Our last day of processing for the 2020/21 financial year will be on Wednesday 30 June 2021.

EOFY cut-off dates and times

View all of the key tasks for June and their processing cut-offs.

Cut-off dates and tasks

Note: The cut-off time is 5PM (Sydney time) across all tasks on the specified cut-off date.

Date Information
Tuesday 1 June

Direct Debit Requests

Monday 7 June

Pension Updates

  • Changes for June monthly pension run
    (final pension for the 2020/21 financial year).
  • See cut-off details
Wednesday 9 June

In-specie Asset Transfers (In and Out)

Wednesday 16 June

Internal In-specie Asset Transfers (In and Out)

Fee changes

Friday 18 June

Closures

Switches

  • Full or partial transfer from pension to super
  • Full product switches (super to pension)
  • See cut-off details
Wednesday 23 June

Adviser changes

Deposits and Contributions

Friday 25 June

Product Conversions

Monday 28 June

Deposits and Contributions

Direct Debit Requests

Withdrawals

Deduction notices

  • For personal contributions made in the 2019/2020
    financial year
  • See cut-off details

Spouse contribution splitting

  • Contribution splitting requests for 2020/21
    financial year
  • See cut-off details

New Applications

Important notes

Remember

During the first two weeks of July, we’ll be calculating your clients’ 2021/22 pension. You won’t be able to make changes to your clients’ pensions during this time.
 

Add as a reminder

You can also add these to your personal calendar as a reminder by clicking on the task.
 

Download and print the EOFY cut-off dates and times as a PDF 

  1. Right click anywhere on the page when you are in the 'Cut-off dates and times' tab and select 'Print' or use short cut 'Ctrl+P'. 
  2. Once the 'Print' window has opened, select 'Save as PDF' in your 'Destination' options. 
  3. Click 'Save' and follow the prompts when the 'Save As' window appears.

Temporary reduction in pension minimum requirements

As part of their response to COVID-19, the Federal Government announced a 50% reduction to the annual pension minimum requirements for 2019/20 and 2020/21 financial years.

The Federal Government has recently extended the temporary reduction in pension drawdown rates to apply for the 2021/22 financial year.

These reduced annual pension minimums, as shown in the table here, are the minimums we’ll apply when calculating your clients’ pension payments for the 2021/22 financial year. 

Wrap tax elections

Wrap tax elections close 6 July

If you have Wrap investment clients, you have until 6 July 2021 to make your online tax elections for 2020/21 tax reports.

This allows you to customise upcoming tax reports and make choices about CGT reporting and adviser fee deductions for your clients’ tax reports.

Tax reports are available online only and we’ll send you an email when new tax reports are available for your clients (from the end of July onwards). We’ll also email and SMS your client when their tax report is ready.

Please ensure your clients’ email and mobile information is kept up-to-date so they can receive these notifications.
 

Find out more

If you’d like more information about tax elections, go to Adviser Help Centre and search ‘Tax election’.

Training Sessions

EOFY training sessions in May to support you and your staff

If you’d like more information on upcoming EOFY tasks or want to learn more about how EOFY will impact your products and the platforms you use, we encourage you to join one of our zoom sessions below.

Date Time (Sydney time) Link
Tuesday, 18 May 2021 10:00am-11:00am Join here
Wednesday, 19 May 2021 8:30am-9:30am Join here
Thursday, 20 May 2021 12:00pm-1:00pm Join here
Friday, 21 May 2021 10:00am-11:00am Join here
Tuesday, 25 May 2021 4:00pm-5:00pm Join here
Thursday, 27 May 2021 4:00pm-5:00pm Join here
Friday, 28 May 2021 12:00pm-1:00pm Join here

 

Important EOFY Tasks

Wrap Tasks

Month Tasks where action may be required Who it affects
May to July

Wrap tax elections
Tax elections are now open. You have until 6 July to make the elections online.

IDPS clients
June

Wrap pension indexation
You’ll have until 30 June to ensure the pension settings are correct online before the July 2021 pension recalculation. You can do this after the mid-June pension run occurs.

Pension clients
July

Wrap pension recalculations
Also known as ‘the pension freeze’, this will occur in the first two weeks 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
July onwards

Work test declarations
If you have clients aged 67 and over and they wish to contribute to super in 2021/22 financial year, they must satisfy the ‘work test’ requirements for the funds to be accepted.
If necessary, please ensure your clients submit this.

Super clients (aged 67+ years who don’t qualify for the work test exemption)

 

Cash tasks

Month Tasks where action may be required Who it affects
June

Macquarie Cash Management Account and Cash Accelerator
BPAY Deposits, future dated transactions online, manual withdrawals, applications (online and paper), additional deposits (cheque – to branch) and online/phonelink withdrawals have their own cut-off times and dates throughout June

CMA and Accelerator clients
June

Term deposits
Please note 31 days’ notice provisions apply to any changes prior to agreed maturity. Applications, additional deposits (on maturity), withdrawals (on maturity) and rollover instructions all have their own cut-off times and dates throughout June.

Term deposit clients

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

  • This is to make sure pension payments can be made in June to satisfy any minimum pension requirements for the 2020/21 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 via in-specie transfer, 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.

Wherever possible, use Request Centre

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

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

Common EOFY questions

FAQ Link
How can I check the amount of contributions the client has made? Read article
How can we change the contribution type for direct credit? Read article
What are the USI/ABN details of the fund? Read article
How do I rollover funds from a SMSF into a superannuation/pension account? Read article
How can I confirm that my client has claimed a tax deduction? Read article
How can my client request a rollover from an external superannuation fund into Macquarie superannuation? Read article
How can my client add more funds into their pension account? How often can they do this? Read article
My client made a mistake when contribution to their accounts. How can we amend it? Read article
How can my client add funds into their account? (Including contributions and rollovers) Read article

Contact us

Monday to Friday 8am – 7pm (Sydney time)

1800 025 063

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