What you need to know- EoFY’s approaching

End of financial year is fast approaching and here are a few important points and cut-off dates that you need to keep mind.

Superannuation contributions You may contribute to superannuation in various ways, this includes cash contributions or investment in-specie transfers. For FY19, the contribution caps are: 1. Concessional contributions (CC) (including employer super guarantee contributions) $25,000 per person 2. Non-concessional contributions (NCC) $100,000 per person, if your total superannuation balance is less than $1.6M as at 30 June 2018. Or, $300,000 if you are eligible for the “bring forward” rule. Please note- the above contributions cap limit outline is non-exhaustive and there are limitations and rules that apply to the above simplified caps, including- age, existing balance, previous contributions, employment etc. We highly recommend speaking to us about what your eligibility, one wrong move and penalties and charges may apply.

Pension payments Please ensure that you will receive (have withdrawn) the minimum pension for the current financial year. This will be a pre-determined percentage (based on your age) of your pension account value on 1 July 2018. Please ensure these are withdrawn prior to Thursday 27th June 2019 to ensure transfers are processed and recorded correctly.

Cut-off dates

Macquarie Wrap –

1. Contribution and Deposits- via ETF or BPay. These need to be made by 5pm Friday 21st June 2019. This includes one-off direct debit requests. If you are planning on making BPay contributions and/or deposits and require the correct BPay biller code for the contribution/deposit type please let us know and we can provide you with the correct details to ensure the funds are classified correctly.

2. Cheque contributions and branch deposits. Any cheque contributions or deposits will need to be RECEIVED by Macquarie by 5pm Thursday 27th June 2019. If you are considering posting Sovereign Wealth a cheque to deposit on your behalf please ensure you leave sufficient time for the cheque to be mailed and received. You are able to personally deliver any cheques to the Macquarie cash account counter at 1 Shelley St.

3. Withdrawal requests All withdrawal requests will be due by 5pm Wednesday 26th June 2019.

Netwealth –

1. Contribution and Deposits- via ETF or BPay. Amounts transferred via BPAY are generally received by Netwealth 2 business days after being submitted (but can take up to 4 business days). Netwealth is not responsible for any delays in receiving the monies. In this case, online transfers should be completed by Friday 21st June 2019.

2. Cheque contributions and deposits. Cheques must be physically received in Netwealth’s Melbourne Head Office by 12 midday (AEST) on Friday 28 June.

3. Direct debit requests (DDR) DDR form/request must be received by Netwealth prior to 12 midday (AEST) on Friday 28 June to enable them to initiate the inward transfer.

4. Branch Deposits Non-ANZ cheques or bank cheques may take more than 1 business day to clear. Client should confirm with the bank teller that funds will clear no later than Friday 28 June. The following details must be quoted when making a branch deposit: Account Name: Netwealth Applications Account BSB: 013 030 Account no: 837557601 Description/Reference: Netwealth account details** ** Description/reference for branch deposits must be numeric. For Wrap Service accounts, replace the ‘WRAP’ account pre-fix with ‘9999’. For example, for ‘WRAP014444’ use a description/reference of ‘9999014444’ IMPORTANT: Forward a copy of the branch deposit receipt to remittance@netwealth.com.au

If you utilise other platform, super fund or banking providers please ensure you confirm their cut-off dates and times for smooth sailing into FY20.

For further help or guidance in preparing for the EoFY and ensuring you don’t miss out on any eligible contributions please contact Sovereign Wealth Partners on (02) 8216 1777 or via clientservices@soveriegnwp.com

Disclosure Statement: This communication has been approved and issued by Sovereign Wealth Partners Pty Ltd ABN 18 607 071 367 Corporate Authorised Representative (No. 001233909) of Sovereign Capital Pty Ltd ABN 44 164 127 833, AFSL 456235.

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