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 to allow for enough time for the funds to be cleared by the sending bank. This can take up to 2-3 business days for some banks. North will ensure that all funds are receipted with the date they are received into our bank account.

More EOFY contribution cut-off dates

Some other key administration cut-offs for EOFY include:

• In-species transfers in & In-specie transfers out - Shares 11 June 2025, Managed Funds 16 May 2025
• Cross client transfers – 18 June 2025

These will be processed provided all the required information has been received.  External factors may influence the confirmation of the transfers but will guarantee that the requests will be processed by North if received before cut-off dates.

• Tax deduction claims for personal contributions on behalf of your clients – we must receive documentation by 4pm, (AEST) 26 June.

Note: Tax deduction claim cut off is for financial year ending 2024 only. Tax deductions for financial year ending 2025 can be claimed until 30 June 2026.

• Managed funds and term deposits – we need your trade instructions by 5pm, (AEST) 27 June.

• Equity trades – We need your trade instructions within six trading hours by 4pm, (AEST) 27  June.

Downsizer and CGT-exempt contributions

The ATO forms for both downsizer contribution and CGT-exempt contributions must be submitted before or at the time of making the contribution or it will be considered invalid. So, how do you go about making that contribution?

For BPAY:

• Biller code: 38778
• Reference number: the client’s account number, ended with the number 9

For EFT:

• BSB: 033-806
• Account number: the client’s account number, ended with the number 9

For branch transfer

• Please note that the unique EFT details listed above will not be able to be used within a branch. Our team can provide our North Bank Account details on a one-off basis. Contact the North Service Centre on 1800 667 841 for instructions (Mon-Fri, 8:30am-7pm, AEST).  North must receive payment by 5pm AEST, 27 June. 

Provide remittance – including the CGT or downsize form and the account details for us to apply that contribution to. These can be sent to north@amp.com.au.

Tip: Making large contributions

Some banks have restrictions on their payment methods, which can lead to payment dishonours for large contributions. Please speak to your bank in advance to avoid any issues.
 

Recontribution strategies

Considering a recontribution strategy?

To do this, the funds must be transferred out of your client's super or pension into an IDPS (Investor Directed Portfolio Service) or personal bank account personal bank account and then recontributed into super to be eligible for this financial year. This must be done before 5pm (AEST) on 26 June.

Account transfers

If you’re processing any account transfers, be aware that product minimums and restrictions apply. Additionally, any outstanding fees, tax liabilities, and other accrued costs may be deducted from the cash account and transferred to the designated 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.

If the investments in the source and destination accounts differ, you will need to manually rebalance the target account on North.

Hint: Distributions and negative earnings

In early July, some accounts may show a negative earning, leading to a reduced account balance. This occurs 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.

Need help?

We’re here to help you through EOFY. Contact us on 1800 667 841 or email us at north@amp.com.au