CHESS Holding Statements

[Ted]

Hi all,

Can anyone tell me if CHESS Holding Statements should be retained as part of your record keeping or can they go straight to the recycling bin?

Ted

 

[Uncle Festivus]

Ted, I usually keep mine for the same period as tax records are required to be kept, after that just for your own interest I assume. I have kept all mine. Any one else have a good reason to keep them?

 

[jammin]

Ted, I haven't found a serious use for them yet. I use my broker generated contract notice as my main book keeping reference, using the Chess statements as a backup confirming I have contract notices to match all the changes on the chess statements.

 

[Ted]

Was not sure if keeping them was an unneccessary double up with contract notes. I guess they do show some additional information in relation to consolidations, name changes etc.

 

[GreatPig]

I've kept them so far but have never used them. Wondered myself whether I should just dump them.

Cheers,
GP

 

[tech/a]

Ive used them to verify (Prove) an error made by my broker about a year ago.
Was a complete stuff up and saved me quite a bit.
IE your balance doesnt add up to mine---where's blah blah trade??
Bought a new filing cabinate to celebrate.---Thats where they go!

 

[Ted]

Thanks guys,

Sounds like it may be no harm to hold on to them especially while you are still holding a related stock.

 

[Smurf1976]

I keep them whilst I still hold the stock. Just in case something goes wrong with the computers - I've got paper proof that I bought the stock which just might come in handy someday.

Some of my recent ones seem to be taking a while to turn up however. Might have to investigate why.

 

[MITCH027]

Does anyone know if there is any way to receive your CHESS statements via email?

I am getting about 50 a month or so. It is absolutely a waste of paper for my purposes

 

[UBIQUITOUS]

Does anyone know if there is any way to receive your CHESS statements via email?

I am getting about 50 a month or so. It is absolutely a waste of paper for my purposes

What you want is www.investorcentre.com

Go there, enter your HIN and change your options to email.

This way you can buy shares to your heart's content without having to worry about your missus finding your chess statements in the mailbox.

 

[MITCH027]

What you want is www.investorcentre.com

Go there, enter your HIN and change your options to email.

This way you can buy shares to your heart's content without having to worry about your missus finding your chess statements in the mailbox.

Thanks for that, definitely on the right track now

But a lot of the shares I've bought/sold are clients of LINK, so I've registered with them

One question though - do I have to manually register each share I've bought/sold with these guys to avoid mail correspondence? Is there any way to automatically opt for email statements in the future?

Manually registering each buy/sell would take a lot of time

 

[condog]

Chuck them from post box to bin...

Print your broker confirmations once per month and you can have one or two pages instead of 50 or however many you trade...

 

[statisticalg]

Sorry to bump an old thread:

I just started day trading and overnight trading.

I noticed on my chess statement that although I purchased the stocks on 8th February and sold on the 11th February, my CHESS statement states that the movement occurs on the same day:

Debit/Credit Running Balance
13th February 2013 CHESS DAILY MOVEMENT DOWN -3770 0
13th February 2013 CHESS DAILY MOVEMENT UP +3770 3770

Are there any impacts associated with this?

It seems kind of weird and slow. I would have thought it would show something like:

Debit/Credit Running Balance
14th February 2013 CHESS DAILY MOVEMENT DOWN -3770 0
13th February 2013 CHESS DAILY MOVEMENT UP +3770 3770

I did some reading and it doesn't affect the payment of dividends, but it does seem kind of strange.

 

[tinhat]

I can't answer your question statisticalg but just to chime into this old conversation, the auditor of our SMSF seems to want our chess statements each year which is a pain in the butt. This year at the EOFY I am just going to print off the holding statements from the registry websites and see if they accept those.

 

[Ves]

I can't answer your question statisticalg but just to chime into this old conversation, the auditor of our SMSF seems to want our chess statements each year which is a pain in the butt. This year at the EOFY I am just going to print off the holding statements from the registry websites and see if they accept those.

Do you hide the HIN / SRN on your divvy statements or something?

Our firm just logs onto the registry using the HIN or SRN and prints off a holding balance report. If you do the same I see no reason why it wouldn't be accepted - it's third party confimation.

 

[Julia]

Do you hide the HIN / SRN on your divvy statements or something?

Our firm just logs onto the registry using the HIN or SRN and prints off a holding balance report. If you do the same I see no reason why it wouldn't be accepted - it's third party confimation.

Ditto. I've never been asked for CHESS statements.

 

[tinhat]

Do you hide the HIN / SRN on your divvy statements or something?

Our firm just logs onto the registry using the HIN or SRN and prints off a holding balance report. If you do the same I see no reason why it wouldn't be accepted - it's third party confimation.

Hi Ves,

I don't hide anything, I am an honest man with nothing to hide :

Seriously, its just one of those things where I haven't up until now discussed with them what is the practical/easy thing to do. I'm sure we can just simplify it and still be all above board. Given that I haven't got around to last year's tax yet, I should get onto it and sort that out with the accountant. Thanks for confirming for me what I thought would be the more practical way to handle it.

 

[DocK]

Hi Ves,

I don't hide anything, I am an honest man with nothing to hide :

Seriously, its just one of those things where I haven't up until now discussed with them what is the practical/easy thing to do. I'm sure we can just simplify it and still be all above board. Given that I haven't got around to last year's tax yet, I should get onto it and sort that out with the accountant. Thanks for confirming for me what I thought would be the more practical way to handle it.

My smsf holdings are with Commsec - I just download the monthly holding statements and email them through to our accountants/auditor, along with an excel spreadsheet of all divs. As the divs are paid into the Commsec inv acc they show on the statement along with the stock holdings. This seems to satisfy them as I've not had to produce any actual paper records. So much easier (and environmentally friendly) being able to do everything electronically.

 

[McLovin]

Hi Ves,

I don't hide anything, I am an honest man with nothing to hide :

Seriously, its just one of those things where I haven't up until now discussed with them what is the practical/easy thing to do. I'm sure we can just simplify it and still be all above board. Given that I haven't got around to last year's tax yet, I should get onto it and sort that out with the accountant. Thanks for confirming for me what I thought would be the more practical way to handle it.

Hmm...maybe I'm missing something but a CHESS statement is only issued in months where there's a change in the holding balance and they're not numbered. It would be very easy to fool an auditor if he only used CHESS statements. For example, I buy shares in May then sell them in June. If I hand the auditor my May statement then he will be none the wiser that I offloaded in June.

 

[DocK]

The standard handout I receive in the mail each year from our accountant detailing the items required for tax return and audit always lists Chess statements, as well as all dividend paperwork, copies of buy and sell broker trade confirmations etc. I never provide any of these - just the electronic statements and my own spreadsheets etc - so I assume the "items required" list is a catch-all guide, rather than set in stone. If it is possible to track all buys, sells, divs, interest etc via emailed statements on all accounts - why would the paper versions be required?