Managing EOFY requests and requirements

You can view all the processing cut-off dates in our EOFY Hub.

Please make sure you familiarise yourself with these key dates. We’ll process anything we receive after the cut-off on a ‘best effort’ basis only.

When reviewing our general processing times, please note:

• we follow Australian Eastern Daylight Time (AEDT)
• we only process requests on business days (i.e. excluding weekends and public holidays)
• our last day of processing for each financial year will be the last business day before or including 30 June.

All documentation, unless otherwise specified, will need to be uploaded via Request Centre.

Submit account documents as early as possible

If you can submit all required documents before the 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. Please ensure that all forms and documents are complete and signed by the correct signatories to reduce the risk of any delays in processing.

Keep an eye on available cash

Check your client's available cash account balances before submitting withdrawal or rollover requests to avoid any processing delays.

Check the TFN status

Make sure your client’s account has a tax file number submitted to ensure the correct tax is applied. If there’s no TFN loaded, you can also upload it through Adviser Online.

Supply all relevant cost base information

Provide 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.

Check your client’s residency status

It’s important to know that your client's residency status could affect the accuracy of their tax reporting. If they were a non-resident at any time during the financial year that the tax report applies to, we must receive updated residency information, usually by the first week of August following the end of the financial year to ensure it's reflected in the tax report. You can access the Change of residency form through Adviser Tools.

Check the super contribution type for direct deposits

If your client intends to contribute to their super account via EFT, please check that the direct deposit facility is set up with the correct contribution type.

Make contributions in the right financial year

It’s important that contributions are counted towards the right financial year. If your client wants a contribution to count towards the current financial year, please make sure it's made by the cut-off date. If they intend to contribute for the next financial year, please make sure the contribution is sent on or after 1 July.

Any request not validly received (i.e. all requirements satisfied) before the cut-off dates will not be processed in the current financial year. Please refer to the processing cut-off dates in our EOFY Hub for more information.

For payments information, please see below:

• Withdrawals will need to be processed from the Macquarie account in line with the cut-off dates listed in the EOFY Hub.
• Deposits will need to be paid and received in the payee’s account before 30 June. Please note, payment processing times may vary between institutions. See Cut-offs and processing times for payments and transfers in Personal Help Centre.

Account based pensions require a minimum amount to be paid out each financial year.

We calculate the minimum annual payment based on your client’s account balance as of 1 July each year.

If your client has insufficient cash in their Cash Hub to meet the minimum pension payment for FY24/25, you’ll need to organise a sell-down of some assets to top up available cash before their next pension payment.

You’ll need to do this before Monday 2 June 2025. Otherwise, we’ll sell down assets to top up your client’s available cash from this date. You can view our Product Disclosure Statement (PDS) for more information.

As long as your client has enough cash in their Cash Hub, we’ll pay the pension amount they’ve requested.

If there’s not enough money in their Cash Hub to pay that amount, we’ll manually change it to the minimum payment that still needs to be made for the year.

Future pension payments in the new financial year will be calculated based on the most recently selected pension payment amount and payment frequency in the previous financial year, with adjustments made for any indexation or fixed rate increases your client has requested. If your client made changes to their selected pension amount throughout the year, please make sure you review the latest pension details after we’ve completed our recalculations early July see What’s the pension recalculation period (pension freeze) and how does it work?.

For more information see Opening and commencing a Pension account.

In the first half of July every year, we recalculate the pension amounts for the new financial year. During this time, which we also refer to as ‘the pension freeze’ or ‘pension recalculation’, you won’t be able to make any changes online to pension payments.

Please review the newly calculated amount straight after our recalculation period to ensure it meets your client’s expectations. This may avoid the need for an ad hoc payment request after your client receives their first pension payment in the new financial year.

Pensions are calculated based on your client’s age, account balance as at 1 July, payment frequency and indexation election, explained further in Managing pension payments.

Following the recalculations, you may notice the amount for your client’s regular pension payments has changed.

We encourage you to make sure your client’s first pension payment in the new financial year is in line with their expectations.

