ATO pre-fill data for individual tax returns in 2018 and 2019

Important information for individual investors

If you were an individual investor in any of the following funds during the relevant periods below:

AND you (or your tax agent) utilised the ATO pre-fill data to complete your tax return(s), please read on for further information.
 
If you (or your tax agent) did NOT utilise the ATO pre-fill data to complete your tax return(s) AND instead utilised the funds’ annual “AMMA” statement(s) that were sent to you by Platinum in July 2018 and/or July 2019, then you do not need to read further. 
 
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Platinum error re ATO pre-fill data for individual tax returns
 
It has come to our attention that the annual tax return data provided by Platinum to the ATO, which is used by the ATO to pre-fill tax returns for individual investors, contained two errors, namely:  Australian sourced “other income” (Tax Return Label 13U) was incorrectly included in two fields (Tax Return Labels 13U and 24V); and franked dividends were not presented in the correct field (Tax Return Label 13C). The funds impacted and the relevant financial years are set forth in the table above.
 
The information in the ATO database has since been corrected. However, if you or your tax agent, downloaded the ATO pre-fill information to complete your individual tax return(s) for the financial years ended 30 June 2018 and/or 30 June 2019, between the following dates, then you may have been affected by this issue:

Unfortunately, Platinum is unable to definitively determine if and how you may have been affected by this issue as it will depend on whether you used the ATO’s pre-fill service during any of the above periods as well as your personal tax circumstances. The ATO is also unable to advise Platinum of the identity of the impacted investors due to privacy laws.
 
Thus, in order to ascertain whether you have been affected by this issue, you should compare the information in your individual tax return against the funds’ annual “AMMA” statement (using Platinum’s Information Guide) that has been previously sent to you by Platinum, to see whether there are any differences.  If you consider that you are impacted, you are encouraged to amend your tax return.
 
Platinum is working with the ATO to remediate this matter. At this stage the ATO is still assessing the full impact of the error and has advised Platinum that it will review any tax returns that have been lodged with the incorrect data. If you have overpaid tax, the ATO has advised Platinum that it will contact you to issue you a refund. If you have underpaid tax, Platinum has advised the ATO that it intends to cover any such underpaid amounts and is currently working in consultation with the ATO to determine the operational aspects of how this may work.
 
If you have any questions about this notice or would like a copy of your annual “AMMA” statement, please contact Investor Services on 1300 726 700 (Australia only), 02 9255 7500 or email [email protected].
 
We sincerely apologise for any inconvenience that we may have caused you.