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FirstChoice End of Financial Year 2021 dates

EOFY processing cut off dates 2021


  • Please note that due to State rules and restrictions relating to Coronavirus, we’re unable to receive contributions in our state offices. Members are to send cheques by post and must be received by us by 3pm (Sydney time) 30 June 2021.

    Pension payment changes


    All pension payment changes can be requested via FirstNet by 23 June 2021. Please note, no changes can be made to pension payments on FirstNet after this date. We will try our best to process any pension payment changes requested after 23 June for the current financial year.

    Pension payment changes for financial year 2021-22 can be submitted via FirstNet from 3 July 2021.

    Event Date

    Super to pension transfers within FirstChoice (if first payment is prior to 30 June 2021)*

    Transfer to TRIS pension accounts within FirstChoice (if first payment is prior to 30 June 2021)*

    15 June 2021


    14 June 2021

    Applications
    New pension applications - (if first payment is prior to 30 June 2021)*
    15 June 2021
    New applications, including pensions (if first payment is after 30 June 2021) 3pm 30 June 2021
    Contributions, withdrawals and term deposit maturity
    Employer super guarantee contribution cut-off
    3pm 25 June 2021
    EFT/BPAY super contribution cut-off 3pm 25 June 2021
    Super contribution cut-off 3pm 25 June 2021
    Withdrawals (excluding pension payments)
    3pm 30 June 2021
    Special conditions period for maturing term deposits 1-9 July 2021
    Pension payment changes via FirstNet  
    Pension payment changes  23 June 2021
    Pension payment changes for FY2021/22  from 3 July 2021
    Communications
    Work test and annual pension letters delivered
    TBA
    Annual tax statement issuance commences
    26 July 2021
    Half-yearly statements ending 30 June 2020 issuance commences
    Investments products from 19 July 2021 
    Super and Pension products from 16 Aug 2021
    FirstTech Super and Retirement Income Guide and FirstTech Pocket Guide available
    from 1 July 2021

    All cut-off times are based on Sydney time.

     

    * All outstanding requirements must be received before the cut-off date.

  •  
    Super contributions cheques hand delivered to your CFS state office

     

    Due to the Coronavirus situation, we’re unable to receive contributions in our state offices. Members are to send cheques by post and these should be received by us by 3pm (Sydney time) 30 June 2021. Please be reminded that contribution payments are not accepted in Commonwealth Bank branches.
     

     

    State office Cut-off time (Local time) Address
    Sydney 7pm local time, Friday 30 June 2017 Commonwealth Bank Place (South Building) foyer, 11 Harbour Street, Sydney NSW 2000
    Melbourne 3pm local time, Friday 30 June 2017 Level 18, 727 Collins Street, Docklands VIC 3008
    Brisbane 3pm local time, Friday 30 June 2017 Level 20, 180 Ann Street, Brisbane QLD 4000
    Adelaide 2:30pm local time, Friday 30 June 2017 Level 3, 100 King William Street, Adelaide SA 5000
    Perth 1pm local time, Friday 30 June 2017 300 Murray Street, Perth WA 6000

    Cut-off dates for super contributions

     

    The cut-off time for e-Post and additional telephone/fax deposits (via direct debit request) is 3pm (Sydney time) on Wednesday 30 June.


    Online applications must be printed, signed and received in our office before the above cut-off times to meet the 30 June deadline. Applications completed online before 30 June but not received in our office until after these deadlines will not be accepted for the 2020-21 financial year and will be processed in the 2021-22 financial year.


    Refer to the table below for new applications, internal transfers and payment cut-off dates.

