30 June toolkit

The loan must be:

• for investment purposes (unregulated)
• a variable rate account
• interest only - I/O maturity date must be after the prepaid interest maturity date (i.e. 30 June 2013)

The loan must not be:

• in arrears or hardship
• over the approved credit limit
• a construction loan

To find out more, speak to your Macquarie Bank Mortgage Solutions Business Development Manager.

This is a limited offer and is subject to the lender's discretion. This offer is only available to eligible clients. Fixed rate loans may be subject to significant break costs. Clients should refer to their loan contract and terms for details of break costs.

Paperwork required: Direct debit request

How to send funds to clients' accounts

The direct debit request form authorises us to automatically debit funds on a specific day of the month from another financial institution and credit the contributions to your client’s account.

Investment Accumulator, Super Accumulator, Super Manager and Super Consolidator:

As these funds are debited from external bank accounts on the 8th of the month, please ensure that we receive instructions by 3 June 2013 in order to be received into your client’s account before the end of the financial year

Direct deposits take up to two days to be deposited into your client's account. Please allow for this.

No paperwork required

To ensure BPAY contributions are received before 30 June, BPAY instructions must be submitted no later than 5pm Tuesday, 25 June. Otherwise, contributions may not be received until the new financial year

Some financial institutions can take more than two business days to process BPAY transactions. Please consider this when making last minute contributions

All BPAY personal contributions will be processed as non-concessional contributions. If your client wishes to claim a tax deduction for these contributions, they need to complete a deduction notice for personal contributions, available from the Wrap website

Please refer below for the details of BPAY biller codes and reference numbers. Your clients' 10 digit customer reference number can be found on their statement or is available from us 

Paper work required: 

• Cheque and 
• Rollover benefits statements

Post to:
GPO Box 4045
Sydney NSW 2001

Paper work required: 

• Cheque
• Additional Investment form

Cheques should be made out as follows:

• MIML - Super and Pension Manager (client account name)
• MIML - Super Accumulator (client account name)
• MIML - Investment Manager (client account name)
• MIML - Investment Accumulator (client account name)
• MIML - Investment Consolidator (client account name)
• MIML - Super and Pension Consolidator (client account name)

The cheque payee must include the client's account name to ensure same day processing

Post to:
GPO Box 4045
Sydney NSW 2001

Paper work required: 

• Withdrawal form or letter specifying withdrawal components

 Post to:
GPO Box 4045
Sydney NSW 2001

 Fax to:
1800 025 175

Paperwork required: please refer to the Asset Transfers Wizard for information on what forms and information may be required

Post to:
GPO Box 4045
Sydney NSW 2001

Direct debit request

The direct debit request form authorises us to automatically debit funds on a specific day of the month from another financial institution and credit these funds into the clients account

No paperwork is required

Clients can electronically transfer funds, using their financial institution's telephone or internet banking to their account using the BSB and account number.

Cheques should be made payable as follows:

• Cash Management Account <full account name>
• Cash XL and Term Deposits – cheques cannot be accepted

The cheque payee must include the client's account name to ensure same day processing

Please note: third party cheques are not accepted.

The postal addresses for cheque deposits are listed in the office addresses drop-down section

No paperwork required

To process BPAY transactions before 30 June, we must receive them no later than 5pm Wednesday, 26 June. Any payments received after this time will be processed in the new financial year

Some financial institutions can take more than three business days to process BPAY transactions. Please consider this when making last minute contributions

Please refer below for the details of BPAY biller codes and reference numbers. Your clients' 10 digit customer reference number can be found on their statement or is available from us. Please refer below for the details of BPAY biller codes and reference numbers

CMA: Interest and Dividend Payment Authority form

Income redirection form

Regular investment plan (direct debit request) form for

SuperOptions or

ADF Super Fund

The direct debit request form authorises us to automatically debit funds on a specific day of the month from another financial institution and credit contributions to your client's accounts.

