End of financial year- Key processing dates 2022

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.   
 

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 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.  
 

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?

Under the MATS (Member Account Transaction Service) since July 2018, Funds are required to report any Notice of Intent to claim - S290 notices processed, to the ATO. This is done daily via the MATS reporting system. However, when you lodge your tax return, you must include the amount claimed as a tax deduction, so that the ATO can match up Fund reporting to the amount claimed in your personal tax returns.

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.

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.