Your EOFY super guide
Updated May 2023
Welcome to your end-of-financial-year super guide, designed to help you and your clients be ready for 30 June with Australian Retirement Trust. Below you’ll find our processing cut-off dates and times for submitting forms and other transactions for both Super Savings and QSuper accounts.
Tips before submitting
Tip #1: Don’t leave submitting forms to the last minute. To ensure there are no issues, we have provided a more detailed list of key dates below. Adhering to these will allow time to remedy issues outside of either of our control.
Tip #2: Submit forms correctly, with attachments. For smooth processing, make sure forms are fully completed and come with all required attachments.
Tip #3: Submit forms one at a time. Where your client requires multiple transactions to be processed in a specific order, please submit forms individually (e.g. direct debit followed by claiming a tax deduction). And don’t forget the key dates below.
Tip #4: Submit next financial year requests in July. If you don’t want us to process the request this financial year, best to wait until 1 July to submit.
Tip #5: Where possible, please submit requests to us via our electronic channels. If for whatever reason you need to send something to us by mail, we recommend you have this posted to us a week prior to the processing dates listed below so that it reaches us on time (express post being highly recommended).
Key processing dates
Super Savings accounts
We’re pleased to let you know that financial transactions and applications submitted via Adviser Online are given priority.
So long as the account is funded, submit via Adviser Online by 28 June 2023.
If you don’t want us to process the request this financial year, please wait until 1 July to submit.
Submit via Adviser Online by 28 June 2023.
There is always a risk that a direct debit dishonours, and if it does, the contribution might not be able to be applied this financial year. To reduce the likelihood of being impacted by a dishonour, submit via Adviser Online by midday 23 June 2023.
Need the funds in your client’s bank account before EOFY? To allow for banking timeframes, submit via Adviser Online by 15 June 2023.
Need to recontribute this money into your client’s Accumulation account before EOFY? To give enough time to also submit a Direct debit request, submit via Adviser Online by 8 June 2023.
QSuper accounts
So long as the account is funded, ensure we have received this by 14 June 2023.
If you are restarting an Income account, ensure requests are received to us by 16 June 2023.
Ensure we have received this by 30 June 2023.
Have your client complete the payment via their financial institution by 27 June 2023.
®Registered to BPAY Pty Ltd, ABN 69 079 137 518.
Ensure we have received this by 23 June 2023.
Need the funds in your client’s bank account before EOFY?
- For withdrawals from an Accumulation account, to allow for banking timeframes, submit by 19 June 2023.
- For withdrawals from an Income account, to allow for banking timeframes, submit by 23 June 2023.
Contact our dedicated adviser servicing team on 1300 360 750.
Changes to the Retirement Bonus
The Retirement Bonus is one feature of our award-winning1 products, designed to help your clients retire well with confidence. From 1 July 2023, the Retirement Bonus for Super Savings and QSuper accounts is changing to a single design that’s the same for all members.
If your client is eligible for a bonus this financial year by opening a Retirement Income account or Lifetime Pension2, they could potentially receive a higher bonus amount.
For Super Savings account holders
- The change in payment rate is being backdated and the new rate of 0.50% will apply from 1 July 2022. It will form part of the Retirement Bonus that they receive in July.
For QSuper account holders
- If a QSuper account holder receives a Retirement Bonus this financial year and it's less than 0.50% of the eligible amount transferred, they might receive a top up adjustment in July. If they're eligible, we'll automatically apply it as an adjustment into their Income account in July.3
If you would like to receive the current Retirement Bonus before the 1 July 2023 change, we will need to receive your completed forms by no later than 14 June 2023 to ensure it is processed in time.
Please note: Along with your completed forms, we also need to receive valid proof of identity.
We're here to help
If you need assistance with end-of-year cut-offs, please contact your Business Development Manager or contact us.
Get in touch with us
Footnotes:
1. For further information refer to australianretirementtrust.com.au/awards. These awards are solely statements of opinion and do not represent a recommendation to purchase, hold, or sell any securities, or make any other investment decisions. Ratings and awards are subject to change and are only one factor that you should consider when deciding how to invest your or your clients super. Past performance is not a reliable indicator of future performance.
2. The Retirement Bonus does not apply to the Super Savings - Corporate Lifetime Pensions or QSuper Defined Pensions.
3. Any Retirement Bonus top-up applied to accounts in July 2023 will be reported as a concessional contribution and will appear in member’s QSuper account 2023-24 Annual statement as an adjustment.