Tax File Number (TFN)
This allows us to add you to our tax agent portal. It will provide us with the necessary information to complete your tax and act as a time saver so we don’t always need to contact you for information. Note: Walsh's will never request your TFN via email or text; it is important to never send this via email or text due to the potential for data breach
Third-Party Authority (TPA)
This allows act on your behalf and access necessary information relating to your tax. E.g. there needs to be an active TPA on your superfund to check Div293 liabilities, excess contributions tax, and notice of intent to claim (NOIs). TPA also allows us access to your bank statements, the information we can gather from this helps us when reconciling Xero accounts, finding the interest paid on an investment property for a deduction, and information regarding a line of credit (LOC).
Holder Identification Number (HIN)
A holder identification number. This allows us to access all investment information that you purchase through a broker. It’s very useful when we need to calculate capital gains tax (CGT), often shares are purchased many years ago and we need to determine the cost base for a sale – the HIN allows us to access this information.
Annual Tax Statements
An annual statement provided by your broker will give us the necessary information to treat your capital gains/losses correctly.
For most work-related expenses you will need a receipt or similar as evidence. This is so that if you were to get audited, you have proof of payments. Receipts must be kept for 5 years (in most cases) from the date you lodge your tax return.
We obtain a pre-fill from the ATO portal in which we will confirm with you that the data reported to the ATO is in fact the correct earnings for the financial year.
A property manager's report will have most of the deductions we need for your tax return. However, they don’t contain all the expenses we can claim – council rates, interest paid on a loan, landlord insurance, and depreciation reports.
Medicare Entitlement Statement
If you are not an Australian citizen, or permanent resident, or come from a country without a reciprocal healthcare agreement, you will not have access to Medicare. To ensure you are exempt from paying the Medicare levy, we need to obtain a Medicare Entitlement Statement.
Income Protection Insurance (IPI)
A copy of your end-of-year IPI statement is required to determine the deductible portion of your premium.
The deduction occurs at the time of payment.
If you have a Xero file and business bank account, we will need the bank feeds to be activated. This way these transactions show up in the account. In order to do action you will need to do this through your internet banking, which we will send you instructions on how to process this.
As bank feeds in Xero don't backdate, we will require these transactions to import into your business bank account. We will require all transactions from the start of your first quarter BAS to date in order to complete the BAS.
Business Bank Account Details
An account solely used for business expenses and income to be put through. We will request this to add to your Xero file to easily reconcile the transactions during BAS and tax season. This saves time because you won't need to send in quarterly bank statements
Practice Manager TPA
We will request that you fill out and return a Third Party Authority which allows us to contact your practice. This way we can receive your invoices directly from your practice manager. This ensures that we have the invoices for your BAS, and this saves you from forwarding them each week.
This is requested so your adviser can obtain superannuation, investment and/or insurance information prior to your meeting allowing the adviser to understand your whole financial situation.
Finametrica Risk Report
When choosing how best to invest your money, your Financial Adviser will consider your Finametrica Risk Report. The Finametrica Risk Report asks you several questions that help to determine the level of risk you are comfortable taking with your money. Our investment portfolios are tailored to your individual risk tolerance and is therefore an important consideration when setting up your investment portfolio.
This can be in the form of a driving license, proof of age, or passport. We are required by law to have sighted your current ID and expiry date for anti-money and counter-terrorism financing rules
Fee Disclosure Statement (FDS)
Once you have established your investment account and commenced investing, you will be provided with an Annual Fee Disclosure Statement. Your Fee Disclosure Statement (FDS) will be sent to you after your annual review with your Financial Adviser. The FDS outlines all the advice fees collected in the 12 months prior to your meeting, and an estimate of the advice fees that will be collected in the 12 months after your meeting. Once you receive your Fee Disclosure Statement, you are required to ‘consent’ to our ongoing advice fees, both by signing the FDS, and providing your digital consent via your investment platform.
Finametrica Risk Report
When choosing how best to invest your money, your Financial Adviser will consider your Finametrica isk Report. The Finametrica Risk Report asks you several questions that help to determine the level of risk you are comfortable taking with your money. Our investment portfolios are tailored to your individual risk tolerance and is therefore an important consideration when setting up your investment portfolio.
This can be in the form of a driving license, proof of age, or passport. We are required by law to have sighted your current ID and expiry date for anti-money and counter-terrorism financing rules.
Tax File Number (TFN)
Buying and selling investments has implications and must be included in your returns as it may form part of your taxable income. You are required to provide your TFN so that any money you make, or losses you experience (capital gains/capital losses, income via dividends/distributions) can be appropriately taxed at the correct marginal tax rate. Note: Walsh's will never request your TFN via email or text; it is important to never send this via email or text due to the potential for data breach
As will be discussed with your Adviser, our investment portfolios often have ongoing contributions on a fortnightly or monthly basis. Your ongoing contributions will be direct debited from your nominated bank account and be invested via the platform. In addition, linking a bank account to your investment platform allows us to transfer money back to you should you need to draw from your investments.
This is requested so your adviser can review the superannuation contribution and any insurance cover held within the superannuation.
This can be in the form of a driving licence, proof of age, or passport. We are required by law to have a copy of your current ID for anti-money and counter-terrorism financing rules
Insurance Change of Adviser
Walsh’s must be the adviser on your retail insurance policy to review your existing retail insurance cover and to make any changes should you proceed with our recommendations.
Most Recent Payslip
Our advice team requires this so that they can review your accrued leave entitlements to determine the insurance options available to you.
Income Tax Returns and Financial Statements
This is required by insurers when applying for Income Protection cover (the past two previous years) and is also used by our advice team to calculate your Income Protection sum insured
If you have recently changed employer, we may request an employment contract from you which helps us determine your total remuneration package. This is then used by potential insurers to determine the level of income protection insurance is available to you
To ensure that we are recommending the best insurance fit for you, we may occasionally require additional information such as medical reports to provide to potential insurers in our preassessment process. This provides insurers the information they need, to determine the terms in which they are willing to offer you insurance cover.
Most Recent Payslip
If you are not a sole trader and have an employer, this will confirm your current income and employer which the bank will use as verification to the information you have disclosed in your form.
This is requested if you have recently changed roles and/or employers. This will confirm your annual income to the bank, which is considered when calculating your maximum loan amount.
This is collected to confirm past income and the consistency of income.
Notice of Assessment (NOA)
This confirms to the bank the amount of tax you have paid (and therefore your net income that can be used to repay the debt).
Business Activity Statement (BAS)
This is a report that reports GST collected on sales, less GST paid on purchases, plus tax withheld on wages to employees and a tax instalment. This is relevant to any sole trader and generally lodged quarterly to the ATO.
Current Liability Statements (Home Loan, Car Loan, Margin Loan, Credit Card and Personal Loan)
This will provide the bank with an outlook on your current liabilities, current debt repayments, and what ability you have to take on more debt.
Once your Mortgage Broker has selected the most advantageous bank to submit your application to, there may be additional specific documents that the chosen lender requires.