Pre-filling 2010

Managed fund data reporting discrepancies

Your client's pre-filled managed fund data may be different to the statement they received from their managed fund.

How it occurs

Some discrepancies have been identified between the information fund administrators have sent to their clients and the information they reported to us for pre-filling.

While we are continuing to work with data providers to ensure information reported is accurate and on time, this is still an issue in 2010 due to ongoing inconsistencies between the following:

• the standard distribution statement
• the tax return and the reporting specification
• the lead times funds and software providers require to make changes to their systems.

After discussing the issue with a number of agents through consultative forums, your response was that even if this data is incorrect, you would prefer to see it in the pre-filling report. This would prompt you to closely check your client's statement.

What you should do

If the pre-filled information doesn't match your client's statement, use the information from the distribution statement provided to your client. Contact the managed fund if you have any questions.

Sections within Known issues for 2010

• Associated non-formal trust accounts income showing on pre-filling report
• Associated non-individual entities investment income showing on individuals pre-filling report
• Duplicated payment summaries
• Managed fund data reporting discrepancies
• Reportable employer super contributions on payment summaries