CHESS Holding Statements

[Smurf1976]

Reviving a very old thread but is there any legal requirement to keep CHESS statements?

Referring specifically to circumstances where the shares have since been sold. If the ATO decided to audit my taxes then would they want to see them? Or are broker records etc sufficient?

I've never known the answer to the question so I've kept them but I'd rather get rid of them and put something else in the drawer if there's no actual requirement.

 

[qldfrog]

Reviving a very old thread but is there any legal requirement to keep CHESS statements?

Referring specifically to circumstances where the shares have since been sold. If the ATO decided to audit my taxes then would they want to see them? Or are broker records etc sufficient?

I've never known the answer to the question so I've kept them but I'd rather get rid of them and put something else in the drawer if there's no actual requirement.

As a daily system trader,this is a nightmare, i receive 3 full a4 envelopes a month for mine, the lady and join account which i keep for 5y
Have a dozen of full suitcases of theses and printed transactions.. to show brojerage in case of tax audit
Thanks god i am switching to paper straws to save the environment. And that's after receiving 1 envelope per trade full of welcome to the company before i even have a chance ro register to email, update tfn and bank account on boardrooms, linked services or computershare..
What an archaic and wasteful system for resources and time.

 

[Belli]

Reviving a very old thread but is there any legal requirement to keep CHESS statements?

Referring specifically to circumstances where the shares have since been sold. If the ATO decided to audit my taxes then would they want to see them? Or are broker records etc sufficient?

I've never known the answer to the question so I've kept them but I'd rather get rid of them and put something else in the drawer if there's no actual requirement.

Buy and Sell Contracts and any other company actions such as DRP, SPPs, Rights Issues in which you have been involved is all that is necessary for the ATO. CHESS is basically a platform to enable brokers to trade.

Give paper away and scan or download as PDF. Data storage is cheap as chips; 1 TB external hard disk is about $60. Best if it is backed up in at least three places and preferably not rely on third parties to keep it. Keeping data on an external hard disk is also good if your house is about to burn down and you need to bug out.

 

[Belli]

CHESS is basically a platform to enable brokers to trade.

As an aside, I understand it is a regulatory requirement to issue CHESS notices. Plus the holdings only appear in a share registries, which are linked to CHESS, after the trade has been settled. I've read somewhere it is proposed to issues the notices electronically so I guess that'll be another email investors can delete if they chose to do so.

 

[IrishDigger]

I have often wondered why in this day and age why CHESS doesn't go paperless and send the Statements via email; I asked them once and the only reply I got was, "We don't do that".

 

[qldfrog]

I have often wondered why in this day and age why CHESS doesn't go paperless and send the Statements via email; I asked them once and the only reply I got was, "We don't do that".

Sadly, i believe it is a $ problem.
the more paper they mail, the more justification they have to charge listed companies
The actual cost of a trading line is ridiculously small..as per nearly free trading fees in the US.
For the emailing of balance change same things..
They are basically useless or very low added value similar to the registry providers..so they hang on their paper processes and some archaic rulings/ATO to justify their existence.
So many companies like this nowadays

 

[Belli]

Cost $'s to do this so I don't see it as a core issue.

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