Overview
Annual tax statements can now be uploaded into Simple Fund 360 and Simple Invest 360, and SmartDocs will read the statement, extract the components and enter the data into the relevant fields in Simple Fund 360 and Simple Invest 360. The system will also display the statement side by side with the data it has entered, allowing for an efficient and effective reconciliation process.
1. Uploading the Statement into Simple Fund 360
The Annual tax statement can be uploaded into Simple Fund 360 and Simple Invest 360 by three different methods.
You can locate this unique email given to your entity on the Entity Dashboard.
From the Main Toolbar, select Fund (or other entity) | |
Select Fund/Entity dashboard from the list. |
The unique email will be shown on this screen. Click the icon to copy the email.
Simply email the files to this unique email address.
Inputting a Financial Year as the subject of the email will automatically tag submitted documents with that financial year:
- The only formats recognised are "FY20XX" and "FY 20XX".
You will receive a confirmation email stating the document has been received, and additional email notifications if any issues arise during processing.
Note: There are no restrictions on who can send documents to the Entity's unique email. Therefore, please be mindful of sharing this email address to others.
Once documents are uploaded, they can be found on the Documents screen.
From the toolbar, select a fund and navigate to reports | |
Navigate to Documents | |
Click the upload button |
From the toolbar, select a fund and navigate to Compliance | |
Navigate to Distribution Tax Automation | |
Click the upload documents button | |
Upload the document |
From the toolbar, select a fund and navigate to reports | |
Navigate to Documents |
From there, navigate to the annual tax statement in the documents screen and select the statement.
This will open up a preview of the statement.
Click the change model button and then select Annual Tax statement as the model and click Apply.
After a period of time, the annual tax statement will be selectable in the distribution tax automation screen.
2. Assigning annual tax statements to the investments
From the Main Toolbar, select Compliance | |
Select Distribution Tax Automation from the list. |
In the Distribution Tax Automation screen, Click on the screen to assign annual tax statements, the system will only show documents it has determined to be annual tax statements.
The system will have selected the financial year already if it was indicated when the document was uploaded, however, you can set the financial year manually.
If the annual tax statement was not uploaded via the Distribution Tax Automation screen, then the investment code will need to be selected.
After the Financial year and investment account have been selected, click
3. Extracting the tax components from the annual tax statements
Once the tax statement has been attached to an investment, a symbol will be displayed next to the investment code.
To extract the tax components:
1. Click the check box to the left of the investment.
2. Then click extract to PDF.
Alternatively, hovering the mouse over the investment and then clicking the button as shown next to the 3 in the above image.
In this pop-up, there will be a summary of all transactions posted to the 23800/Investment account and the details of the tax data journal once it has been generated.
Below this, there will be two views next to each other, one viewing the PDF of the annual tax statement, and the other the fields for the components extracted from the annual tax statement. These fields can be edited if needed.
Review the tax components and the calculated net cash. Clicking on the arrows next to the fields will show where in the annual tax statement the system has extracted the data from. If the amounts are correct, click the button to generate the tax data journal, and mark the investment as reviewed in the Distribution Tax Automation screen.
If the calculated net cash does not reconcile with the net cash extracted from the annual tax statement
The system will display a warning that the calculated net cash (calculated based on extracted components) and the net cash extracted from the annual tax statement.
The system will also attach the annual tax statement to the tax data transaction posted to the transaction list.
Frequently Asked Questions
How many annual tax statements can be attached to an investment?
Only one annual tax statement should be attached to an investment per year.
Are scanned documents supported?
Scanned statements are supported, however, the statement needs to be clear and not angled for the SmartDocs to read it correctly.
Are you able to upload multiple different funds statements in one PDF?
No, the statements are processed on a per-fund basis, do not upload multiple funds tax statements into the same fund.
Are periodic statements (distribution advice) supported by SmartDocs?
No, only annual tax statements are currently supported
Can I extract the tax components just after uploading?
Please allow some time for the system to analyse the PDFs before reviewing them in the Distribution Tax Automation screen. Only PDFs recognised as annual tax statements will appear in the Distribution Tax Automation screen.