Tax and EOFY Toolkit

A range of resources to support you

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 2021 Information

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

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

The cut-off time is 5PM (Sydney time) across all tasks on the specified cut-off date.

Cut-off dates and times

Task 
 
Cut-off Date 
(5pm Sydney time)
Task Detail  Cut-off details
Pension Updates

Monday 7 June
  • Changes for June monthly pension run
    (final pension for the 2020/21 financial year).
Dates apply to complete requests. All requests and any outstanding information must be received by the cut-off date.
Remember: During the first two weeks of July, we’ll be calculating your clients’ 2021/22 pension. You won’t be able to make changes to your clients’ pensions during this time.
In-specie Asset Transfers (In and Out)

Wednesday 9 June
  • Managed Investments
  • Australian Listed Securities
Dates apply to complete requests. All requests and any outstanding information must be received by the cut-off date. 
Fee changes

Wednesday 16 June
  • All fee changes
  • Manual Account grouping changes
Closures 

Friday 18 June
  • All account closures
Adviser changes

Wednesday 23 June
  • All adviser changes
Withdrawals 

Monday 28 June
  • All withdrawal requests

Download and Print the EOFY cut-offs

To download and print the EOFY cut-off dates and times as a PDF, simply: 

  1. Right click anywhereon 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. 

Temporary reduction in pension minimum requirements

As part of their response to COVID-19, the Federal Government announced a 50% reduction to the annual pension minimum requirements for 2019/20 and 2020/21 financial years.

The Federal Government has recently extended the temporary reduction in pension drawdown rates to apply for the 2021/22 financial year.

The reduced annual pension minimums are the minimums we’ll apply when calculating your clients’ pension payments for the 2021/22 financial year. 

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 2020/21 financial year.  
  • Check your super clients direct deposit facility
    Please make sure we can receive and process contributions correctly that are paid by funds transfer by checking your client’s direct deposit facility. If your client intends to make a contribution via EFT to a super account, it’s important the direct deposit facility is set up with the correct contribution type. You can change the contribution type by calling us.
  • 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

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 2021.

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 2020.

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 2019 to 30 June 2020 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 2019 to 30 June 2020, and kept their accounts open until 25 February 2021.

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 2019/20 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.