We must receive the completed form by 3 June to ensure transactions are complete before the end of financial year

SuperOptions direct deposit facility form

ADF direct deposit facility form

Clients who have the direct deposit facility set up on their account can electronically transfer funds to their superannuation account via their financial institution's telephone or internet banking, using their BSB and account number

Direct deposits take up to two business days to be deposited into your client's account. Please allow for this

No paperwork is required

To process BPAY contributions before 30 June, we must receive them no later than

• 5pm Tuesday 25 June.

Any payments received after this time will be processed in the new financial year

Some financial institutions can take more than two business days to process BPAY transactions. Please consider this when making last minute contributions

All BPAY personal contributions will be processed as non-concessional contributions. If your client wishes to claim a tax deduction for these contributions, they need to complete a

deduction notice for personal contributions

Please refer below for the details of BPAY biller codes and reference numbers. Your clients' 10 digit Customer Reference Number (CRN) can be found on their statement or is available from us by calling 1800 808 508

Macquarie ADF Superannuation Fund

SuperOptions

SuperOptions rollover authority form

ADF rollover authority form

See Office addresses drop-down section for Macquarie office locations.

SuperOptions:

Either a

additional investment form

ADF Super Fund:

Either an

ADF additional investment form

Cheques should be made out as follows:

• SuperOptions
  MLL SuperOptions (full account name)
• ADF Superannuation Fund
  MIML ADF (full account name)

The cheque payee must include the client's account name to ensure same day processing. The postal addresses for cheque deposits are listed in the Office addresses drop-down section

The below table summarises addresses to use when depositing cheques into Macquarie accounts across Australia and New Zealand.

Please ensure any relevant paperwork and client information is included with the cheque to ensure the funds are deposited as quickly as possible.

The Wizard is an intuitive online tool providing a clear and simple way for you to determine which forms are required when transferring managed investments and shares to Macquarie or when moving assets between Macquarie Wrap accounts.

Simply answer the quick on-screen questions to establish your client’s transfer scenario. Once all questions have been answered, the required transfer forms will appear for you to download and complete.  

Launch the Asset Transfers Wizard or access it on the Wrap homepage.

> Asset Transfers Wizard

The new and improved Asset Transfers Guide (PDF) contains further information about asset transfers and sample asset transfer forms to assist you with completing the forms for your clients.

Everything you need to know to perform a fast and hassle-free asset transfer is found in the Asset Transfers Guide, including:

• what types of asset transfers are available with Macquarie Wrap
• asset transfer tips and FastFacts
• checklists that summarise the standard transfer requirements
• sample forms
• expected processing timeframes, and more.

Download the Asset Transfers Guide or access it on the Wrap homepage.

Review contribution types and amounts to ensure contributions have been optimised.

Contribution caps for 2012/13:

• Non-concessional: $150,000 or $450,000 over three years for clients aged under 65 at 1 July
• Concessional: $25,000 for all clients
• CGT cap: $1,255,000

Reminder: 30 June this year is a Sunday and contributions will generally need to be received by the fund by 28 June to be counted in this financial year for contribution cap purposes. Contributions received by the fund after 30 June will be counted towards the contributions cap in the 2013/14 financial year, even if they relate to 2012/13. This may have an impact on the contributions caps available next year. 

Check which of the client's super funds have received contributions to ensure the caps have not been exceeded.

In the 2012/13 Federal Budget the Government announced the 15% tax on contributions will be increased to an effective rate of 30% for certain high income earners from 1 July 2012. The additional 15% tax will apply to employer contributions and personal contributions claimed as a tax deduction, that, when added to a client’s taxable income and certain other amounts, exceed a threshold of $300,000. At the time of writing, legislation enacting this change had not been tabled in Parliament. 

Further help

For further information on contribution types and caps please see 

MAStech: Big Black Book (pages 28-29)

MAStech: Contributions Calculator

MAStech: Super Guarantee Calculator

MAStech: A quick guide to the 30% concessional contributions tax for those on $300k plus

To view your client's contributions to Macquarie Super Manager/Accumulator logon to the Macquarie Wrap website and go to Reporting > Download > Download adviser report  > Superannuation Contributions report

The 10% test is just one of a number of conditions that must be met to be eligible to claim a tax deduction for personal super contributions.

