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Adding shares and securities 108-19092749

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This document explains information about the assessment of public company shares and listed securities either owned by a customer or owned by an entity such as a private trust or company.

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

Customer First

On this tab:

Information needed for new shares or listed securities

Keying new shares or listed securities

Keying new shares or securities on the Shares Summary Unlisted Securities (SIUS) screen

Information needed for new shares or listed securities


Expand table

Step

Action

1

Customer contact

Check the Securities and Investments Summary (SIS) screen.

Is the product to be updated already recorded including zero balances?

2

Update includes other income and/or assets

Is the customer making multiple income and asset updates for new shares?

Note: documentation is required for new claims. For more information, see Documents required for Centrelink new claims.

3

New shares purchased

If the customer is advising of new shares or listed securities check whether these have been purchased, as they may have been part of an estate or gifted. If they have been purchased, it may be necessary to obtain more documents, such as a bank account statement, and update other financial assets.

Note: for new claims documentation is required, see Documents required for Centrelink new claims for further information.

For information about how to decide what the investment is, see the Resources page.

If the update is for:

  • shares in a public company listed in Australia, including listed property trusts, go to Step 4
  • shares in a listed Australian public company not on the Australian Securities Exchange (ASX), go to Step 5
  • Exchange Traded Funds (ETFs), go to Step 6
  • shares in an unlisted Australian public company, go to Step 7
  • shares in an overseas public company, go to Step 9
  • partial investments in a share are unable to be coded on our system, for partial investment in all shares, go to Step 10
  • a warrant or option, go to Step 14
  • member shares in an Australian Credit Union or Building Society, go to Step 16
  • shares in a private company either Australian or overseas, go to Step 17
  • shares in an Employee Share Plan, go to Step 18

4

Check whether the shares in a public company listed in Australia are available to code

No verification documents are required for a customer and/or partner currently on an income support payment or service if they can advise:

  • ASX code
  • total number of shares
  • the percentage owned by the customer and their partner
  • the date the shares were purchased (this is required to make sure shares are assessed from the correct date if the customer or partner are current on payment)

Has all the information needed to key the investment product been provided?

  • Yes:
    • Go to the Select Product (SIP) screen
    • Search for the shares by ASX code in the ASX/Foreign Product ID field or by company name
    • Select Continue
    • If located, the Listed Securities (SILS) screen will open. Select the correct shares from the listing displayed, see Table 2 > Step 1
    • If not located, go to Step 5
  • No, go to Step 19

5

Listed Australian public company shares not on ASX

Check the Financial Investment and Network Support (FINS) Bulletin for a link to the National Stock Exchange of Australia (NSX) as the share may be listed on this stock exchange.

Can the shares be found?

  • Yes, code on Shares Summary Unlisted Securities (SIUS) screen (navigate from the SIS screen), see Table 3 > Step 1
  • No:
    • If share is an Exchange Traded Fund (ETF), go to Step 6
    • If not an ETF, obtain the latest holding statement submit an online enquiry to the FINS Helpdesk who will advise how to assess
    • Place the activity on hold for 7 days, pending the response
    • When FINS Helpdesk advise on how to assess the shares, see Table 2 > Step 1

6

Exchange Traded Funds (ETFs)

ETFs are traded on the ASX, but unlike shares (which focus on one company), an ETF tracks an index, a commodity, bonds, or a basket of securities. Some of these can be located the same way as ordinary shares.

  • Go to the SIP screen
  • Search for the ETF by ASX code in the ASX/Foreign Product ID: field or by Company name
  • Select Continue

Is the ETF available to code on the Select Product (SIP) screen?

  • Yes, see Table 2 > Step 1 to record the new investment
  • No:
    • Go to ETFs in the FINS Bulletin for links to the ASX website for current prices
    • When current price is obtained from ASX website, multiply the share price by the number of shares held to give a total asset value to code on Shares Summary Unlisted Securities (SIUS) screen
    • For a new claim: obtain share price as of the claim date, unless the customer has a partner who is current on an income support payment, Residential Aged Care Assessment (RCA) or Low Income Health Care Card (LIC). Note: for early claims use the claim lodgement date if this is within 13 weeks of qualification date
    • For a change in circumstances: obtain share price as of the settlement date, the date the payment is made for the trade and when ownership is transferred. For social security purposes, use the settlement date (as this is the date legal ownership transfers) as the date of purchase, and date of event
    • Code on Shares Summary Unlisted Securities (SIUS) screen (navigate from the Securities and Investment Summary (SIS) screen)
    • See Table 3 > Step 1

7

Unlisted Australian public company shares

Is the current share price less than 12 months old?

