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What to expect when you log into CFS Edge
Re-establishing investment strategies
As part of the transfer, CFS is bringing across some standing instructions from you and your clients. Instructions being brought across that will automatically be set up include regular buys and sells (dollar based), regular withdrawals and income reinvestments (where the investment is into the same option).
Given the differences in the platforms, there are some exceptions to this including: regular buys where there is an allocation to cash, regular sells with a nominated priority order to sell investments, and regular buys or sells with a six-monthly frequency. Please note similar strategies can be re-set up on CFS Edge using this guide.
All other client investment strategies not listed above can be set up on your client’s new CFS Edge account using the guide. If you need further assistance, please contact the CFS Edge Service team on 1300 769 619.
We're also running twice-weekly training webinars on cash settings and investment strategies: register now.
What will clients receive
Clients with a valid email address on file have received:
An initial welcome notice will be saved in the account’s document library in CFS Edge, accessible to you and your clients. This will be available from 22 April and will include a personalised super choice nomination form.
28 April - We’ll send all clients a detailed welcome letter in the mail with next steps and a personalised super choice form. View sample.
If you’re the primary adviser on a client’s account, we’ll register you for CFS Edge ahead of the transfer. If we need more information from you to do this, we’ll reach out. Once registered, you’ll get an activation email from CFS Edge with instructions to complete your setup.
If you’re already registered for CFS Edge, we encourage you to continue familiarising yourself with the platform. You can find a range of helpful resources including FAQs and 'how to' videos in the ‘Need Help’ tool under the Training and Education resources folder in CFS Edge.
Support staff registration
Practices can request access for support staff by filling in the template under CFS Edge registration in this email (one template per practice) and sending it to csregistration@cfs.com.au
We’ll process all support staff access requests prior to the transfer. They’ll receive an activation email from CFS Edge to complete their setup.
In preparation for the transfer, there will be a pause on various transactions such as full withdrawals/rollovers and account changes in the period immediately before the transfer. Additionally, trades on managed funds and listed securities will temporarily freeze.
The freeze periods will vary for each trade or transaction type; see the table below.
During these trade freezes, any monies unable to be invested will remain in the cash account.
There will be restrictions on separately managed accounts (SMAs) and model portfolio rebalances when individual asset freezes commence.
You'll be unable to transact on listed securities, managed funds and SMAs/model portfolios for approximately five days after the transfer.
7 March
Trading (including ad hoc and regular buy, sell and managed fund income reinvestment facilities) will cease at varying timeframes, depending on how long the managed fund takes to settle transactions. Any monies unable to be invested will remain in the cash account.
You can find individual managed fund trade freeze dates here.
14 March
14 March
New accounts opened by 21 March will need to have received funding prior to 8 April to be transferred.
21 March
Model portfolio applications, withdrawals and rebalance requests will be restricted from this date.
14 March
SMA application and withdrawal requests will be restricted from this date.
18 March
Rebalances will be restricted from this date.
1 April
SMA applications, and withdrawal requests will be restricted from this date.
18 March
Including panel broker trades
10 April (updated)
1 April
Partial transfers or requests that require establishement of a new account.
14 March
Bank details will be required to facilitate any payments from client accounts after this date (including in relation to deceased estate finalisation).
18 March
18 March
25 March
Requests after this date will be subject to managed fund trade freeze restrictions and availability of funds in the cash account. In the event investments cannot be sold, a partial withdrawal or rollover may be processed, which may result in the need to resubmit the account closure request to CFS Edge after the transfer.
1 April
1 April
On FirstWrap, otherwise these can be completed on CFS Edge after the transfer.
1 April
Full transfer where a new account is not required.
1 April
8 April
Including:
8 April
Direct credit contributions received before 8 April 2025 will be processed into clients' FirstWrap accounts.
8 April
Direct debit contributions received before 8 April 2025 will be processed into clients' FirstWrap accounts.
8 April
If a communication preference is changed to paper statements in CFS Edge after the transfer a $10 fee per document issued will apply.
8 April
From this date, the Trustee will be temporarily unable to process release authorities unless the account has sufficient available cash.
8 April
Employer contributions received up to this date will be processed into clients' FirstWrap accounts.
After the transfer, clients will need to instruct their employer to pay future contributions into CFS Edge using their new account number and the CFS Edge USI provided in the welcome pack they'll receive once the transfer is complete.