It applies if, in the year of contribution, a client engages in activities that result in them being treated as an employee under the Superannuation Guarantee legislation. To pass the test, less than 10% of the total of the client’s assessable income, reportable fringe benefits and reportable employer super contributions (RESC) for the financial year must be attributable to their employment activities.

Further help

For further details on other deduction rules please see

MAStech: Key information on claiming a tax deduction for personal contributions

MAStech: Tips for avoiding common traps with tax deductions for personal super contributions

MAStech: Contribution Cap Companion

SGR 2005/1 Superannuation guarantee: who is an employee?

TR 2010/1 Income tax: superannuation contributions (paragraphs 246-262)

Clients intending to claim a deduction for personal super contributions must lodge a deduction notice, in the approved form, with the fund before the earlier of:

• The day they lodge their tax return for the year in which the contribution was made; and
• The end of the financial year after the financial year in which the contribution was made.

Reminder: where a client rolls over or withdraws part of their super benefit before a deduction notice has been lodged, the amount of the personal contribution that can be claimed as deduction may be reduced. This is because part of the contribution will be included in the rollover/withdrawal amount. Where a client uses part of their super benefit to commence a pension, contributions made prior to the pension commencing cannot be claimed.   

Further help

Macquarie Super Manager/Accumulator: Deduction notice for personal contributions

ATO: Notice of intent to claim a tax deduction for super contributions or vary a previous notice

TR 2010/1 Income tax: superannuation contributions (example 10)

MAStech: Contribution Cap Companion (pages 10-12)

The cut-off for SG contributions for the final quarter of 2012/13 is 28 July, but if employers want to claim a tax deduction for those contributions in the current financial year, the SG contributions need to be made by 30 June.

If employers pay SG contributions through a clearing house, for tax purposes (including under the contribution caps) they’re counted as being paid on the date the super fund receives them, not the date the clearing house receives them.

Reminder: the age limit for SG contributions will be removed from 1 July 2013, meaning clients over age 70 will still be able to have SG contributions made on their behalf 

Further help

ATO: Guide to superannuation for employers

ATO: Guide to claiming business deductions

Small Business Superannuation Clearing House

Review current and planned salary sacrifice contributions to ensure they are or will be within the concessional contributions cap.

Also review salary sacrifice arrangements for the 2013/14 financial year to ensure an 'effective salary sacrifice arrangement' is in place ahead of your client earning the right to certain benefits.

Reminder: the SG rate is increasing to 9.25% in 2013/14. Salary sacrifice contributions planned from 1 July 2013 should be reviewed to ensure they will be within the concessional contributions cap when the increase in SG is taken into consideration.

Further help

TR 2001/10 Income tax: fringe benefits tax and superannuation guarantee: salary sacrifice arrangements

MAStech: Contributions Calculator

Timing of contributions:

• contributions are taken to be made when they are received by the SMSF
• in-specie contributions are taken to be made when the SMSF receives all completed documentation necessary to transfer ownership of the asset.

However, depending on the terms of the trust deed, a fund may accept contributions into a reserve or suspense account and allocate them to member accounts within a certain period after the contribution is made. The SIS Regulations generally require a trustee to allocate the contribution within 28 days after the end of the month in which the trustee received the contribution. In the ATO’s view, contributions that are allocated to a member account under these rules will count towards the applicable cap in the financial year in which they are allocated.

• Contributions not made by the member themselves (excluding spouse contributions and non-employer contributions made for a child) are treated as concessional contributions and counted towards the concessional contributions cap.
• Personal payments of accounting, audit fees and other expenses of an SMSF may be considered to be a contribution to the fund.

