EOFY Top Tips for North Users

The end of financial year (EOFY) can be stressful for advisers and clients alike as they rush to meet deadlines. This cheat sheet outlines all important dates, codes and transfer details you need to know as you approach the EOFY with your clients.

Contribution and deposit methods

You can make contributions using BPAY, electronic funds transfer (EFT), direct debit or cheque. Here’s what you need to know about each contribution method.

It’s important that we receive contributions before their cut-off times. That way you can avoid reversed contributions. 

More EOFY contribution cut-off dates

Some other key administration cut-offs for EOFY include:

• In-species transfers – expect a wait for four to six weeks.
• Managed funds and term deposits – we need your trade instructions by 5pm, (AEST) 29 June.
• Equity trades – We need your trade instructions by 4pm, (AEST) 30 June.

Tax deduction claims for personal contributions for this financial year on behalf of your clients – we must receive the contribution by 30 June. The notice of intent (to claim the tax deduction) must be lodged with and acknowledged by us before the earliest of:

• when your client lodges their tax return for the year of the contribution;
• The end of the financial year following the year of the contribution; or
• The client making a withdrawal, rollover or commencing an income stream from the account which received the contribution.

Tip: Making large contributions

Some banks have restrictions on their payment methods, which can lead to payment dishonours for large contributions. You can avoid this by emailing us at north@amp.com.au and

• use the account ID as a reference
• provide confirmation of the payment, and
• instructions on how to allocate the contribution (eg, as a personal contribution).

We’ll provide the North bank account details for the client to make a contribution.

Recontribution strategies

Considering a recontribution strategy?

To do this, the funds must be transferred out of your client's super into a personal bank account or account transferred into IDPS (Investor Directed Portfolio Service), and then recontributed into super. This must be done before 5pm on 30 June.

Account transfers

If you’re making any account transfers, be aware that product minimums and restrictions apply. What’s more, outstanding fees, tax liabilities and other accrued costs may be deducted from the cash account to the transfer account. Transfers are done proportionately unless you specifically select the units.

Remember, if you transfer investments from one account to another, the investment instructions will not be transferred with them. So if you want the client's portfolio to look like the investment instructions, you'll need to submit a one-off portfolio rebalance.

And if the investment and destination accounts differ, you will need to perform a manual rebalance on North online in the target account.

Hint: Distributions and negative earnings

In early July, some accounts will display a negative earning which reduces the account balance. This is due to unit prices decreasing after the fund manager declares a distribution. The negative earnings will be offset once the distribution is paid.

We suggest explaining this to any affected clients, to reassure them if they have concerns about their balance.

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