Adviser Update

2022 EOFY Contributions Adviser Update

As we approach the end of the financial year (EOFY), it is important to keep in mind the below key dates and contribution process to ensure your client’s contributions are allocated to this financial year.

EOFY Contribution cut-off dates

To ensure all contributions are allocated in the current financial year, we must receive them as cleared funds on or before COB Tuesday 28th of June.

For EFT and BPay payments, it is important to allow up to three business days for the transfer to clear through the banking system. For EFT payments, please ensure the correct reference is used as explained below. If an  incorrect reference is used our team may not be able to allocate the contribution in the current FY.

AMG Personal Contributions

How to make an additional voluntary contribution

Members can make contributions to their AMG account via the following methods:

EFT: To transfer contributions directly into the AMG bank account, please follow the instructions in Section 3 of the Member Voluntary Contribution Form on our website.If you choose to make a direct contribution to AMG’s bank account (EFT), please include the following information in the reference field:

  • Member Surname
  • Member Number
  • Type of Contribution (e.g. Salary Sacrifice, Member Voluntary)

Example: Smith53321MV

BPay: Members will need to log in to their online AMG Super account and navigate to Investments>Make a Contribution to obtain the Biller Code and unique Reference Number.

Acclaim Super Contributions

How to make an additional voluntary contribution

To initiate the contribution process, please log in to the Acclaim Adviser Portal and follow the steps in our Make a Contribution or Initiate a Rollover Guide or view our helpful video via your adviser login under ‘Support <Training Resources>’.

If you choose to make a contribution via bank transfer (EFT), please follow the instructions on the Investment Deposit Advice document on the pre-submission page.

Employer SG payments should never be paid directly into the AMG bank account. The correct way for an employer to make payments is via SuperStream. Employers are in breach of SuperStream legislation by paying monies directly into our bank account.  Full details of the correct way for employers to make payments is located in the link below.

https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/how-to-pay-super/superstream-for-employers/

Current contribution threshold limits 2021/22 FY

Concessional Contributions: $27,500
From 1 July 2019, members can make ‘carry-forward’ concessional super contributions if they have a total superannuation balance of less than $500,000. Members can access their unused concessional contributions caps on a rolling basis for five years. Amounts carried forward that have not been used after five years will expire.

The first year in which you can access unused concessional contributions was the 2019–20 financial year.

Non-Concessional Contributions: $110,000
Members under 67 may be able to make non-concessional contributions of up to $330,000 under the bring forward rule. The eligibility also takes into account the total super balance at the end of 30 June of the previous financial year in which the contributions that triggered the bring forward were made.

Note: if an individual has triggered a bring forward arrangement before 1 July 2021, they will not have access to any additional cap space as a result of the increase to the non-concessional cap.
Please visit the ATO website for details relating to contribution caps and helpful scenario’s for the bring forward rule here.

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Get in contact

PO Box 3528, Tingalpa DC, QLD 4173

1300 264 264

info@amgsuper.com.au

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