Tax and EOFY Toolkit

A range of resources to support you

EOFY Calendar

This year, we’ve created an EOFY calendar so you can see all the key tasks and processing cut-offs in one-central location. 

man sitting on kitchen bench with laptop

Our last day of processing for the 2021/22 financial year will be on Thursday 30 June 2022.

Overview

View it all from here

We have the resources to meet your technical and administration needs during the busy tax period.

Find detailed information on a particular tax time activity under each section, including resources under the Guides tab like:

  • Tax guides, with in-depth knowledge relating to client Tax Reports
  • Fast facts, on key events affecting tax reporting (like corporate actions)
  • direct links to key areas of the Australian Tax Office website
  • materials for your clients.

Explore all our resources to prepare yourself for this tax reporting season.

EOFY 2022 Information

View all of the key tasks for June and their processing cut-offs.

Cut-off dates and tasks

Note: The cut-off time is 5PM ( AEST) across all tasks on the specified cut-off date to complete requests. This includes all requirements to be received and no outstanding follow-ups (eg submission of the request including client consent or approval, where required). Incomplete requests received prior to the cut-off and requests received after the cut-off will be processed on a best-efforts basis

Date Information
Monday 6 June
Pension Updates
  • Changes for June monthly pension run (Final pension updates for the 2021/2022 Financial year)
  • See cut-off details
Thursday 9 June 
Transfers (In and Out)
Friday 10 June
Client investor status
Thursday 16 June
Transfers (In and Out)
Thursday 16 June
Closures
Thursday 16 June
Fee changes and Advice Fee Consent
  • Advice Fee Consent Forms and Manual Account Grouping
  • See cut-off details
Thursday 23 June
Adviser Changes
Tuesday 28 June 
Withdrawals
Tuesday 28 June
Contribution splitting
  • Contribution splitting request for 2021 Financial Year
  • See cut-off details

Tips to avoid processing delays

Check your client’s available cash

  • Before submitting withdrawal or rollover requests, check the available cash for your clients to avoid any processing delays.

Ensure sufficient cash is available in your clients’ pension accounts

  • This is to make sure pension payments can be made in June to satisfy any minimum pension requirements for the 2021/22 financial year. 

Ensure your investment clients’ accounts are ready for tax reporting

  • Please check correct cost base information is supplied where assets are being transferred in via in-specie transfer, to ensure accounts are ready for tax reporting. Incorrect or incomplete cost base information can impact the accuracy of reporting. Check you can supply all relevant cost base information to provide this for assets transferred into wrap accounts.

Submit paperwork as early as possible

  • If you’re able to submit paperwork before the provided cut-off dates, there’ll be a greater chance that we can work with you to resolve any unexpected issues before the final cut-off dates.

Make sure you’re using the most up-to-date version of our forms available online

Important notes

Remember

During the first two weeks of July, we’ll be calculating your 2022/23 pension. You won’t be able to make changes to your pension during this time. 

Add as a reminder

You can also add these to your personal calendar as a reminder by clicking on the task.
 

Download and print the EOFY cut-off dates and times as a PDF 

  1. Right click anywhere on the page when you are in the 'Cut-off dates and times' tab and select 'Print' or use short cut 'Ctrl+P'. 
  2. Once the 'Print' window has opened, select 'Save as PDF' in your 'Destination' options. 
  3. Click 'Save' and follow the prompts when the 'Save As' window appears.

Elections

Some more information on complex security holders and non-residents

While we do our best to distribute client Tax Reports as soon as possible, there are certain securities that can delay the process. If any of your clients hold one or more of the following securities, they can expect to receive their Tax Report between October and January: 

  • listed trusts
  • international property trusts
  • hedge funds
  • geared investments
  • instalment warrants

Clients listed as non-residents for tax purposes are also expected to receive their Tax Report between October and January. We will advise you of any changes to this timeframe.

Non-residents and complex securities holders listed above may need to lodge their tax return through a tax agent to avoid any penalties that may apply if they do not lodge their return with the Australian Tax Office before 30 October.

Guides

Our Tax Guide is designed to help you understand the PortfolioOne Tax Reports.

2019 corporate actions

- coming soon

2018 corporate actions

  • Rio Tinto Limited (2018)
  • Woodside Petroleum Limited (2018)
  • Westfield Group (2018)

2017 corporate actions

  • Telstra Corporation Limited (2017)
  • JB HI-FI Limited (2017)
  • ITJ (2017)
  • iShares (2017)
  • Insurance Australia Group (2017)
  • Vocus Communications Limited (2017)

2016 corporate actions

  • National Australia Bank Limited (NAB) - capital reduction by way of in specie distribution of CYBG PLC (CYB)
  • Commonwealth Bank Australia Limited (CBA) - Retail Entitlement Offer
  • Qantas Airways Limited (QAN) - Return of capital and share consolidation
  • Westpac Banking Corporation (WBC) - Retail Entitlement Offer