10 April
On 3 March, we posted packs to clients to let them know about this change. The packs include a cover letter, a transfer guide with details of the move, a schedule of fees and costs, and a form to submit if they wish to opt into paper statements in CFS Edge .
You can find samples of these below and you can find each client's specific letters in FirstWrap in the Statements section.
INVESTMENTS: 3-4 March
Fee schedules:
INSURANCE: 6 March
On 6 March, we mailed a separate notice to clients who hold existing insurance cover in super under AIA’s LifeProtect group insurance policies as this cover will be replaced by a new insurance arrangement under AIA’s Priority Protection for Platform Investors (PPPI) product.
You can see what’s being carried over and what will change in the tables below.
Yes
Almost all managed funds and listed securities currently held on FirstWrap will be transferred to CFS Edge. We've already notified advisers with clients in the small number of funds that are unable to be transferred.
Where assets are listed as ‘sell only’ before the transfer, this will continue in CFS Edge.
Some
If your client holds an investment that is suspended or delisted and cannot be transferred to CFS Edge, the asset will need to be removed from your client's account prior to the transfer. Clients with investments in suspended or delisted assets with nil value were notified of this in the letter about the transfer dated 3 March. Clients with investments in suspended or delisted assets with value will receive a separate letter and we’ve notified their advisers directly.
Yes
These will be transferred as part of the asset transfer to your client’s new account. There is no action required for term deposits that mature prior to the transfer.
No
The customer service support arrangements for Challenger Annuities were changed from CFS to Challenger in October and annuity accounts will not be available to view in CFS Edge. A separate communication was sent to affected clients and advisers in early October.
Yes
Assets will be transferred in-specie into an aligned managed account in CFS Edge.
All
Margin lending linked to IDPS accounts will be transferred to CFS Edge. There will be some changes, including the account name which will change to the Lender Nominee's name, followed by the client's name (e.g. State Nominees – John Smith). Loan details will be accessed via the lender website.
Some
Clients will be required to maintain a minimum of 0.5% cash in their model portfolio. Where portfolios do not include a cash portion, all other assets will be adjusted proportionally to allow for this 0.5% cash.
Model portfolios with automatic rebalancing in place will be transferred to CFS Edge provided they have:
- a status of 'Available for use',
- more than one asset, and
- one or more accounts attached.
Model portfolios without automatic rebalancing in place will only be transferred if they have:
- been manually rebalanced in the last 12 months, and
- more than one account attached.
Model portfolios that don’t meet either of the above sets of criteria will not be transferred to CFS Edge. If you would like to maintain these models in CFS Edge, you can manually re-establish the model and link your clients.
Underlying assets will be transferred in-specie as standalone assets. CGT will not apply.
Register here for webinar-based training on model portfolios on CFS Edge.
Some
Regular investment facilities (CFS Edge refer to this as a regular buy facility) (monthly, quarterly or yearly) for a specific investment (e.g. a managed fund) and a specified dollar amount to invest, will be transferred to CFS Edge. CFS Edge does not offer six-monthly regular facilities and any held will be cancelled . Regular investment facilities where the instruction relates to an investment strategy (e.g. in line with current holdings), a balance above a specified cash balance amount or percentage, or includes an allocation to the cash account can’t be transferred to CFS Edge. Similar strategies can be set up to manage excess cash and provide a similar solution to the current regular buy after the move. Refer to guide.
Some
A regular sell facility (monthly, quarterly or annually) for a specific investment (e.g. a managed fund) will be transferred to CFS Edge. CFS Edge does not offer six-monthly regular facilities and any held will be cancelled. Regular sell facilities where the instruction relates to an investment strategy (e.g. in line with current holdings), a balance below a specified cash balance amount or percentage, or includes a sell order can’t be transferred to CFS Edge. You will be able to set up a sell investment strategy to manage cash and provide a similar solution to the current regular sell on CFS Edge. Refer to guide.
No
After the move investment instructions for future super contributions can be set up. CFS Edge does not offer investment instructions including an allocation to the cash account or standing investment instructions for cash deposits on Investment accounts.
You can set up direct debit cash deposits to Super and Investment accounts, including an allocation to the cash account, after the move as an alternative. Refer to guide.
Some
Managed fund income nominations (e.g. reinvestment) will be transferred as part of the move to CFS Edge. The majority of managed funds on CFS Edge offer true reinvestments, meaning units will be allocated on distribution rather than on a specific date via the cash account. Please note if you have reinvestment options set up with income to be invested into different investment options, these cannot be carried over to CFS Edge.
