Super Choice fund nomination forms

FAQs


 

Contributions and deposits

How do I process a Section 290 form to give Notice of Intent to claim a tax deduction for the the end of the financial year?

You can lodge your intent to claim on North Online and then send through either the prepopulated form accessible from North Online, or complete the standard S290 from the ATO. We need to receive and process the form by 30 June.   
 

How can I make member non-concessional (personal and spouse) contributions into my account via EFT/BPAY?

EFT and BPAY contribution details can be found at the bottom of the Snapshot page of your super account in North Online. It can take up to five business days to process the funds, so you should allow enough time.  
 

Can you back date deposits to the previous financial year?

We can’t back date deposits. If we receive a payment before 30 June, but can’t process it until after 1 July , we’ll use the date received.

How do I make sure my contributions are processed before 30 June?

It helps to make the contribution as early as possible before the fund’s cut-off date. If you’re expecting an employer contribution you may need to allow extra time as some employers use clearing houses that need two weeks’ notice.  
 

How can I make large non-concessional (personal and spouse) contributions into my account that exceed my EFT/BPAY limits?

Read the "How to make a large contribution/deposit into your account" guide in Support > Training Guides at North Online.   

What contribution amounts and types have been received this year?

Check North Online for a list of deposits.




Why are you asking me for a work test for my personal contribution?

If you’re over 67, a work test is required by legislation for the financial year before we can accept non-concessional contributions such as personal and spouse contributions, unless you can provide an exemption.

Tax reporting

How often does North report super contributions to the ATO?

Daily.

 

 



Where is my PAYG statement?

PAYG statements are reported directly to the ATO and will be in MyGov when you do your tax return. PAYG is only reported if tax has been deducted from any payments you’ve received.  

How does the ATO know when I have made an intent to claim on personal contributions?

North only reports personal and concessional employer contributions to the ATO, not intent to claim forms. When you lodge your tax return with notice of intent to claim, the ATO will match up the tax retained by the fund with eligible personal contributions for the financial year.


Where is the tax statement for my COVID financial hardship withdrawal?

COVID financial hardship payments through MyGov were exempt from tax. In any case, we report tax directly to ATO, so no tax statement would have been generated. 

When will I receive a tax statement for my Investment account?

North tax statements generally start being sent out towards the end of August through to the end of September.




How does the ATO know when I have made an intent to claim on personal contributions?

North only reports personal and concessional employer contributions to the ATO, not intent to claim forms. When you lodge your tax return with notice of intent to claim, the ATO will match up the tax retained by the fund with eligible personal contributions for the financial year.

Pensions

What happens at the end of the financial year if the minimum pension has not been met?

If a minimum pension has not been paid before 30 June, the system will process a top-up payment.

I just opened a pension account, will I need to pay the minimum this financial year?

Pension accounts opened in June are not required to pay out the minimum amount. Any accounts opened before June will be subject to a pro-rata minimum, based on the number of days open this financial year.

Dividends and distributions

Why has my balance dropped so much since June 30?

It’s common for distributions to be paid during this period, which will affect your unit price. You should see your account balance increase again once distributions are received. 

It’s past the expected payment date for my distributions, so why haven't I received them yet?

Expected payment dates for distributions are indicative only and do not account for the time it will take to calculate and distribute to individual accounts.

What you need to know

The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT). It contains general advice only and a person should consider whether this information is appropriate for them before making any decisions. It’s important a person considers their circumstances and reads the relevant product disclosure statement and target market determination, available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.