2015 corporate actions

  • BHP Billiton Limited – Demerger of South32 Limited
  • Rio Tinto Limited – Off-Market Share Buy-Back
  • Telstra Corporation Limited – Off-Market Share Buy Back
  • Westfield Group distribution 2015

2014 corporate actions

  • Amcor Limited - Demerger of Orora Limited
  • Brambles Limited - Demerger of Recall Holdings Limited
  • Lend Lease Trust distribution
  • Westfield Retail Trust  merger with Westfield Group
  • Westfield Group restructure and merger with Westfield Retail Trust
  • Wesfarmers Limited – Return of capital, dividend and share consolidation

Non-residents for Australian tax purposes

  • 12H and non-resident withholding tax
  • Canadian withholding tax
  • Conduit foreign income
  • W-8BEN form
  • What is Trans-Tasman Imputation?
  • Non-resident withholding tax
  • Reconciliation of withholding tax for non-residents

Capital gains tax

  • Capital gains tax 
  • E4 and G1 events what are they?
  • Incidental costs
  • Worthless shares and their taxation treatment

Specific tax entities

  • Listed Investment Companies
  • Pooled Development Funds

Other useful information

  • Denied franking credits
  • Compensation payments
  • Glossary 
  • Instalment warrant information
  • Margin lending
  • Stapled securities information
  • Tax File Number (TFN) Withholding information
  • Tax treatment of convertible notes

SMSF Audit

Self managed super fund (SMSF) auditors are required to conduct both a financial and compliance audit, and subsequently express an opinion that the SMSF has:

  • made no material errors in financial statements
  • complied with the Superannuation Industry (Supervision) (SIS) Act and regulations.

To assist you and SMSF auditors in this process, the reports below highlight the effectiveness of our internal controls and ensure the information provided in investor statements contains no material errors.  

What reports are available?

Independent audit report

Provided by the auditor to the Board of Directors of Macquarie Investment Management Limited on internal controls and other relevant accounting procedures as they relate to the specified annual investor statements for the year ended 30 June 2022.

Independent review report

Important information

These reports may also apply to other account structures held through our platform and are not individually prepared for each SMSF client. We therefore recommend that you review the information provided, and assess whether it provides sufficient evidence regarding internal controls and material accuracy of the annual investor statements in order to meet your specific auditor responsibilities  

Specific documentation from the SMSF's trustee will be required when carrying out your audit obligations in respect to assets that are either held outside PortfolioOne or are 'below the line' assets. To assist you in determining the extent to which these reports may be relied upon, please refer to the Government's Auditing and Assurance Standards Board website and the Guidance Statement GS009 Auditing Self- Managed Superannuation Funds .

Super Tax

We’ve completed the tax calculations and adjustments for the period 1 July 2020 to 30 June 2021 for clients' super and pension accounts.

Resulting tax adjustments were made to your clients' Cash Accounts/Hubs and appeared in their Cash Transactions Report. Please see below for further information about this adjustment.

Introduction

To help you explain to your clients the principles and assumptions that we’ve used to calculate each member's notional tax return, we’ve released the

The Guide to Member Tax Calculation is provided to you for information purposes only. No action is required from you or your clients.

Frequently asked questions

(The following are further explained in the Guide to Member Tax Calculation)

How would this affect my client?

If the annual tax liability of a member is less than the tax payments made during the year, we credit a refund to the member's Cash Account, otherwise their account is debited with a tax charge.

Which clients are included?

Clients affected are those who held active accounts during the period 1 July 2020 to 30 June 2021 and kept their accounts open until 5 February 2022.

What if my client's account is closed?

Members who leave the Fund prior to the year's annual processing date will not receive the benefit of any franking credits, foreign income tax offsets or any revenue/capital losses that have accrued. These tax benefits will be allocated on a proportional basis across all active accumulation accounts as at the processing date.

For further information, please refer to the Annual taxation adjustments section of the relevant Product Disclosure Statement.

What if my client has switched between super and pension accounts during the financial year, or since 1 July?

If your client has switched between super and pension accounts during or since the 2020/21 financial year, the tax calculation will be completed on both of these accounts, with the transactions being processed to the open account.

What if my client has transitioned their super or pension accounts since 1 July?

If your client transitioned from PortfolioOne to Grow Wrap in December 2020, the tax calculation will still be completed on their accounts as they’re in the same super fund. The transactions have been processed as usual to their open account.

Why would my client be debited a tax charge?

Clients may be debited tax charges if they disposed of assets and realised capital gains as a result during the financial year.

What do my clients see?

Your clients will see different adjustments on their Cash Transactions Report depending on the type of account they hold.

For superannuation clients:

  • Superannuation tax calculation adjustment (credit or debit) - the total net tax position
  • Distributed tax benefit adjustment - the forfeited tax benefits from closed member accounts.

For pension clients:

  • Distributed tax benefit adjustment - the franking credits applicable to the account.

For clients who have switched between super and pension:

  • Distributed tax benefit adjustment (credit or debit) - the total net tax position in the closed super account
  • Distributed tax benefit adjustment - the franking credits applicable to the open pension account.