Further help

MAStech: Contribution Cap Companion

MAStech: Your Super Booklet 5: Self managed super funds: from set up to wind up

TR 2010/1 Income tax: superannuation contributions

ATO ID 2012/16 Superannuation Excess Contributions Tax: concessional contributions – allocation of contributions

• Review and value fund assets to ensure in-house assets are within the 5% limit.
• Rebalance portfolios and/or review investment strategies to comply with the SMSF’s investment strategy.
• Review meeting minutes to ensure all issues are documented.
• Ensure collectables and personal use assets acquired by the SMSF on or after 1 July 2011 comply with new regulations relating to the storage, use, insurance and transfer of ownership of these assets.
• From 7 August 2012, SMSF trustees are also required to:
  • consider if it is appropriate to hold insurance for fund members
  • regularly review the SMSF’s investment strategy, and
  • ensure the SMSF’s assets are valued at market value for reporting purposes.

Reminder: for collectable and personal use assets acquired before 1 July 2011, trustees have until 1 July 2016 to comply with these new requirements.
It is also proposed the acquisition and disposal of certain assets between SMSFs and related parties will be restricted from 1 July 2013. At the time of writing, legislation implementing this change had been tabled in Parliament, but had not become law.

Further help

ATO: Collectables and personal use assets - questions and answers

ATO: Valuation guidelines for self managed superannuation funds

Is spouse's assessable income, reportable fringe benefits and reportable employer contributions less than $13,800?

• Clients should consider making a non-concessional contribution to their spouse's super fund.
• Offset is calculated as 18% of the contribution, up to a maximum of $540 where spouse's income is below $10,800.

Further help

MAStech: Big Black Book (page 11)

MAStech: Contributions Calculator

MAStech: Spouse Contribution Tax Offset Calculator

Is client's assessable income, reportable fringe benefits and reportable employer super contribution minus deductions from carrying on a business less than $46,920?

• Clients should consider making a non-concessional contribution of up to $1,000 to super
• Maximum co-contribution is 50% of the contribution, up to a maximum $500 for income below $31,920.

Reminder: the reduction in the matching rate from 100% to 50% and maximum co-contribution from $1,000 to $500 was announced in the 2012/13 Budget. At the time of writing, legislation implementing this change had been tabled in Parliament, but had not yet become law.

Further help

MAStech: Big Black Book (page 30)

MAStech: Contributions Calculator

ATO: Superannuation Co-contribution Calculator

Clients can split up to 85% of concessional contributions made this financial year with their spouse, provided the spouse is not over age 65 or reached their preservation age and retired.

The application to split contributions must generally be made before the end of the financial year after the financial year in which the contribution was made.

Reminder: the concessional contributions will still count towards the cap of the spouse who made the contributions.

Further help

MAStech: Big Black Book (page 34)

ATO: What is superannuation contributions splitting?

On 5 April 2013 the Government announced it will increase the concessional contributions cap for those clients over age 60 from 1 July 2013, and from 1 July 2014 for those over age 50. The new cap will be $35,000.

The higher cap will not be limited to those with superannuation balances of less than $500,000.

Clients under age 60 will be subject to the regular concessional contributions cap of $25,000 in 2013/14.

At the time of writing, this measure was not yet law.

Further help

MAStech article: Government quashes rumours with pre-Budget super announcement

If a client has turned 65 after 1 July of this financial year this financial year is their last chance to trigger the 2-year bring forward rule which allows non-concessional contributions of up to $450,000 over 3 years (assuming they haven’t already triggered the bring forward rule in the previous 2 financial years). To illustrate, assuming no other personal contribution have been made this year:

• If the client contributes $150,001 before 30 June, they can contribute up to $299,999 next financial year
• If the client contributes $150,000 before 30 June and has not previously triggered the bring-forward rule, they can only contribute up to $150,000 next financial year

Reminder: clients aged 65 and over must meet the work test to contribute to super. That is, if contributing after turning 65, they must be gainfully employed for at least 40 hours in 30 consecutive days in the financial year the contribution is made.

Super funds generally require a work test declaration to be provided each financial year a contribution is made after a client reaches age 65.