Are the unlisted Australian company shares in the Financial Investment and Network Support (FINS) Bulletin?

  • Yes, enter the unlisted public company information on the Shares Summary Unlisted Securities (SIUS) screen (navigate from the Securities and Investments Summary (SIS) screen). See Table 3 > Step 1
  • No, go to Step 8

8

More information needed for unlisted Australian public company shares

Ask the customer what information they have. If they do not have everything needed or the information is more 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 all the following documents:

  • 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
    • Key the unlisted public company information on the Shares Summary Unlisted Securities (SIUS) screen, see Table 3 > Step 1
    • If needed, submit an online enquiry to the Financial Investment and Network Support (FINS) Helpdesk for help
    • Procedure ends here
  • No, go to Step 19

9

Shares in an overseas public company

Ask the customer for a copy of any share documents which should include:

  • the full name of the company/share
  • the country in which it is listed, and
  • the stock exchange code and/or ISIN (International Securities Identification Number)

Does the customer own partial shares in an overseas public company?

  • Yes, go to Step 10
  • No, search Select Product (SIP) screen and check the Financial Investment and Network Support (FINS) Bulletin

10

Partial shareholdings in an overseas or Australian public company

Partial shares are unable to be coded on the system.

Are the partial shares part of a share portfolio or an exchange traded fund (ETF)?

  • Yes, code the total value of the share portfolio on the Shares Summary Unlisted Securities (SIUS) screen (navigate from the Securities and Investments Summary (SIS) screen). See Table 3 > Step 1
  • No:
    • For all other partial shares, submit an online enquiry to contact the Financial Investment and Network Support (FINS) Helpdesk
    • Place the transaction on hold for 7 days, pending the response
    • Once the response is received, the FINS Helpdesk will advise how to assess the shares. See Table 3 > Step 1

11

Overseas public company code available from FINS Bulletin

Has all the information needed to key the investment product been provided?

  • Yes:
    • Go to the Select Product (SIP) screen
    • Search for the shares using the Foreign Product ID
    • Select Continue
    • The Listed Securities (SILS) screen will open
    • See Table 2 > Step 1
  • No, go to Step 19

12

Overseas public companies not found on the SIP screen

The following information is needed:

  • full name of the company
  • name of security/share/product
  • the % owned by the customer and their partner
  • the date when a change occurred to this security
  • investment country
  • currency
  • number of shares owned by the customer and their partner
  • asset value

Is all the information available?

13

Submitting an enquiry to the FINS Helpdesk

When all the information is available:

  • Submit an enquiry to the Financial Investment and Network Support (FINS) Helpdesk who will advise when the share is recorded on the SIN database.
    Note: for new claims, if it is clear the claim will be rejected (for example, basic qualification reasons are not met):
    • do not submit an enquiry to the FINS Helpdesk. Note in the rejection DOC, that an assessment of this financial asset will be required if the rejected claim is reassessed
    • if the customer has a partner who is current on an income support payment, Residential Aged Care Assessment (RCA) or Low-Income Health Care Card (LIC) , then the enquiry should be submitted
  • Place the transaction on hold for 7 days, pending the response
  • When FINS Helpdesk advise how to assess the shares, go to Step 11

14

Warrants or options

A warrant or option are specialised securities, which are listed on the Australian Securities Exchange (ASX) with 4-6 characters (rather than the usual 3).

The Clearing House Electronic Subregister System (CHESS) Statement/share certificate is required for updates and must include:

  • Name of the company or cooperative
  • Name of security/share/product
  • Expiry date

Warrants and options in overseas listed companies will also need:

  • Investment Country
  • Currency
  • Exchange Rate
  • Total Asset Value

Note: more information on warrants and options is available in the Financial Investment and Network Support (FINS) Bulletin.