All
No change
No
Super and IDPS accounts: a $20,000 minimum account balance will be introduced on CFS Edge post-transfer. Withdrawal or rollover requests can only be processed if the minimum account balance is maintained. The minimum account balance will come into effect post-transfer, meaning all accounts funded by 8 April will be transferred, regardless of the balance.
Pension account: not applicable.
Yes
No change.
Yes
No change.
Yes
Advisers can set a higher minimum cash balance after the move.
Ad hoc
Minimum managed fund transactions will be determined by the relevant managed fund PDS.
Yes
No change.
NEW
This is a new service on CFS Edge (not available on FirstWrap). The greater of $1,000 for any parcel or minimum trade lot relevant to the security/market.
Yes
No change.
Yes
No change. Adviser service fees will be carried across to CFS Edge.
Yes
No change. This authorisation will transfer to CFS Edge and you will continue to be able to transact on behalf of your clients.
Yes
A client’s nominated beneficiary information, including nomination type, will be carried over, as will reversionary pension information.
Yes
Power of Attorney authorisations (if applicable) will be transferred to CFS Edge.
No
A third party who had the ability to obtain information on a FirstWrap account will not be transferred as part of the move.
Yes
No change. Third-party access by registered parties will be transferred across to CFS Edge as part of the move.
Yes
The Trustee is entitled to deduct costs and expenses in connection with family law requests. This includes payment splits.
Yes
Direct debit arrangements will be transferred to CFS Edge.
No
BPAY biller codes will change and any payments clients make with BPAY will need to be re-established after the move.
CFS Edge Biller code: 266890
The reference number will be the client’s new CFS Edge Customer Reference Number (CRN) which is available online and will be issued via the welcome letter after the move.
As part of the transfer your clients’ existing LifeProtect Group insurance cover will be replaced with individual Priority Protection for Platform Investors (PPPI) retail insurance policies.
The Trustee undertook a comprehensive review of your clients’ existing cover and available alternatives and identified PPPI as the most appropriate option and in your clients’ best interest.
How will my clients’ cover change?
When FirstWrap transfers to CFS Edge, your clients’ existing LifeProtect Group insurance cover will cease and be immediately replaced with their new PPPI insurance policy. There will be no gap in insurance coverage during this transfer between insurance policies.
Clients will be provided with the same type and levels of cover they currently hold with LifeProtect (i.e. Death, TPD and Income Protection), including any personal exclusions and loadings, under the new PPPI insurance policy. The terms and conditions of cover will otherwise be based on the new PPPI policy.
There will be some changes to the policy terms and conditions as a result of transferring your clients from a group insurance arrangement to a retail Insurance policy, along with expected premium changes. Clients with insurance will receive a separate notice outlining all transferring terms and a comparison of premiums between the group and retail insurance policies. Refer to the Client letters section of this page to see a sample of this letter.
In-flight claims
Any insurance claim being processed at the time of the transfer will continue to be assessed under their existing Lifeprotect group policy, despite your client having their policy replaced with the new PPPI policy.
AIA Adviser Portal
You’ll need to be registered for the AIA Adviser Portal to continue being able to access information on your clients' insurance cover. You can request access to the AIA Adviser Portal through the Responsible Individual of your licensee. If you have any questions, please contact the AIA Adviser Portal Help Desk on 1800 271 031 or newadviserportal@aia.com
You can find a comparison of FirstWrap and CFS Edge fees in the fee schedules below.
Super and pension fees:
IDPS fees
Grandfathering
If an account is expected to incur higher total administration fees after the transfer, the current administration fees charged on the account will be grandfathered with their existing arrangements but fees may change in the future.
We will apply the lower of either the CFS Edge fees or the client's current fee structure, based on their balance at transfer and taking into account any family fee aggregation discounts and special admin fee arrangement in place.
You or your client can request to move to standard CFS Edge pricing after the transfer if they, or you, assess that it would be in their best interests.
Existing advice fees
Existing advice fee arrangements will be carried across to CFS Edge.
Family fee grouping
Fee aggregation will be automatically applied on linked accounts. There will be no maximum balance in fee aggregation calculations and all linked accounts benefit.
How will the transfer take place?
Super and pension members will be migrated to CFS Edge Super and Pension, which is part of the Avanteos Superannuation Trust, via an Intra Fund Transfer (IFT).
