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. 

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 we must receive the 'notice of intent to claim a tax deduction' form 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

If you are making either a Downsizer contribution or a CGT exempt contribution, please ensure the ATO downsizer or the CGT exempt contribution form is submitted before or at the time of making the contribution. These forms are available via ato.gov.au. 

For BPAY:

• Biller code: 38778 
• Reference number: North/MyNorth  account number, removing the ‘’Y’’,  ended with the number 9 
• For example: If the North/MyNorth account number is: Y12345678, the reference number would be 123456789. Example purposes only, do not use this reference number.  
• Your reference number can also be found by logging onto North.

For EFT:

• BSB: 033-806
• Account number: your account number, removing the “’Ý’’ ended with the number 9 
• For example: If the North/MyNorth account number is: Y12345678, the reference number would be 123456789. Example purposes only, do not use this reference number.  
• Your reference number can also be found by logging onto North.

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.  

Please provide a receipt of the transaction, including the CGT or downsizer 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.
 

Account transfers

If your financial adviser is processing an account transfer on your behalf 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. Your adviser many submit a one-off portfolio rebalance to realign your investment instructions.  

If the investments in the source and destination accounts differ, you or your adviser 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. 

Mandated pension minimums

In order to satisfy the government mandated minimum for pensions, additional out of cycle payments will be made to some North customers during the month of June. To find out if you have received an out of cycle pension payment log into North. 

Need help?

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