Has the customer provided the documents needed?

15

Determine the current value of the option or warrant

Some options are available in the system and can be coded as a listed share on SIS.

Can the warrant or option be found on the ASX website?

  • Yes:
    • Warrants and most options are not available in the system (they have a limited lifespan). They will need to be coded on the Shares Summary Unlisted Securities (SIUS) screen
    • See Table 3 > Step 1
  • No:
    • Submit an online enquiry to contact the FINS Helpdesk for help in calculating the value of the option or warrant
    • Place the transaction on hold for 7 days, pending the response
    • When FINS Helpdesk advise how to assess the option or warrant, see Table 3 > Step 1

16

Credit union and building society member shares

The financial institution sets the value of the shares. The amount is usually very small and while they are an assessable financial asset, they will have little or no impact on the customer's rate of payment.

The asset value will show on the Savings Summary (SVS) screen as the actual cost and assessed as a financial asset. Deeming provisions for income purposes will apply.

No action is needed if member shares are recorded on the Savings and Direct Investment (SVDI) screen and the account(s) is still open. If the member shares are coded on the Shares Summary Unlisted Securities (SIUS) screen, they must be zeroed and recorded on the SVDI screen.

Update the share values to zero if the credit union or building society accounts are closed (do not delete them).

If the customer advises they own a credit union or building society member share and the share is identified as having an asset value, key this information on the SVDI screen. In the following fields:

  • Investment Name: name of the credit union
  • Account number: mbrshare
  • Type: select OTH
  • Balance: value of the shares held
  • Investment/Loan Closed: N
  • Interest % and Non FI Deprvd Income: leave blank
  • % Owned C/P: key the percentage owned by the customer and their partner
  • Event Date: enter the date the asset should be assessed from (this can be date of claim or date of change)
  • Source: key source of the information
  • DOR: key the date the information was received

See Table 2 > Step 2.

17

Shares in a private company - refer to Complex Assessment Officer (CAO)

All shares owned in a private company must be assessed by a CAO.

Check the customer has provided the documents required to assess a private company.

Is all of the information available?

18

Employee share plans

These shares are not assessed until they are fully owned by the customer, which is 3 years after the grant or allocation date.

If customer advises they have shares under these plans:

  • Refer to the employee share plans on the FINS Bulletin page
  • Procedure ends here

19

Documents and information needed from customer

Tell the customer all information is needed before any assessment can be made to make sure they get the correct entitlement:

  • Issues a QSS32 questionnaire
  • Request the information and forms required and allow extra days for surface mail delivery
  • DOC the record with what has been requested
  • Place MFU activity on hold

Procedure ends here until documents returned.


Keying new shares or listed securities


Expand table

Step

Action

1

Keying the SILS screen

Using the information provided:

  • search for the share or security by Australian Securities Exchange (ASX) code, Foreign Product ID or company name (if ASX code is not known)
  • check for messages in the comments field (such as delisted details or name change)
  • select the correct share type from the list presented

Does the error ‘Delisted or deleted securities cannot be selected' display?

  • Yes:
    • If the customer is present, read the message to them. They may have more information
    • Otherwise, submit an online enquiry to the FINS Helpdesk for coding assistance
    • Place the transaction on hold for 7 days, pending the response
    • Follow the advice from the FINS Helpdesk to key the shares
  • No, code the following:
    • Total Number of Shares: key the total number of shares held
    • % Owned C/P: key the percentage owned by the customer and their partner
    • Event Date: key the appropriate date of event. When buying or selling shares there is a trade date, the date that the transaction happens on the market, and settlement date, the date the payment is made for the trade and when ownership is transferred. For social security purposes, use the settlement date (as this is the date legal ownership transfers) as the date of purchase, and date of event
      for new claims, the event date is the commencement date of the claim, unless the customer has a partner who is current on an income support payment, Residential Aged Care Assessment (RCA) or Low-Income Health Care Card (LIC). Note: for early claims use the claim lodgement date if this is within 13 weeks of qualification date
    • Loan/Encumbrance amount $:
      if applicable key the balance of the loan/encumbrance which is deductible from the investment value. See Loans and liabilities against assets
      Do not key margin loans here. Go to the Financial Investment and Network Support (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
    • Acquisition Date: this is the date the shares were purchased or acquired (same as settlement date). However, this field does not have to be coded. This is a historical field. Do not send a RFI letter requesting the date of acquisition
    • Rural Exempt: only key if the listed securities are exempt for rural payments. Shares may be exempt if they are essential to the running of the farm and the business. Select:
      ASS - if investment is exempt from the asset 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 source of the information
    • DOR: key the date the information was received
    • Complete any other updates needed in the same activity
    • Go to Step 2