Investments will be transferred in-specie to CFS Edge, rather than redeemed and repurchased, therefore no Capital Gains Tax (CGT) or transaction fees will apply on transfer.
When FirstWrap client accounts are transferred to CFS Edge Investments, their terms will be amended and they’ll be under ‘Category 2’ of the Avanteos Wrap Service Deed Poll (the Deed), dated 14 February 2003, as amended, and the CFS Edge Investments IDPS Guide. The change to Category 2 means a client’s transaction fees on CFS Edge may exceed the previous $100 cap on transactions that applied in FirstWrap.
Existing insurance cover available through FirstWrap Super under AIA’s LifeProtect group insurance policies will be replaced by a new insurance arrangement under AIA’s Priority Protection for Platform Investors (PPPI) product.
What will happen to employer contributions made between 11 April and when super choice forms are submitted to employers?
Any contributions from 11 April will not be received by CFS and will need to be resubmitted by the employer after 22 April using the client’s new account number and the CFS Edge USI. Funds will need to be directed by the employer to the client's new CFS Edge account following the account number being available on 22 April.
Is there a minimum account balance for inclusion in the transfer?
No. As long as accounts are funded by 8 April, they will be transferred to CFS Edge.
What happens if my client doesn’t wish to transfer?
Unless your client requests a withdrawal, rollover or transfers to another fund/service, the transfer of their account to CFS Edge will happen automatically.
If a client doesn’t want to transfer to CFS Edge, please contact FirstWrap Service and Support on 1300 769 619 to be provided with the relevant form to rollover or transfer their super to another fund or a withdrawal request form for investment/IDPS investors. We recommend you submit transfer, withdrawal or rollover requsts as early as possible to avoid any transaction freeze periods.
Do I need to provide advice documentation to clients for this transfer?
No, the process of moving your clients to their new account will be automated and you’re not required to provide new advice documentation, unless your licensee specifies otherwise.
Will all managed funds on FirstWrap be available on CFS Edge?
Almost all managed funds currently held on FirstWrap will be transferred to CFS Edge.
A small number of managed funds will not be available for purchase in CFS Edge. We've notified advisers with clients in those funds directly.
Where can I find CFS Edge disclosure and offer documents?
Do I need to register for CFS Edge?
If you’re the primary adviser on a client’s account and you’re not already registered, we’ll register you for CFS Edge ahead of the transfer. If we need more information from you to do this, we’ll reach out. Once registered, you’ll get an activation email from CFS Edge with instructions to complete your setup.
How can I register support staff?
Practices can request access for support staff by filling in the template under CFS Edge registration in this email (one template per practice) and sending it to csregistration@cfs.com.au
Will I need to relink my clients’ Macquarie CMA accounts and data feed from Macquarie?
Yes, you’ll need to provide your Macquarie credentials to CFS Edge using this form and then relink the individual Macquarie CMAs to each client’s IDPS accounts.
How do I access historic reporting from FirstWrap?
You’ll have access to FirstWrap for 12 months after the transfer so you’ll be able to access and download historical information relating to former accounts (including transactions) during that time.
Will transaction history be available on CFS Edge?
Transaction history won’t be available on CFS Edge. You’ll continue to have access to FirstWrap for at least 12 months after the transfer. This will allow you to download statements and transaction reporting from your client’s original account.
Will pre-transfer adviser fee history be available on CFS Edge?
Pre-migration advice fee data will be available within the Advice Fee report in CFS Edge. A maximum 15 months of pre-transfer advice fee data will be available in this report.
Will performance reporting be available on CFS Edge for accounts that have transferred from FirstWrap?
Yes. Performance history since inception will carry across from FirstWrap and will continue on CFS Edge.
When will clients receive their account number to use on the super choice form?
Clients with a valid email address on file will be able to access their partially pre-filled super choice form on CFS Edge after the transfer. They’ll receive an email from CFS Edge prompting them to create a password and log into the platform for the first time. Their personalised super choice form will be included in their welcome letter in the document library.
Do my clients need to undergo new Know Your Customer identity verification as part of the transfer?
At this stage, we’re not undertaking new Know Your Customer (KYC) identity verification as part of the transfer for any super/pension accounts, or individual or joint IDPS accounts. These accounts will carry across their current verification status and where applicable restrictions will be placed in CFS Edge post-transfer based on that status.
