Amend a Capital Gains Event 

There will always be a Capital Gains event if there is a Change of the Beneficial Ownership (transfer from one investor to another).  A Capital Gain/Loss will be occur.
 

There is no Capital Gains Event if there is an Internal Transfer from a Fund to an Investor.  No Capital Gain/Loss will occur.
 

If a Capital Gains Event on an Internal Transfer  has been processed incorrectly, Finworks Support Users have the functionality to amend this to YES/NO. 

A request to correct this can be sent to [email protected].
 

Go to the Internal transfer transaction (where the funds were transferred from) > Active Instructions, View Details

Select the date hyperlink on the required transaction

Select More Details > Change “Is capital gain event”

Take note of the warning message displayed, please review then confirm by selecting yes/no, and then save

This will update the Capital Gains Event to YES/NO

You can review the Gain/Loss has been updated by generating the Client Statement or the Capital Gains Certificate

No Capital Gain/Loss will be applied if the transfer is not a Capital Gains Event

A Capital Gain/Loss will be applied if the transfer is a Capital Gains Event

Last Updated on 6 months ago by Debra Hart