BBY Data corruption

Saturday 8th September 2012
There is a data corruption within the BBY bank extract file, which prevents the processing of any bank transactions.
This corruption will cause the daily summary files, portfolio cash holdings or bank transaction reports to in-accurate.

Issue reported to BBY Trade Support.

Sunday 9th September 2012 Data still corrupt.

Monday 10th September 2012 Data still corrupt.

Tuesday 11th September 2012 Data still corrupt.

Wensday 12th September 2012 Data  Fixed.

BBY ETO Options for 30th August 2012

The BBY DCA system processing failed overnight.
This has resulted in no updates for the last days ETO trades or positions being delivered to VillageMall.

The system will re-sync on the Saturday morning update, no transactions will be lost.

ATO 2012 Tax table changes..

Changes to Leave Loading
There is no longer a separate withholding tax scale for employees who are entitled to leave loading. Tax Scale 7 now appears as Tax Scale 2 which is defined by the ATO as "Where the payee claimed the tax-free threshold with or without leave loading"

Existing employees with table 7 selected will have tax of zero as there is no longer a table.
All payroll officers MUST check the allocations of employees to ATO tax tables.

Typically this will mean a change from table 7 to table 2, or "Tax Free Threshold, with LL" from the drop down list.

2012 Year End

As the financial year ends on a weekend this year, the following needs to be considered:

• the End Of Year tax packs are scheduled to be available on 9th of July 2012.
• until the 9th of July, Year End reports should not be relied upon. 
• the last day of all reports will be the 29th June 2012,
• the current period reports will flip to the new financial year on the 1st of July 2012
• the 29th of July holdings will be loaded for the 1st July 2012 reports.
• BPS Clients using IB, will change financial years on Tuesday 3rd July 2012.

BPS enhancements

The following enhancements have been added to all BPS services:

• Accrued income, and dividends added as line items within cash
• Option Realised Gains report
• YTD option income changed to use net realised gain above, i.e only closed option positions are included.

BBY BPS specific:

• Option realised gains, do not include any old berndale option trades
• On transfer from Berndale to BBY, there were no open option positions entered, hence these will have incorrect cost base when position is closed.
• Many MBL CMA accounts have missing bank transactions from 2nd dec 2011 -> mid April 2012, as such many reports will be incorrect.

IB service enhancements

The scheduled IB service enhancements should be completed by Wensday of this week, and will be available from the following morning to all subscribers.

See previous post regarding functionality.
This update will also include a number of fixes for the IB "Client Investment Report".

Electronic End Of Year Tax Pack for BBY clients

We have scheduled (1st July 2012) the release of an industry standard OFX export capability for our 2012 End of Year Tax pack for BBY BPS clients.

OFX end of year exports have been available to all Interactive Brokers users of BPS, this feature has now been extended to all subscribed BBY BPS clients.

OFX  is used by most of the global financial institutions world wide, including all Australian banks, the file may be imported into all accounting packages, such as quicken, MYOB, etc and any leading tax preparation packages, or optionally processed via Excel as an XML database.

We expect this will significantly reduce the costs associated with the data entry and preparation of your investment Tax Return for 2012.

This new feature is included at no additional cost to all existing BBY clients as of the 30th June 2012.


The VillageMall Support team.