We are assessing all our IDPS accounts held by a company, trust or SMSF and may perform some KYC verification prior to transfer for these accounts. We note that CFS Edge is a digital platform and all individuals linked to an account need to be set up with access on CFS Edge to operate the IDPS account. To have full access these individuals need to be KYC’d. If required, we will ask for your assistance to complete these KYC checks.
If a trustee or director of a company/trust or SMSF which holds an IDPS account, has not been KYC’d before the transfer, the CFS Edge account will face restrictions until all parties have been fully KYC’d. These restrictions would include the ability to withdraw funds/assets and contribute to the account or perform trades. We’ll notify you if you have any clients in this scenario in advance of the transfer.
Do I need to register my clients for CFS Edge?
No, we’ll do this on behalf of your clients as part of the transfer. However, following the move clients will need to activate their digital access on CFS Edge. Further information will be in the welcome pack clients will receive after the transfer. You'll get a preview of the welcome pack before it's sent to clients.
Will clients get a new account number after the transfer?
Yes, we’ll provide your clients with a new account number for CFS Edge in the welcome pack we’ll send them after the transfer.
Will clients still get paper statements and letters after the transfer?
No. As CFS Edge is a digital platform, we’ll switch all clients to digital communications after they transfer. When a new communication, including a statement, is available, clients will receive a notification via email that they have a document to access in CFS Edge.
Can clients opt out of digital statements?
Yes, clients can elect to receive paper statements before the transfer by completing and returning the Election form to retain paper statements in CFS Edge (in their transfer pack). If clients update their preference after the transfer, they’ll incur a $10 fee per statement. All other communications will be delivered digitally via CFS Edge.
What happens if my client doesn’t have a mobile number or email address?
If your client does not have a mobile number or email address registered on their account, they’ll receive a letter letting them know when they have a new document to read on CFS Edge.
Can clients access their CFS Edge account via mobile app?
Yes. CFS Edge has its own mobile app so clients can access their account 24/7 and on the go.
Clients who previously used the FirstWrap app can use the same app to access CFS Edge, using the new username provided in their welcome pack to access the mobile app.
Clients who didn't previously use the FirstWrap app will need to download the CFS Edge app from the App Store or Google Play.
How long will clients have access to their old wrap account?
Clients who had active online access to their FirstWrap account will have read-only access to the account for six months after the transfer.
What communications will my clients receive about the transfer and when?
You can find samples of clients letters in the Client letters section of this page. You can find your clients' specific letters in the Statements section of FirstWrap.
Will pre-transfer contribution history be available on CFS Edge?
Yes. You and your clients will be able to view a summary of their contribution history from FirstWrap in CFS Edge, shown as a consolidated financial year value. You will be able to view up to five previous financial year values. This will allow for notice of intent claims to be made on contributions prior to migration (i.e. for contributions received on the FirstWrap).
What will happen to regular withdrawal/payment plans?
Regular withdrawal plans will continue on CFS Edge after the transfer. In preparation for the move, if your client has an established regular withdrawal/payment plan, payments will be brought forward for a period prior to the transfer. Please ensure you help your clients adequately plan for the change to payments over this period.
Will employer super contributions be carried over to CFS Edge?
No, due to CFS Edge having a different Unique Superannuation Identifier (USI), super clients will need to complete a new Super Choice Fund Nomination Form and give it to their employer. It is not possible for us to redirect contributions following the transfer, due to a change in the technology provider.
When will clients receive their account number to use on the super choice form?
Clients with a valid email address on file will be able to access their partially pre-filled super choice form on CFS Edge after the transfer. They’ll receive an email from CFS Edge prompting them to create a password and log into the platform for the first time. Their personalised super choice form will be available included in their welcome letter in the document library.
All clients will receive a welcome pack in the mail after the transfer and this will also include the partially pre-filled super choice form.
What will happen to employer contributions made between 11 April and when super choice forms are submitted to employers?
Any contributions from 11 April will not be received by CFS and will need to be resubmitted by the employer after 22 April using the client’s new account number and the CFS Edge USI. Funds will need to be directed by the employer to the client's new CFS Edge account following the account number being available on 22 April.
Will payments to external insurance providers carry over?
Clients who hold insurance with an external fund and pay premiums via a rollover from their FirstWrap account will need to update the premium rollover authority instructions with their insurer using their new CFS Edge account details.
There will be a freeze period on rollovers starting before the transfer so you'll need to either bring forward payments due during that period or process them on CFS Edge after the transfer.
How will clients make personal contributions into their account?
