30 June is getting closer and some key process dates are just around the corner.

Upcoming tasks

Our last day of processing for the 2019/20 financial year will be on Tuesday 30 June 2020.

Some of these tasks have cut-offs that are fast approaching. These tasks are:

  • Deposits and contributions (EFT and BPAY) – 23 June
  • Direct debit requests – 23 June
  • Withdrawals and rollovers – 24 June
  • 2018/19 FY deduction notices for personal contributions – 24 June
  • Deposits and contributions (Cheque) – 25 June
  • New account applications – 25 June

 

What else is happening soon?

  • Wrap pension indexation – 30 June
  • Wrap pension recalculations – early July
  • Wrap tax elections – 7 July
  • Work test declarations – 24 July

We encourage you to set a reminder for the above tasks if they affect you or your clients. To read more about these events, see EOFY toolkit.

Please view the June processing cut off calendar below to ensure you don’t miss a deadline.

View the June 2020 processing cut-offs

 

Manage your requests quickly and securely with Request Centre

Request Centre lets you submit and manage requests in a faster, easier and more secure way. You and your staff can upload completed forms, receive immediate receipts, check the status of your requests and supply outstanding requirements. All through one central location.

Use Request Centre today by logging into Adviser Online.

 

Avoid delays or unexpected tax implications

Keep an eye on available cash

Check your clients’ available cash account balances (including the minimum cash balance requirements) and any automatic cash plans before submitting withdrawal or rollover requests to avoid any processing delays.

 

Check your client’s residency status

It’s important to know that your clients’ residency status could affect the accuracy of their tax reporting. If your client was a non-resident in the 2019/20 financial year, or if they’re now an Australian resident, we must receive updated residency information by 10 July to ensure it’s reflected in the 2020 tax report. You can access the Change of residency form here.

 

Check the Super Contribution type for direct deposits

If your client intends to contribute via EFT to their super account, please check the direct deposit facility is set up with the correct contribution type. If you need to change the contribution type, just give us a call.

 

Supply all relevant cost base information

Provide any outstanding cost base information for assets transferred into Wrap accounts to ensure the account is ready for tax reporting. Incorrect or incomplete cost base information can impact the accuracy of reporting.

 

Make contributions in the right financial year

It’s important that contributions are counted towards the right financial year. Please make sure contributions are made by the cut-off date so they can be counted towards the 2019/20 financial year.

If your client intends to contribute for the 2020/21 financial year, please make sure the contribution is sent on or after 1 July 2020.

 

Need help?

If you’d like more information you can visit the Tax and EOFY Toolkit or get in touch with us at 1800 892 353.