2

Complete the activity
  • Go to the Assessment Results (AR) screen
  • Finalise the activity
  • Record the details of the updates on a DOC

Keying new shares or securities on the Shares Summary Unlisted Securities (SIUS) screen


Expand table

Step

Action

1

Keying the SIUS screen

Using the information provided:

  • Company: key name of the unlisted company or cooperative. Include the Australian Securities Exchange (ASX) code (or International Securities Identifying Number (ISIN) for a foreign company) if available. If coding a portfolio, code the share portfolio name
  • Product: key with the total number of shares and share price (for individual shares only, for share portfolios, this can be left blank)
  • Type: select the type of unlisted security/share. For unlisted Australian shares, select US. For unlisted overseas shares, select OS and:
    • Investment Ctry: key 2 letter code for the country in which the investment was made. Use field help '?' to find code
    • Currency: key 3 letter code for the currency in which the investment was made. Use field help '?' to find code
    • Exchange Rate: the exchange rate will populate automatically
  • Total Asset Value:
    • For Australian shares: key the asset value of the investment (current number of shares multiplied by current price of shares)
    • For overseas shares: key the total asset value in foreign currency. The system will automatically convert to Australian dollars:
      - For individual shares, current number of shares multiplied by current share price provided by Financial Investment and Network Support (FINS) Helpdesk, or
      - For a share portfolio, code the portfolio balance of the investment
  • Annual Income: if the investment is:
    • exempt from deeming, key the actual annual income from the investment
    • included in deeming, leave blank
    • % Owned C/P: key the percentage owned by the customer and their partner
  • Event Date: the date the unlisted security was purchased or acquired. When buying or selling shares there is:
    • the trade date: date that the transaction happens on the market
    • the settlement date: date the payment is made for the trade and when ownership is transferred. For social security purposes use the settlement date (as this is the date legal ownership transfers) as the date of purchase and date of event
    • for new claims: the event date is the commencement date of the claim, unless the customer has a partner who is current on an income support payment, Residential Aged Care Assessment (RCA) or Low Income Health Care Card (LIC). Note: for early claims use the claim lodgement date if this is within 13 weeks of qualification date
    • for Manual Follow-up (MFU) activities: the event date is the date the MFU review is being completed
  • Deeming Exempt: key 'Y' if the investment is exempt from the deeming rules
  • Assessed by CAO: key 'Y' if the CAO assessed the investment
  • Rural Exempt: only key if the listed securities are exempt for rural payments. Shares may be exempt if they are essential to the running of the farm and the business. Select:
    • ASS - if investment is exempt from the asset 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 nor deemed income is exempt
  • 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
    • 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 the sale proceeds into unlisted shares:
      code the investment on Savings and Direct Investment (SVDI) screen as type 'Other', and
      record the applicable deduction amount in the Loan/Encumbrance amount $ field
  • Source: key the source of the information
  • DOR: key the date the information was received

Go to Step 2.

2

Complete the activity
  • Go to the Assessment Results (AR) screen
  • Finalise the activity
  • Record the details of the update on a DOC

Is the Investment Type OS (overseas unlisted share)?

3

Create a review

If the investment is an unlisted overseas share or portfolio of shares coded on the SIUS screen under Investment Type OS a review is needed to update the value.

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

  • Service Reason: customer's payment type
  • Review Reason: INV
  • Due Date: next bulk update 20 March or 20 September
  • Source: INT
  • Date of Receipt: today's date
  • Notes: 'Request the latest statement for <insert product details> from the company/share showing the current shareholding and country it is listed in or the latest statement for <insert portfolio name details> showing the share portfolio balance.
  • 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.