, update it to zero.
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. If the customer has a loan against their unlisted shares, or sold their former home prior to 1 January 2023 and invested some or all of the sale proceeds into unlisted shares, this will be recorded on the SVDI screen. If the investment is recorded on SVDI, update the Balance to zero. Check the Loan/Encumbrance amount $: field, if it has an entry, update it to zero

For all updates:

• Event Date is the date the ownership changed. The new investment, with the new ownership, will have the same Event Date
• check the Rural Exempt field. If it has an indicator, change it to be blank

Note: do not use the delete function unless the customer and/or their partner never owned the shares listed on their record.

Manual coding will be needed to add the shares as a new investment. While in the same activity, see Adding shares and securities for the coding.

Includes:

• more of the same shares have been purchased
• the customer receives additional shares as part of a dividend reinvestment scheme rather than cash or a payment
• some or all of the shares have been sold

The update to the record will depend on whether the customer has acquired new shares or sold some or all of their existing holdings:

If the number of shares has increased; either purchased or received as part of dividend reinvestment:

• update the number of shares or listed securities owned or total asset value, taking into account the number currently held
• SILS:
• update the Total Number of Shares field to the current amount
• check the Asset test Dedn Amount $ field. If it has an entry, update it to the current amount
• 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 . If the shares are security for a loan, key the amount of the loan. Do not key margin loans here. Go to the FINS Bulletin, which has information about margin loans including the pseudo key for a number of margin loan products
• For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New home deduction amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• SIUS:
• update the Total Asset Value to the new value of the shares currently held
• update Annual Income as necessary (if any income is keyed)
• 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.
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. If the customer has a loan against their unlisted shares or sold their former home prior to 1 January 2023 and invested some or all of the sale proceeds into unlisted shares, this will be recorded on the SVDI screen. If the investment is recorded on SVDI, update the Balance of the investment and if required, update the Loan/Encumbrance amount $: field with the updated loan value, or pre 1 January 2023 exempt sale proceeds amount

If all shares or listed securities have been sold:

Update the number of shares or listed securities owned or total asset value to zero if all shares have been sold

• SILS:
• update the Total Number of Shares field to zero (do not delete)
• check the Loan/Encumbrance Amount $: update the balance to zero if all shares have been sold. 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
• check the New home deduction amount $: (Process Direct) if applicable, reduce the amount to zero if the shares have been sold. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership
• SIUS:
• update the Total Asset Value to the new value or to zero (do not delete)
• update Annual Income to zero (if any income is keyed)
• check the New home deduction amount $: (Process Direct) if applicable, reduce the amount to zero if the shares have been sold. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership
• Note: there is no field to record loans or pre 1 January 2023 sale proceeds for unlisted shares. Unlisted shares with a loan or pre 1 January 2023 exempt sale proceeds amount will be recorded on the SVDI screen. Check SVDI for unlisted shares. Update the Balance to zero. If applicable, remove any Loan/Encumbrance amount recorded. If the customer has not purchased their new home, consider if this deduction can be applied to another investment with the same ownership

Note: do not use the delete function unless the customer and/or their partner never owned the shares listed on their record.

For all updates:

• the Event Date is the date of the change:
• when buying or selling shares there is a trade date and a settlement date. The trade date is the date that the transaction happens on the market. The settlement date is the date the payment is made for the trade and ownership is transferred. For social security purposes the settlement date is the date of purchase and the date of event, as that is the date legal ownership transfers
• check all fields and make adjustments as needed
• select Continue to exit either SILS or SIUS
• go to Step 9

Customer has closed their credit union or building society account(s):

• Navigate to SVS
• Select the member shares entry, which will open the SVDI screen
• In the Balance field, key zero
• Event Date is the date of the change:
• when buying or selling shares there is a trade date and a settlement date. The trade date is the date that the transaction happens on the market. The settlement date is the date the payment is made for the trade and ownership is transferred. For social security purposes the settlement date is the date of purchase and the date of event, as that is the date legal ownership transfers
• Complete the Source and DOR fields
• Record the details on a DOC
• Procedure ends here

Update the following fields:

• Total Number of Shares
• The Total Asset Value field if the options or warrants have been keyed on the SIUS screen
• Event Date is the date of the change
• Update other fields as needed. New home deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct. See Sale of principal home
• Select Continue to exit SIUS
• Record details on a DOC
• Go to Step 9

For Complex Assessment Officer (CAO) use only for recording on the trust or company record.

• On receipt of referral, see Indexing, recording and reviewing organisations
• On the SILS screen, key the total number of listed securities in the Total Asset Value field
• If the shares are unlisted, on the SIUS screen, key the new asset value in the Total Asset field
• Event Date is the date of the change. If there is more than one Event Date, a new SILS page will be needed for each one
• Complete the Source and DOR fields
• Select Continue to exit the SILS screen
• Complete the activity on the Assessment Results (AR) screen
• Record details on a DOC

Procedure ends here for CAOs

Update the following fields:

• Product: with the total number of shares and the share price
• Total Asset Value: update with the new value or zero if the customer has sold the shares or the shares are available on SIP
• Event Date is the date of the change (date of update for an MFU revaluation only)
• Update other fields as needed. New home deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct. See Sale of principal home
• Select Continue to exit SIUS
• Record details on a DOC
• Go to Step 9

Note: do not use the delete function unless the customer and/or their partner never owned the shares listed on their record.

If investments have been:

• sold, ask the customer what has been done with the proceeds of the sale
• purchased, ask where the money came from

Make any other updates within the same activity and check that the SIS screen has the correct share value displaying for the shares you have updated including zero asset value if you have zeroed out the number of shares and their value.

If the information cannot be provided verbally, see Requesting information (CLK).

Finalise the activity:

• record details on a DOC
• check the record and complete any related work items as appropriate, for example, close a scanned image