1. Before 1 July 2025

• Review each Client’s pension payment details and make any changes for the remainder of the financial year in Adviser Online before 30 June 2025. Please note, this needs to be done individually for each client and cannot be processed in bulk.
• Once you’re logged in to Adviser Online
  • Go to Clients
  • Select Wrap account & administration
  • Select maintain a pension account
  • Input the relevant client details
  • Select Amend annual pension details to make any changes.

2. During pension recalculations

• No changes can be made to pension accounts online during the pension freeze. Any pension payments or lump sum payment requests received during this time will be processed after the pension recalculations have been finalised.
• If your client’s pension payment is due during the pension freeze, the pension payment will be processed on time, but the amount will be the same as the preceding pension payment.

3. After the recalculations

• The pension payments will be adjusted according to your client’s pension indexation option and payment frequency for the new financial year.
• Review your client’s first pension payment in the new financial year.
• If your client is getting a pension payment in July, you may only have a few days to review the amount and make changes if required.

We recommend watching this video guide for further information

Our pension recalculations (also known as the ‘pension freeze’) occur in the first week of July. During this time, we recalculate pension amounts for the new financial year.

Please note, no pension payments (except for fortnightly pension payments) will be made to your clients in the first week of July while the pension recalculation is occurring.

You’ll have until 30 June each financial year to ensure the pension settings are correct online for the July pension recalculation. You can do this after the June pension run has occurred.

We recommend checking all pension amounts and frequencies are as intended following the annual recalculation and before the next pension payment.

See Managing EOFY requests and requirements.

For clients who receive pension payments in July, there is usually only a small window (approximately three days) to go online and make any adjustments after the pension freeze is lifted and before the July pension payment occurs.

You can amend your client’s pension details as needed in Adviser Online. See Updating a pension.

See Managing personal or spouse contributions.

See Managing personal or spouse contributions.

See Managing personal or spouse contributions.

Please refer to the following articles relating to special contributions:

• Downsizer contributions
• Small business CGT concession contributions.

As a digital bank, we only accept funds and contributions via electronic deposit. For available options, see Managing personal or spouse contributions.

See Making employer super contributions.

Before your client can claim a deduction for their personal superannuation contributions, they must:

• meet the eligibility criteria
• have provided their superannuation fund with a Notice of intent to claim or vary a deduction for personal contributions form (NAT 71121) or,
• complete the Deduction notice for personal contributions form. You can find this at Adviser Tools by searching for deduction notice.
• receive an acknowledgement from their fund.

Once your client has submitted a Deduction notice for personal contributions form, which you can find in Adviser Tools, we’ll send your client an acknowledgment.

You’ll be able to see the tax deducted from the account in the cash transactions once the deduction has been processed.

From 1 July 2022, clients between 67 and 75 (specifically, up until 28 days after the end of the month in which they turned 75) will no longer need to submit a work test declaration to make or receive contributions (such as non-concessional and salary sacrifice contributions) to their superannuation account.

However, when a client in that age range makes a personal contribution and wants to claim a personal tax superannuation deduction for it, they’ll need to meet the work test. The work test will be applied by the ATO when your client lodges their income tax return.

The personal superannuation contributions that your client claims as a tax deduction will count towards their concessional contributions cap. From 1 July 2024, the concessional cap is $30,000.

When deciding whether to claim a deduction for superannuation contributions, clients should consider the impacts that may arise from this, including whether:

• they’ll exceed their contribution caps
• Division 293 tax applies to them
• they want to split their contributions with their spouse
• it will affect their superannuation co-contribution eligibility.

If a client exceeds their cap, the excess is included in their assessable income and will be taxed at their marginal tax rate, less a 15% tax offset, and there may be additional interest charges. The net of tax excess amount may be withdrawn from the fund. Also, if they choose not to withdraw the excess, the excess concessional contributions will count towards their non-concessional contributions cap.

It’s important to be mindful of contribution limits when making contributions, as clients may incur significant tax penalties if they exceed the limits. For further information, please refer to the Australian Taxation Office website.

There will be different deposit and contribution requirements for your clients depending on the type of Wrap account they have and type of contribution they wish to make. Please refer to the relevant Super/Pension PDS for more information. You can find these on Adviser Tools.

We don’t monitor amounts of concessional and non-concessional contributions made into a wrap account. They’re recorded and reported, but it is your responsibility, or that of your client or their accountant, to check the contributed amounts and the remaining amounts to be contributed.

