Prepare for year end

Be better prepared for 30 June with our End of Financial Year checklist and maximise your tax time benefits.

Learn how to make additional contributions to your Panorama Investments and Panorama Super account.

Learn important dates for statements and answers to other frequently asked questions.

With the end of financial year fast approaching, there are a few things you need to be aware of relating to your pension payments.

Funding your pension payments

If you have a pension payment scheduled for July 2023 and there is insufficient cash in your transaction account to fund your pension payment, your investments will be automatically sold, according to the default or your nominated sell down instructions, to ensure there’s a sufficient amount for the payment to be made.

If we need to sell down assets to fund your pension payment, there can be delays in realising these funds at this time of the year due to the striking of unit prices as well as the payment of distributions and dividends. This may result in your pension payment being delayed.

Avoid any delays

We recommend that you check whether you’ll have a sufficient amount in your transaction account to make this payment, to ensure it occurs on time. You can check the balance in your transaction account by logging into your Panorama account.

The pension review period and minimum pension drawdown rates

At the start of each financial year, the annual pension calculation takes place. This is generally completed by 10 July. The balance of the member’s account on 1 July is reported and a freeze is placed on processing annual pension payments. During this period, one-off pension payments and/or lump sum withdrawals cannot be made via the Panorama website. One-off pension Payments can be processed manually by contacting our Customer Relations team.

Please be aware that during the freeze period, processes such as account closures, rollovers out, pension resets, change of phase and transfers between Panorama accounts are unable to be processed.

You may also need to take into account the changes to minimum pension drawdown rates from 1 July 2023. The temporary reduction to pension minimum drawdown rates that was implemented as part of the Government's COVID response will cease on 30 June 2023.  This means that pension minimum drawdown rates for account-based pensions and similar products will revert back to the standard minimum drawdown rates as of 1 July 2023. For more information on the standard minimum drawdown rates, please visit ato.gov.au. You will be able to view your new minimum pension amount when you login to BT Panorama, generally from 10 July 2023 onwards.

You can discuss this information further with your adviser (if you have one) or email us at support@panorama.com.au or phone 1300 881 716 from 8:30am to 6:30pm (Sydney time) Monday to Friday. 

From 1 July to 4 July 2023, some processes cannot be completed for accumulation accounts, this includes account closures, change of phase and transfers between Panorama accounts. 

For transactions to be reflected within the 2023 year end statements, they must be valid and placed before the cut-off times shown in the tables on this page. The cut-off times are Australian Eastern Standard Time (AEST) and will therefore need to be adjusted if you are operating in a different time zone.

Contributions

Transaction	Action required	Cut-off time and date (AEST)
BPAY® contributions	Payment submitted from the contributing bank account	We must receive the payment by 5pm Friday 30 June 2023.
Cheque contributions	Cheques posted to GPO Box 2861 Adelaide SA 5001	Friday 30 June 2023 Note: All cheque contributions must be deposited to account by 30 June 5pm. Please take into consideration any potential postal times that may impact this cut-off. We cannot process any cheque contributions for this Financial Year if they are received after this cut off.
Direct credit contributions	Payment submitted using direct credit to the transaction account.	We must receive the payment by 5pm Friday 30 June 2023. We recommend submitting by Tuesday 27 June 2023 before 5pm subject to issuing bank’s processing time.
Direct debit contributions	Transfer money via Panorama online from a linked account to the transaction account	We must receive the payment by 5pm Friday 30 June 2023. We recommend submitting by Tuesday 27 June 2023 before 5pm.

 

Payments out

Transaction	Cut-off time and date (AEST)
Super Payments out (partial payment, sufficient cash available)	Tuesday 27 June 2023 by 5pm
Super Payments out (closure / full payment of funds where there are no outstanding dividends/distributions)	Monday 12 June 2023 by 5pm

Other transactions

Transaction	Action required	Cut-off time and date (AEST)
New applications (including applications in-flight)	Terms and conditions must be accepted	Friday 30 June 2023 by 11:59pm
Listed security transactions	Trades submitted and confirmed on the market via Panorama online or through an external broker	Wednesday 28 June 2023 by 4pm
Managed fund transactions	Orders submitted via Panorama online.	Thursday 29 June 2023 by 10am
Managed portfolio transactions	Orders submitted via Panorama online	Thursday 29 June 2023 by 10am