CFS Edge can accept contributions/deposits through direct debit, BPAY, direct credit and asset transfer. Deposits made via cheque are not available.
Will SuperFirst clients need to take any action?
Yes. You’ll need to remind any SuperFirst clients to update their USI for any outstanding contributions or rollovers. These details will be available in their welcome pack.
Please also ensure that any SuperFirst pension consolidations are finalised prior to the transfer.
Will my client still hold an individual Holder Identification Number (HIN)?
Individual HIN arrangements will be converted to pooled arrangements at the time of the transfer. Moving from an individual HIN to a pooled HIN gives the same benefits and features, and trading will continue unchanged.
There may be minor client impacts in specific circumstances, such as rounding differences in entitlements under Dividend Reinvestment Plans and share buybacks with a scale-back component.
Will pension payment frequency change?
CFS Edge offers fortnightly, monthly, quarterly, half-yearly and annual payments.
If your client currently receives a weekly pension payment, this will be changed to fortnightly following the move. For most of these members the new fortnightly payment will be their previous weekly payment amount doubled, i.e. a pension payment of $250 per week will become $500 per fortnight in CFS Edge. There may be some exceptions; where a client has selected the minimum pension drawdown amount, the fortnightly pension amount in CFS Edge may be adjusted to ensure that clients are not paid above the minimum in CFS Edge over the remainder of the year.
If your client currently receives monthly pension payments on the 29th, 30th or 31st of the month, their payment date will change to the 28th of the month.
Will pension payment amounts being carried across to CFS Edge?
Yes. The pension amount previously nominated by clients will be transferred to CFS Edge and paid into their nominated account. Your client’s pension will not be recalculated at transfer, so there are no impacts to their payments or Centrelink / Department of Veterans’ Affairs (DVA) benefits.
The exception to the payment amount is where a client currently receives a weekly payment – see question above for details.
Will pension payments be brought forward prior to the transfer?
Yes, in preparation for the transfer, regular pension payments scheduled from 10 April 2025 to 1 June 2025 will be paid prior to the transfer.
These payments will be paid as a set of instalments over consecutive business days.
The number of instalments will depend on the client’s current pension payment frequency. For instance, if they receive their pension weekly, they’ll receive six consecutive instalments, commencing 31 March.
What will happen to Centrelink grandfathered provisions?
If your client’s account-based pension account commenced prior to 1 January 2015 and is grandfathered for Centrelink/DVA purposes, the grandfathering provisions for Centrelink/DVA income test purposes will be retained on transfer to CFS Edge.
Centrelink/DVA will consider a client’s new CFS Edge pension account to be a continuation of their existing income stream.
Will the move affect pension clients’ social security?
The start date and relevant number for pension clients will remain unchanged after the move for Centrelink purposes.
Will clients need to inform Centrelink/DVA of the change?
If your client receives a social security benefit from Centrelink or DVA, it may be necessary, in some scenarios, to provide a copy of the updated Centrelink/DVA payment schedule to them. Because of the transfer, some of the content of the schedule for their pension accounts will change. The new schedule will have updated details of the Avanteos Superannuation Trust, including the address and Australian Business Number. The updated schedule will also show that an intra-fund transfer has occurred, and the new pension is a continuation of your client’s previous pension. All other details will remain the same, including the original purchase price, pension start date and pension payments. This pension information is reported directly to Centrelink twice per year.
Will the transfer balance cap change?
There will be no impact to your clients' transfer balance cap as this is an intra-fund transfer.
Will term allocated pensions be carried across?
Term allocated pensions will be transferred to CFS Edge. However, the TAP terms cannot be amended on CFS Edge following the transfer.
Will clients still receive an annual pension pack?
As CFS Edge is a digital platform, clients will no longer receive a pension pack in the post. Clients can log into CFS Edge to access the information previously provided in the pension pack, including their Centrelink schedule.
Will the treatment of tax parcels for capital gains be different in CFS Edge?
The default tax parcel methodology in CFS Edge is minimum gain, as opposed to First in First out (FIFO) in FirstWrap. You’ll also have the option to select a different parcel methodology for your client after the transfer.
Does the transfer impact myGov?
During the freeze period, there may be a delay in displaying contributions (super only) or retirement phase events (pension only) made to a client’s myGov account. Please take this delay into consideration when assessing any contributions caps, and a client’s transfer balance cap, during this period.
When the transfer of accounts is finalised, new account details will be displayed on myGov soon after.
