12 Sep 11 Error in Westpac Trust Preferred Securities tax statements
In a broadcast message to tax agents on 8 September 2011, the ATO advised of an error made by a service provider to Westpac in the reporting of 2011 Westpac Trust Preferred Securities tax statements. This error has affected approximately 9,000 taxpayers.
The non-primary production income (tax return label 13U) should include franking credits. The figure provided in the tax statements issued to clients did not include franking credits and therefore understated that figure by the amount of clients' franking credits.
If an agent relied on the figures provided in the Pre-filling report 2011 to prepare their client's tax return, they do not need to take any further action as the information reported by the fund manager to the ATO is correct. If an agent relied on the figures provided in their client's tax statement, they will need to lodge an amendment.