Further help

MAStech: Big Black Book (pages 27-28)

ATO: Bring-forward provision

Clients with account based pensions must be paid at least the minimum amount from their pension account before the end of the financial year.

In 2012/13 the minimum pension amount can be reduced by 25%. Minimum pension amounts are expected to revert to normal in 2013/14 ie 4% for clients under age 65.  

Reminder: the ATO has published guidance on starting and stopping income streams in SMSFs. The guidance is useful for SMSF trustees who are dealing with situations where the minimum pension payment requirements are not met in an income year.

For pensions commenced between 1 June and 30 June no pension payment needs to be paid this financial year.

Further help

MAStech: Big Black Book (page 44)

MAStech: SMSFs not meeting minimum pension rules – new ATO guidance

ATO: Self-managed  superannuation funds – starting and stopping a superannuation income stream (pension)

TR 2011/D3 when a superannuation income stream commences and ceases

Before the end of the financial year:

• Ensure any tax deductions for personal contributions are claimed (ie deduction notice is lodged with the fund) prior to commencing the pension.
• If using an SMSF - investigate bringing forward expenses to utilise any carry forward tax losses prior to switching to pension phase.

Further help

MAStech: Contribution Cap Companion (pages 10-12)

MAStech: Your Super booklet 3: Account based pensions: making your super go further in retirement

Super funds can claim deductions for the payment of life insurance premiums, whereas individuals generally cannot. Consider whether a client’s life insurance is more appropriate within super.

Further help

MAStech booklet: The Ins and Outs of Insuring through super

The deductibility of TPD premiums in super changed on 1 July 2011.

Review TPD policies held in SMSFs to confirm ongoing deductibility of premiums for the fund and consider structuring options to optimise tax efficiency, and

Check appropriate deductions are claimed. 

Further help

MAStech booklet: The Ins and Outs of Insuring through super

MAStech article: Understanding the challenges when insuring in super

MAStech article: Final ATO Ruling on TPD insurance premium deductibility in super

Income protection insurance premiums are also generally tax deductible when paid by a super fund, subject to certain conditions.

Further help

MAStech booklet: The Ins and Outs of Insuring through super

Regulations that restrict the types of insurance and features that can be held inside superannuation were registered in March 2013. The regulations require alignment of the definitions of insurance held inside superannuation with the superannuation law payment rules from 1 July 2014.  Cover held for existing fund members that is in place prior to 1 July 2014 will not be affected.

From 1 July 2012, the availability of the ETP tax offset is limited for certain ETPs, such as golden handshakes and gratuities (these are called ‘non-excluded’ payments). For these ETPs, a new whole of income cap of $180,000 is applied in addition to the existing ETP cap of $175,000 (in 2012/13). The whole of income cap is reduced by other taxable income (excluding the ETP) in the year the ETP is paid.

In 2012/13 the cap for non-excluded payments is the lesser of:

• The ETP cap of $175,000 (less the taxable component of any previous ETPs related to the same termination or received in the same financial year), and
  $180,000 less other taxable income.
• The ETP tax offset will be applied to the taxable portion of an ETP that is within the relevant cap, with amounts above the cap taxed at 45% plus Medicare levy.  

There is no change to the taxation of ETPs that are excluded payments, such genuine redundancy and early retirement scheme payments. Death benefit ETPs are also unaffected.

For clients facing a termination of employment, a planning opportunity may be to delay receiving any non-excluded payments to the following financial year if other taxable income is expected to be lower in that year.

Further help

MAStech FastFact: Employment termination payments

If certain requirements are met, clients may be able to claim a tax deduction for up to 12 months of prepaid interest expenses, including interest paid in advance on an investment loan. Note that this opportunity is not available to SMSFs in relation to limited recourse borrowing arrangements.

Further help

ATO: Prepaid expenses - individual taxpayers with deductible non-business expenditure - fact sheet

Certain items that are primarily used for work-related purposes are exempt from FBT, including:

• a portable electronic device
• an item of computer software
• an item of protective clothing
• a briefcase, and
• a tool of trade

Reminder: from 2008 laptops for private purposes can no longer be acquired by employees under a salary sacrifice arrangement.

