In March we introduced a Simple Annual Daily Rate option for certain payment types, as well as made several updates to accrual payment statements. We continued to release minor updates and bugfixes, in particular to our tax statement, offers and ATO reporting features.
If you missed last month’s Registry Directions webinar on our February releases and upcoming features, we’ve posted the video on our website, and you’ll find future webinar videos here as well.
Payments
- When setting up a payment, issuers can now enter a Simple Annual Daily Rate (SADR) into the cash components section, which can be entered as a percentage. This option is available to payments based on days held for company issuers making interest type payments, and trust issuers making distribution or accrual type payments. To facilitate this change:
- For dividend type payments (company issuers), the option to base a payment on days held has been removed.
- For Interest type payments (company issuers) the option to base a payment on days held has been added.
- For accrual payment communications to investors, references to ‘Payment’ have been changed to ‘Accrual’. This includes the statement title and filename and in the email subject line and body.
- Other updates made to the accrual statement are:
- Issuers can now customise the description that appears for accrual payments.
The ‘Reinvested amount’ label has been changed to ‘Accrued amount’ - The DRP section has been replaced with explanatory text regarding the amount accrued to the accrual security class.
- Issuers can now customise the description that appears for accrual payments.
- Fixed a bug where an accrual security class was not displaying in the cap table after batch processing of an accrual decrease.
- In the payments list, issuers can now filter payments of type ‘Payment file’ in the table filter.
- Fixed a bug in the payment summary report pdf which affected the display of decimal points.
- Fixed a bug on the payment statement DRP section for trust issuers, where the heading read ‘Dividend re-investment plan’ rather than ‘Distribution re-investment plan’.
- Fixed a bug where all user-added transaction categories were appearing in the payment setup when selecting DRP and accrual offset categories, rather than just the ones for the current issuer.
Tax statements
- Issuers can now create tax statements when no payments exist for the selected securities in the selected period. This will assist issuers to generate tax statement information outside of payments.
- Issuers now have the option to create tax statements for investors when their attribution percentage is zero.
- Payments of type ‘Payment file’ are now excluded from the list of payments made during the selected period. Note: These payments are already being excluded from the tax statement calculations.
- During the tax statement report setup, the list of payments made during the period now updates dynamically as securities are selected.
- The attribution method chosen during the tax statement report setup is now displayed on the tax statement report details page
- In the payment detail page, users can toggle the “Exclude payment from tax statements and tax office reporting” at any time and this will be reflected in any new tax statements that are generated.
Transactions
- Security transaction types not added by the user have been changed to display in sentence case in the system and statements.
- ‘Accrued amount’ has been added to the list of allotment types and ‘EFT payments’ has been added to the list of redemption types.
Offers
- For partly paid securities, the offer setup now allows two decimal places to be entered in the payable amount ‘Percentage to be paid now’ field.
- Fixed a bug in the application details where, if the applicant entered the same bank account for the ‘Bank details’ and ‘Payment options’ steps and supplied a bank statement at the ‘Bank details’ step, the bank statement would incorrectly be displayed as ‘Not supplied’ for the ‘Payment option’ step.
- Fixed a bug in the application details where, if an applicant entered an ABN in the tax details step, it was incorrectly labelled as a TFN.
- Fixed a bug where, in the client centre ‘All issuers summary’ table, withdrawn applications were being included in the ‘Offer applications unpaid’ column.
ATO reports
- For CRS, FATCA and AIIR reports, if a holder has a nil holding throughout the reporting period, but receives a payment based on a holding in a prior period, they will be included in reporting.
- If a holder has more than one individual tax declaration, we are currently unable to map the Dates of Birth supplied to the correct individual associate for AIIR reports. DoB is not a mandatory field on the AIIR, therefore in the case where a holder has multiple individual tax declarations we will no longer report DoBs for that holder to avoid reporting incorrect DoBs. This issue will be resolved as we move to storing tax declarations on each associate/contact rather than the holder.
- Fixed a bug in the QTFN report where an existing holder with a new holding in a new issuer was not considered to be reported on.
- Fixed a bug in some ATO reports where recalculations were not performed after transactions had been deleted or edited.
Adviser centre
- Fixed a bug where pagination was missing from the holdings table in the adviser centre, restricting the number of accounts that could be viewed in the table.
Investor centre
- Fixed a bug where some html tags were displaying in the holding details contact details summary
Investor communications
- Investors in listed entities will now receive the standard invitation communication when holdings are created, rather than the previous invitation template.
Merge holdings
- Fixed a bug where two holders with holdings in the same issuers but in different securities could not be merged in the Client centre, as they could in the Issuer centre.