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With the end of the financial year fast-approaching we want to ensure that you are fully informed of the process and important dates, including when there will be a pause in processing, when you’ll receive tax and super notices and when unit pricing on your investment options will be updated.

The last day for super contributions in this financial year is this Thursday 25 June 2020. Allow 3 working days for the funds to get to the Fund’s bank account. Include an ID reference in your deposit – your Fund name, number and type of contribution (Super Guarantee or Personal Contribution), e.g. MASF023456_SG or PC.

We will continue to prioritise the payment of withdrawals of early release of super due to COVID-19 throughout the end of financial year reconciliation period for any member who needs it, further details on how much can be withdrawn and how long it will take are below.

End of Financial Year Calendar

What will occur for Pension members Date
To allow for end of financial year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

● No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

30 June until 6 July 2020
The bank account for NEW pension funds changes to NAB From 1 July 2020
Pension PAYG group certificates (where applicable) mailed 14 July 2020
Notify the administrator in writing if you wish to halve your pension payments in the 2020-21 financial year From 1 July 2020
Pension payment (where monthly income chosen) 15 July 2020
Unit price catch-up (where applicable) 6 July until 20 July 2020
Withdrawals (standard) will be processed from 6 July when the withdrawal date unit prices become available. 6 July to 20 July 2020
Withdrawals – Early release of super due to COVID-19 payments during end of financial year unit price freeze Refer to the fund website on availability, dates and details
Copies of Pension PAYG group certificates forwarded to Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the secure online portal in the super tab – Report Inbox By 31 December 2020

 

What will occur for Superannuation members Date
Last day for banking contributions via electronic transfer from your bank account to the super fund bank account 25 June 2020
Annual work test declarations for those aged +65 who are not exempt mailed to members to ensure contributions can be accepted 30 June 2020
The bank account for contributions into the Fund changes to NAB From 1 July 2020
To allow for end of year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

●  No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

From 30 June until 6 July 2020
Letters sent offering the opportunity to request a ‘Notice of intent to claim a personal tax deduction on super contributions. 14 July 2020
Salary continuance PAYG group certificates mailed (where applicable) 14 July 2020
Unit price catch-up (as required) 6 July until 20 July 2020
Withdrawal delays during these dates 30 June to 20 July 2020
Withdrawal – Early release of super due to COVID-19 payments during end of financial year period arrangement Refer to the fund website on availability, dates and details
Copies of transition to retirement and salary continuance PAYG group certificates forwarded to the Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the Secure Online Portal in the Super tab – Report Inbox 31 December 2020

Early release of super withdrawals due to COVID-19 and end of financial year

We are here to help

Payment of withdrawals of early release of super due to COVID-19 will continue to be acted on as a priority throughout the end of financial period for any member who needs it.

Because there is a pause on unit pricing, during the end of financial year period we will process your payments as follows:

  1. Partial withdrawals where your member account balance is greater than $11,500 will be paid in full upon receipt of the ATO determination.
  2. Partial withdrawals where your member account balance is between $10,000 and $11,500 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the remainder up to $10000 when the unit price of your investment options become available.
  3. Withdrawals which will close your member account, and where your balance is less than $10,000 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the balance when the unit price on your investment options become available.

How long does it take for COVID-19 payments to come through?

Who What How When
Services Australia Set up your myGov account and check your eligibility. www.servicesaustralia.gov.au/individuals/online-help/create-mygov-account As soon as you can, it can take a few days to get necessary information together
ATO The ATO processes your application. If approved, the ATO notifies you via your myGov inbox. 2-3 business days after you submit your application
Your Super member account We process the payment to you or contact you if further information is needed. Sent by EFT to the bank account specified in your myGov application Within 5 business days of the ATO notifying us. It takes a further 3-5 business days for the money to be in your bank account.
What should I check once I have looked at myGov and viewed my Super Fund(s)
Super Funds Confirm you still have a balance in the Fund, and if you have insurance. This way when you make your application, you will know if the funds are there to withdraw, and if you wish to leave enough to cover insurance. Often the balance held by the ATO may have based on last years’ reporting.
myGov Cannot see your super? Check that your date of birth and your tax file number are correctly recorded by myGov and by your super fund.

Check your member Online Portal to confirm your details and balance.

moneysmart There is support and services available to help you. https://moneysmart.gov.au/covid-19 will show you steps to look after yourself and your money and only takes minutes to read, and consider the options available to you.
 Smartsave Employer Super and Smartsave Personal Choice and Smart Pensions are part of the Smartsave Member’s Choice Superannuation Master Plan ABN 43 905 581 638 RSE R1001341 (Fund). Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. RSE Licence L0000635 (Trustee) is the Trustee of the Fund and the product issuer. The information in this document has been prepared by OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868 as the Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions about Smartsave Employer Super and Smartsave Personal Choice & Smart Pensions, it is important that you read the current product disclosure statement (PDS) relevant to your membership and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for each product is available on smartsavesuper.com.au. You should consult a financial adviser if you require personal advice.