Further help

ATO: Reportable fringe benefits - facts for employees

Clients may be eligible to claim a tax deduction for work-related expenses of up to $300 without having to provide receipts.

Written evidence will be required for work-related expenses above $300.

Further help

ATO: Guide to claiming deductions

From 1 July 2011, the low income tax offset cannot be used to reduce tax payable on unearned income, such as distributions from a family trust, derived by a minor. This effectively reduces the minor's tax free threshold to $416 in 2012/13.

This is an important planning consideration for those clients considering distributing trust income to their minor children, as any income above $416 may be taxed at special rates.

Further help

ATO: Low income tax offset - changes for minors

Child Care Rebate covers 50% of out of pocket child care fees, up to a maximum of $7,500 per child.

The rebate can be paid fortnightly, quarterly or annually. However, the payment method chosen will be applied for the whole financial year. Clients with children in child care should make their payment elections in June 2013 if they wish to change their existing payment option for 2013/14.

Reminder: there is no income test for Child Care Rebate. To be eligible for Child Care Rebate, the client must:
use approved child care;

• be eligible for Child Care Benefit, even if no payment is received due to income
• meet work, training and study requirements, and
• be an Australian resident  

Further help

Elections can be made at http://www.humanservices.gov.au for customers registered for Online Services or by phoning 136150.

From 1 January 2013, a new Schoolkids Bonus replaced the existing Education Tax Refund. The Schoolkids Bonus is paid to eligible families in two instalments of $205 each for primary school children and $410 for secondary school child

Payment will be automatically made in January and July each year. There is no need to make a claim.

Further help

Department of Human Services: Schoolkids Bonus

From 1 July 2012, the private health insurance rebate and the Medicare levy surcharge are income tested against three new income tier thresholds. Single clients with income for surcharges purposes above $84,000 in 2012/13 ($168,000 for families) will receive a reduced private health insurance rebate. If they do not have the appropriate level of private patient hospital cover, the amount of Medicare levy surcharge payable may increase.

Income for surcharge purposes is the sum of taxable income, reportable fringe benefits, reportable super contributions and total net investment losses.

Reminder: where a client is claiming the full rebate as a premium reduction, but they are either not entitled to a rebate, or are only eligible for a partial rebate, the ATO will recover any over-claimed amount as a tax liability when the client lodges their tax return.

Further help

ATO: Private health insurance and Medicare levy surcharge changes

Reminder: clients may have capital losses that accrued during the global financial crisis that may be carried forward and applied to capital gains made this financial year.

Further help

ATO: Claiming losses from the disposal of investments

Generally, the expression wash sale is used to describe arrangements where a sale of an asset occurs with the intention of purchasing it back again within a short period of time, for the purposes of crystallising a loss to offset against other capital gains. Part IVA (tax avoidance provisions) may be applied to these arrangements.

Further help

TR 2008/1 Income tax: application of Part IVA of the Income Tax Assessment Act 1936 to 'wash sale' arrangements

Reminder: net income from the trust that is not distributed to beneficiaries by 30 June 2013 will generally be taxed at the highest marginal tax rate.

Further help

ATO: Guide to the taxation of trusts

Legislation enabling the streaming of capital gains and franked dividends to beneficiaries for tax purposes received Royal Assent on 29 June 2011 and is generally applicable from 1 July 2010.

Trust deeds should be reviewed to ensure it legally allows for that streaming. Decisions to stream capital gains and franked dividends should also be minuted before 30 June 2013. 

Further help

ATO: Interim changes to the taxation of trusts

• Macquarie Access update
• Faster applications with electronic verification demonstration
• Offer document roll
• Future of Financial Advice update
• End of financial year information

• Tax election process
• July pension update
• In-specie transfer of assets / Asset Transfer Wizard
• Future of Financial Advice update
• End of financial year information