Will super members be taxed at the time of transfer?
At transfer to CFS Edge, all super and pension accounts will be closed and an estimate of tax will be calculated and applied to the account. This is based on the investment income received less fees paid, as well as any tax credits that are available. Franking credits will be excluded from this estimate of tax at transfer.
At the end of the financial year the super fund will lodge its tax return and, on receipt from the ATO and in line with the annual member tax allocation process, a final tax allocation will occur for all members that were transferred. At this time, providing the CFS Edge account is still open, full value will be given for all franking credits, tax components, and any credits or losses due to transferred members will be allocated to their new CFS Edge account (i.e. the tax credit will be paid to the member’s new CFS Edge account).
Note: If your client leaves CFS Edge before the member tax allocation process, they will not receive the refund.
How are super members charged tax in CFS Edge?
In CFS Edge, tax will be deducted differently:
This means under CFS Edge, tax is deducted from the member’s account to ensure that the fund can meet its PAYG instalment liability and final tax instalment. This has been assessed as being fairer to members.
What are the impacts if my client has a terminal medical condition certificate?
As this transfer will be done via an intra fund transfer, the client’s account will be carried across as per any other account and the client will continue to be flagged as having a terminal medical condition.
What happens if my client holds an SMA today in their account?
CFS Edge has a comprehensive range of managed accounts available on the investment menu. Each of the SMAs available today is also available in CFS Edge under the same SMA scheme with the same Responsible Entity and Investment Manager. At transfer, clients will be moved from the current class of the SMA to the CFS Edge class of the same SMA.
We note that there may be some variations in the underlying assets held in the CFS Edge SMA class; on the first rebalance of the account post transfer holdings will be aligned to the CFS Edge allocations.
Where managed account holdings are transferred as part of the move, clients will not pay any transaction costs (including buy/sell spreads) and capital gains will not be triggered on transfer.
Are the fees the same for these different classes of SMA?
There may be some differences in the underlying managed account fees between the FirstWrap and CFS Edge class.
Clients in CFS Edge will also pay brokerage on all SMA transactions.
Please refer to the relevant PDS or IDPS guide for further information.
What happens if my client is linked to a model portfolio today?
Model portfolios with automatic rebalancing in place will be transferred to CFS Edge, provided they have:
• a status of ‘Available for use’.
• more than one asset, and;
• one or more accounts attached.
Model portfolios without automatic rebalancing in place will only be transferred if they have:
• been manually rebalanced in the last 12 months and
• more than one account attached.
Model portfolios that don’t meet either of the above sets of criteria will not be transferred to CFS Edge. If you would like to maintain these models in CFS Edge, you can manually re-establish the model and link your clients. Any client linked to these models will be delinked before transfer and their assets will be transferred in-specie as per other general investments.
Clients will be moved to CFS Edge and linked to that model post transfer.
Why must all model portfolios on CFS Edge have a cash allocation?
CFS Edge requires a minimum of 0.5% of all model portfolios be maintained in cash within the model sub account. We will update model allocations to have this minimum allocation at transfer. All other assets will be adjusted proportionally to allow for this 0.5% cash.
Can I set up model portfolios on CFS Edge?
Yes. CFS Edge has contemporary software solutions available for you to set up models, link and manage you clients to these model portfolios.
For technical enquiries contact us
8:30am – 6pm AEST Monday to Friday.
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the 'Avanteos Superannuation Trust' ABN 38 876 896 681 and issuer of FirstWrap Plus Super and Pension and FirstWrap Super and Pension (closed to new investors 28 March 2011).
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (Trustee) is the trustee of the Avanteos Superannuation Trust ABN 38 876 896 681 and issuer of CFS Edge Super and Pension. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the Investor Directed Portfolio Service (IDPS) operator, administrator and custodian of the Avanteos Wrap Account Service and issuer of CFS Edge Investments.
The information on this webpage is based on current requirements and laws as at November 2024. While all care has been taken in preparing the information contained on this webpage (using reliable and accurate sources), to the extent permitted by law, no one including the Trustee and CFSIL, nor any related parties, their employees or directors, accept responsibility for loss suffered by anyone from reliance on this information. This document provides general information for the adviser only and is not to be handed to any investor. It does not take into account anyone’s individual objectives, financial situation, needs or tax circumstances.
The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia, the ‘Insurer’). AIA Australia is part of the AIA Group. The insurance cover is provided under policies issued to the trustee.
