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Keep on top of EOFY tasks
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.
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 and adviser fee deductions 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.
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.
You can start using Request Centre now by logging into Adviser Online or if you’d like to know more about Request Centre, please see our Adviser Help Centre article or read the Request Centre User Guide..
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.
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.
Important EOFY related tasks
| Tasks 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 aged 65 and over 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. |
Super clients (aged 65+ years who don’t qualify for the work test exemption) |
Macquarie Cash Management Account and Cash Accelerator - June |
|
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 |
Term deposits - June |
|
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 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.
- 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
Visit our tools and resources page here
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 EOFY questions regarding our products, platform and digital functions.
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.
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