End of financial year toolkit

Countdown to June 30 -
Get set for the end of financial year

The run towards 30 June is often a busy one, and we’re here to make it as smooth as possible for you and your clients.

We’ve summarised all the key dates and events below so you can be as prepared as possible.

Be prepared for these common traps

Each year we receive thousands of calls in the lead up to End of Financial Year.
Here are three of the main call drivers from last year plus tips to avoid these traps.

Keep an eye on available cash

Check your clients’ available cash account balances before submitting withdrawal or rollover requests to avoid any processing delays.

Check the TFN status

Ensure 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 email this to us or call to pass it on.

Supply all relevant base info

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.

Upcoming tasks and correspondence

See below for detail on key admin tasks that may affect you and your clients plus a summary of year-end correspondence

Admin Event


Tax elections are expected to open towards the end of May. Once open, you'll have until 5 July 2019 to make the elections.

Save date to calendar

What you need to do


If you have investment wrap clients, log in to the Wrap adviser portal and ensure tax report elections are correct, in preparation for 2019 tax reports.

Tip

Like last year, all tax reports are defaulted to online only. We'll let you know when your clients' tax reports are ready later in the year.

How we'll notify you


We'll send an email in May to all advisers with investment wrap clients to let them know the tax elections are open.

We'll also send a reminder email before the online elections close in July.

Admin Event


You’ll have until 30 June to ensure the pension settings are correct online for the July 2019 pension recalculation. You can do this after the June pension run occurs.

Save date to calendar

What you need to do


Following the final June 2019 pension payment, log in to the Wrap adviser portal and check your pension clients are set to the right ‘escalation’ method in preparation for the annual July pension recalculations.

Tip

A pension payment will not be able to completed in the first week of July while recalculation is occurring.

How we'll notify you


We’ll send an email in June to all advisers with pension clients to remind them to check and update this information online before 30 June.

Admin Event


Our last day of processing for the 2018/19 financial year will be on Friday 28 June 2019.

Save date to calendar

What you need to do


Refer to the June processing calendar on this toolkit for all key dates covering deposits, contributions, asset transfers, account opening and more.

Tip

Some tasks have earlier cut offs – such as in-specie asset transfers and account closures.

How we'll notify you


We’ll send all advisers an email reminder in June regarding the final processing cut offs.

Admin Event


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.

Save date to calendar

What you need to do


Log in to the Wrap adviser portal, and view and amend pension details as needed.

Tip

There is usually only a small window (approx 3 days) to go online and make any adjustments after the pension freeze is lifted and before the July pension payment occurs.

How we'll notify you


We’ll send an email to all pension advisers once the pensions recalculations have finished.

Admin Event


If you have clients 65+ and they wish to contribute to super, they must satisfy the ‘work test’ requirements for the funds to be accepted.

Save date to calendar

What you need to do


Review your list of super clients aged 65+ (this includes clients turning 65 during FY19/20) and consider whether they will need to contribute in the new financial year. If yes, please get in touch with them to complete the form.

Tip

Do you know if your clients will have funds sent into their super account in the first half of July 2019? If yes, we’ll need the work test signed and received by no later than 20 July otherwise we’ll return the funds.

How we'll notify you


We’ll send an email to all advisers with affected clients. This will be based on the age of the client and if we can see they contributed funds last year.

The work test information will be sent to clients via email or mail, depending on whether we have their email on file.

Who gets this?


Pension clients who meet specific criteria such as age, account type and if their pension account is still active as at 30 June.

PAYG summaries are mailed each year in July. Last year these were issued on 11 July. We’ll add an update to the adviser portal once these have been mailed to clients.

Who gets this?


All super wrap clients who made a personal contribution during the 2018/19 financial year.

Personal contribution summaries are generated early August and are expected to be issued to clients via email or mail by mid-August. We’ll email affected advisers before these get sent to clients.

Who gets this?


All investment wrap clients (even if account closed prior to end of 2018/19 financial year).

Wrap Tax reports are expected to be released in tranches, from the end of July / early August 2019. Please note all tax reports are online by default. We’ll email affected advisers when tax reports are available.

Who gets this?


All investment, super and pension wrap clients.

Wrap IDPS annual statements will be issued in July 2019. Wrap super/pension annual statements will be released between September-December 2019. Please note the super and pension annual statements will be online-only this year. We’ll notify your clients when their super annual statement is available.

Additional resources

Deposit and Contribution help

Deposit and contribution help

View the EOFY guides for detailed information about making deposits and contributions, superfund requirements, office locations and more.

Technical tips

Technical tips

This article provides a quick reference source to help with some of the key year-end planning matters that may need to be considered for clients.

Training and support

Training and support

We'll be running webinars to provide you with some hints and tips for a smoother end of financial year. Please register via the links below:

We're here to help

1800 025 063

Macquarie Wrap & Retail Super

1800 808 508

Macquarie Cash Solutions