We want to ensure the run towards 30 June is as smooth as possible for you and your clients.

Below you’ll find some key dates and information, so you have everything you need in the one place.

June processing cut-off dates

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

Some tasks have earlier cut-offs, so we recommend reviewing the June processing cut-off calendar below to ensure you’re across the deadlines ahead of time.

See June cut-offs here

It’s important to know that any requests received after their processing cut off date will be completed on a best effort’s basis only.

Wrap tax elections are now open

If you have Wrap investment clients, you have until 7 July to make your tax elections online for 2019/20 tax reports.

This allows you to customise upcoming tax reports and make choices about CGT reporting for your clients’ tax reports. Tax reports are available online and we’ll send an email to you and your clients once their tax report is available to view/download.

The tax report notification is sent via email only, so please ensure your client’s email addresses are up-to-date. If your client doesn’t have an email on file, please encourage them to update their details so that they can receive a notification.

Your clients can easily update their email address online via online.macquarie.com.au

If you’d like more information about tax elections go to Adviser Help Centre and view the Wrap Tax category.

Important EOFY related tasks

   Task where action may be required Who it affects  
   Wrap tax elections - May to July  
  Tax elections are now open. You have until 7 July to make the elections online. IDPS clients  
   Wrap pension indexation - June  
  You’ll have until 30 June to ensure the pension settings are correct online before the July 2020 pension recalculation. You can do this after the mid-June pension run occurs. Pension clients  
   Wrap pension recalculations - July  
  Also known as ‘the pension freeze’, this will occur in the first week of July, so pensions can be recalculated for the new financial year.

You won't be able to make changes to your clients' pensions or withdraw from pension accounts during this time.
Pension clients  
   Work test declarations – July onwards  
  If you have clients 65 and over who don’t qualify for the work test exemption and they wish to contribute to super in 2020/21 FY, they must satisfy the ‘work test’ requirements for the funds to be accepted.

If necessary, please ensure your clients submit this declaration as early as possibly in July, after working the required hours.
Super clients (65+ years who don’t qualify for the work test exemption)  


Keep track of requests online with Request Centre

Request Centre allows you to submit and manage requests in a faster, easier and more secure way. It’s ready for you and your staff to submit new requests and allows you to:

  • upload completed forms and submit them to us for processing via Adviser Online for both cash and wrap clients
  • receive immediate receipt of the request via the tool, and see the status of your requests anytime online
  • provide outstanding requirements if more information is needed, all in the one place.

If you’d like to know more about Request Centre, please see our Adviser Help Centre article or read the Request Centre User Guide.

 

Tips to avoid processing delays

  • Check your client’s available cash

    Before submitting withdrawal or rollover requests, check the available cash for your clients to avoid any processing delays.
  • Ensure sufficient cash is available in your clients’ pension accounts so pension payments can be made in June to satisfy any minimum pension requirements for the 2019/20 financial year.
  • Check your super clients direct deposit facility

    Please make sure we can receive and process contributions correctly that are paid by funds transfer by checking your client’s direct deposit facility. If your client intends to make a contribution via EFT to a super account, it’s important the direct deposit facility is set up with the correct contribution type. You can change the contribution type by calling us.
  • Ensure your investment clients’ accounts are ready for tax reporting

    Please check correct cost base information is supplied where assets are being transferred in, to ensure accounts are ready for tax reporting. Incorrect or incomplete cost base information can impact the accuracy of reporting. Check you can supply all relevant cost base information to provide this for assets transferred into wrap accounts.
  • Submit paperwork as early as possible

    If you’re able to submit paperwork before the provided cut-off dates, there’ll be a greater chance that we can work with you to resolve any unexpected issues before the final cut-off dates.
  • Check that paperwork is completed correctly before uploading it to Request Centre or emailing it to us

    Ensure that all forms and documents are fully completed and signed by the correct signatories to reduce the risk of any delays in processing.
  • Make sure you’re using the most up-to-date version of our forms available online
  • Wherever possible, use Request Centre

    Alternatively, please use email to avoid any possible delays with postal delivery.

Need help?

If you’d like more information, please visit Adviser Help Centre and search EOFY or Wrap Tax.

Adviser Help Centre has hundreds of articles to help answer common questions regarding our products, platform and digital functions. You can find some of the most common EOFY questions answered here

Finding the answers is quick and easy with the search function and will save you precious time. If you can’t find the answer you’re looking for, please call us.