    Transaction type Cut-off time and date
    Super to pension transfers within FirstChoice (if first payment is prior to 30 June 2021)*

    Transfer to TRIS pension accounts within FirstChoice (if first payment is prior to 30 June 2021)*
    15 June 2021

    14 June 2021
    Super to pension transfers within FirstChoice (if first payment is after 30 June 2021)

    Transfer to TRIS Pension accounts within FirstChoice (if first payment is after 30 June 2021)

    3pm 30 June 2021

    29 June 2021

    New pension applications - (if first payment is prior to 30 June 2021)*
    15 June 2021
    New applications all services, including pensions (if first payment is after 30 June 2020)
    3pm 30 June 2021

    1 day transfer to Allocated pension accounts within FirstChoice (pension account setup within FY 2019/20)*


    2 days transfer to TRIS pension accounts within FirstChoice (pension account setup within FY 2019/20)*

    3pm 30 June 2021

    3pm 29 June 2021 

    New applications all services, including pensions (if first payment is after 30 June 2021) 3pm 30 June 2021
    Payments (excluding pension payments)
    3pm 30 June 2021

    NOTE: All cut-off times are based on Sydney time.


    *All outstanding requirements must be received before the cut-off date.


    Super contributions by EFT or BPAY

     

    Additional contributions can easily be made via BPAY or EFT. Our BPAY and EFT facility is an automated alternative to filling out a manual additional contribution request and having to post or fax it to us. Cut-off times apply for both facilities. Please check with your bank or credit union for more information regarding their cut-off times for electronic transfers.

    Find out how your clients can contribute via EFT or BPAY.

    To ensure that EFT and BPAY funds are received prior to 29 June, your clients will need to ensure they are deposited before TBA.


    If you have employer clients who want to claim a deduction for this quarter's SG contributions in their company's tax returns, they must make all outstanding SG and salary sacrifice contributions before TBA.

  • Special conditions for FirstRate Term Deposits from  1-9 July 2021

    Due to end of financial year processing, special conditions apply to maturing FirstRate Term Deposits from 1-9 July each year.



    Maturity date

     

    FirstRate Term Deposits that would otherwise mature in this period will mature on the business day following 9 July. Your clients will receive interest up to this date.



    Early withdrawals

     

    The payment of early withdrawal proceeds may be delayed during this period.



    Instructions to establish new term deposits are held in FirstRate Saver until the end of this period

     

    FirstRate Term Deposit products will not be available to invest in online from (dates TBA). If a hardcopy application or request to switch monies into FirstRate Term Deposit products is received in this period, the money will be deposited into our FirstRate Saver product. On the business day following (date TBA), the application for a new FirstRate Term Deposit product will be completed by switching the proceeds from the FirstRate Saver product.

  • If your clients are making personal contributions, and intend to claim a personal tax deduction, they must provide us with a 'Notice of Intent to Claim a Tax Deduction' available from our website or the Australian Taxation Office

  • Each year during the first week of July, our funds are independently audited. This may delay the issuing of unit prices for transactions made from (dates TBA). This is a necessary and important step in the end of financial year process as this ensures all fund data has been checked and is reconciled before client tax statements are issued.

     

    Transaction requests will continue to be accepted, however, confirmation letters and proceeds of redemption payments cannot be finalised until the audit has been completed and unit prices become available. We will apply the unit price relevant to the day the transaction is received, in line with our Product Disclosure Statement.

     

MORE INFORMATION

Learn more about the end of financial year period by contacting your local Business Development team, Account Manager or call Adviser Services on 13 18 36, 8am to 7pm, Monday to Friday, Sydney time.

Disclaimer

This document has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as of May 2021. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. Colonial First State is the issuer of interests in FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. Colonial First State also issues other investment products made available under FirstChoice Investments and FirstChoice Wholesale Investments, other than FirstRate Saver and FirstRate Term Deposits, which are products of the Commonwealth Bank of Australia ABN 48 123 123 124, AFS Licence 234945 (the Bank). Colonial First State is a wholly owned subsidiary of the Bank. The Bank and its subsidiaries do not guarantee the performance of FirstChoice products or the repayment of capital from any investments. This document provides information for the adviser only and is not to be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) before making any recommendations to a client. Clients should read the PDS before making an investment decision and consider talking to a financial adviser. PDSs can be obtained from colonialfirststate.com.au or by calling us on 13 18 36.

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