Contributions and deductions are reported to the ATO at least every week via the Member Account Transaction Service (MATS) and over-contributing will likely be met with taxation implications, so we strongly recommend keeping an eye on your client’s contributions.

For more information, read the relevant section below.

To check your client’s contributions via the Super Contributions Report:

1. Log in to Adviser Online
2. Select Go To and click Macquarie Wrap
3. Select Super Contributions Report from the Quicklinks dropdown on the home page
4. Select the adviser code
5. Generate the report.

See Amending super contributions in Personal Help Centre.

The amount that a client can claim as a tax deduction may not always equal the total personal contributions made. This could be as a result of a withdrawal that was made after a contribution was made but before a Notice of intent to claim a tax deduction was submitted.

Withdrawals reduce the amount that a member can claim due to the proportioning rule where the tax-free and taxable components of a member’s super benefit are taken to be paid in the same proportion as the tax components of the member’s interest in the super fund.

The proportioning rule prevents the member from dictating which components to withdraw when a benefit is paid. That is, they can’t choose to withdraw just the tax-free component.

See Making payments into CMA, Accelerator and Wrap IDPS accounts.

See:

• Making payments into CMA, Accelerator and Wrap IDPS accounts
• Making Adviser Initiated Payments from a Super account
• Making Adviser Initiated Payments from a Pension account

See Understanding client daily payment limits.

For IDPS accounts, online tax elections let you customise each of your clients' Wrap Tax Reports to suit their individual needs. You have options for managing:

• Cost base for capital gains tax – FIFO (default), minimum gain or specific parcel selection, and
• Tax treatment of adviser fees – Unallocated (default), deductible or non-deductible.

You can’t make a tax election for adviser establishment fees, which are treated as non-deductible.

Please note that tax elections are only open from mid-May through to early July. You can check the exact dates for each financial year in the EOFY Hub.

Tax elections are carried forward from the previous year and automatically updated. If your adviser code has changed, any elections made under a previous adviser code won’t carry across to the new one and our default elections will apply.

You can select one of three Capital Gains Tax (CGT) / cost base options that will apply to disposals in the current financial year:

• FIFO (default) – Disposals will be allocated to the earliest open parcel (first in first out)
• Minimum gain – Disposals will be allocated against the open parcel that will generate the largest capital loss or lowest gain
• Specific parcel selection – You specify the open parcels against which disposals can be allocated.

To check your client’s current CGT cost base status:

1. Log in to Adviser Online
2. Select Reporting from the menu under the Macquarie icon and select Client and Adviser Reporting
3. Select Run a report across all my clients’ accounts
4. Select Generate adviser reports
5. Select Tax Status from the dropdown menu and choose to either view in browser (screen) or download a PDF (PDF). Select Continue
6. Select the tax year. By default, the most recent year is selected. Click Generate.

Your tax election is recorded under the Default Cost Base Method heading.

To make a change to your client’s CGT cost base election:

1. Log in to Adviser Online
2. Select Clients from the menu under the Macquarie icon and select Wrap account administration
3. Click Maintain an investment account
4. Select Enter or maintain CGT cost base method
5. Select Make a specific parcel selection.

Please note that any changes made to cost base elections will apply to disposals in the current financial year.

One of the tax election options is specific parcel selection, where you specify the open parcels against which disposals can be allocated.

Please note that this may not be an option across all listed securities due to a corporate action event.

If you’d like to choose specific parcel selection and the security you wish to select isn’t displayed, this will be available if:

• there’s a sale for a partial holding in the current tax year, and
• multiple buy parcels are available for selection (you can find this in the Unrealised Gains report).

To proceed with the request see:

• Macquarie Wrap parcel selection
• Macquarie Vision parcel selection

If you’re a Macquarie Wrap adviser, you also have the option to select one of three tax elections for your client’s adviser fees (adviser transactions fees and adviser ongoing fees): 

• Unallocated (default) – adviser fees will be unallocated in your clients’ tax reports
• Deductible – adviser fees will appear as deductible in your clients’ tax reports
• Non-deductible – adviser fees will appear as non-deductible in your clients’ tax reports.