Supporting you through year end on BT Panorama
For most advice practices the year end busy period does not stop on 30 June, so we will continue to focus both on the service and resources we provide to you to help you get through this busy period.
Here's information on some of the more important EOFY considerations and how you can access further EOFY support:
Take extra care with pension payments from 1 July 2023
If any of your clients have pension payments scheduled for July 2023, we recommend checking if they’ll have a sufficient amount in their transaction account.
During this period, unit pricing, as well as the payment of distributions and dividends, can be delayed outside of our control. These delays can impact a client’s available transaction account balance. If there is insufficient cash to fund a pension payment, a proportion of the client’s investments will automatically be sold down, according to the default or nominated sell down instructions, to ensure there’s a sufficient amount for the payment to be made. The combination of these factors can cause the payment to be made later than scheduled.
With these possible delays in mind, we suggest monitoring the transaction account balance of any clients due to receive a pension payment in July, to consider if investments need to be sold down prior to 30 June to ensure there is a sufficient amount available.
The changes to minimum pension drawdown rates from 1 July 2023 should also be considered when monitoring the transaction account balance. You can read more on these changes in the following section.
Changes to minimum pension drawdown rates
The temporary reduction to pension minimum drawdown rates that was implemented as part of the Government's COVID-19 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 clients’ new minimum pension amounts online, generally from 10 July 2023 onwards.
Transaction cut-off dates
For transactions to be reflected within the 2023 year-end statements, they must be valid and placed before our published cut-off times. These cut-off times apply to contributions, in specie asset transfers, other transfers such as transfers between superannuation phases, investment orders, new applications and pension resets. 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. For the full list of cut-off dates, login to BT Panorama and head to Help & support > Business & admin > Panorama year end > Transaction cut-off dates.
Ensure bank accounts are correctly linked and verified before making any contributions via direct debit
To ensure any contributions via direct debit are received before the end of the financial year, make sure your client’s nominated bank account is linked and verified ahead of time. It will take approximately two business days to verify a bank account once it is linked, and approximately three business days for a direct debit deposit to settle. You can view more information here on how to link and verify a new bank account for your client, or login to BT Panorama and head to Help & support > Managing your clients > Payments & deposits > Verify linked accounts.
If there isn’t enough time for direct debit, consider using another contribution method such as EFT or BPAY®.
Ensure the correct contribution type is included on any contributions made via direct credit/electronic funds transfer (EFT)
When making contributions using direct credit/EFT, it's important to identify the type of contribution in the description field. If there is no annotation in the description field, the contribution will be treated as a personal contribution. For a list of the references for contributions login to BT Panorama and head to Help & support > Products & investments > Manage contributions > About biller codes & bank accounts.
BT Panorama Super clients may receive two annual statements this year
Just a reminder that this financial year clients may receive two annual statements for their accounts, following the change of Registrable Superannuation Entity (RSE) that occurred on 1 April 2023:
- An annual statement for the period 1 July 2022 to 31 March 2023 issued by the Retirement Wrap fund; and
- An annual statement issued by the Division Two fund for the period 1 July 2022 to 30 June 2023, which will represent transactions under both Retirement Wrap and the Division Two fund for the full financial year.
More information on this is available at bt.com.au/panorama-sft-hub.
Estimate when a client's Tax Statement will be produced:
Our Tax statement estimator tool is now available, use it to see when a tax statement was released or the estimated tax statement delivery dates. To access the tool, login to BT Panorama and head to Help & support > Business and admin > Panorama year end
Use BT Panorama’s Tax Statement Guides to help you, your clients and their accountants locate the required tax information
For full details on BT Panorama’s EOFY resources, log in to BT Panorama and head to 'Help & support' > ‘Business and admin’ > ‘Panorama year end’.
Where can I find more information regarding the year-end tax deduction or credits that have been applied to my client’s BT Panorama Super accounts?
When the fund completes the annual tax return a calculation is performed for the fund as a whole and any final tax adjustments for that financial year are made and allocated to client’s accounts. Factors that are considered in this calculation include but not limited to capital gains or losses, investment income (received or accrued) and concessional contributions. For more information refer to the BT Panorama Super & Tax Guide located in Help & Support>>>Business & Admin>>>BT Panorama Year End.
Why can’t I claim the full amount of personal non-concessional contributions made for that financial year?
Special rules apply if you made a withdrawal or rolled over part of your super during the year.
Panorama will no longer hold a contribution, or at least a part of it, if the member has chosen to rollover or withdraw a part of their super account held by Panorama. In such a case, a notice of intent cannot be given for the entire contribution.
A valid notice of intent will be limited to a proportion of the contribution that remains after the rollover or withdrawal. The proportion remaining is calculated by taking the tax-free component remaining and multiplying by the contribution, then dividing this by the tax free component of the interest before the rollover.
Does the regular pension payment need to be adjusted when my client has made a one-off pension payment this FY that has met or exceeded their minimum requirements?
One-off pension payments do not have any effect on the nominated regular pension payment, they will contribute towards the minimum pension payment for the financial year, though the nominated regular pension payment will still be paid even if it is set to the minimum. It’s integral that any remaining regular pension payments set are amended for the client’s intentions.
To amend or end the regular pension payment, select the client’s account, and then select Pension Payments. More information is available in Help & Support>Products & Investments>Manage Pension Payments.
Are tax statements produced for BT Panorama Super clients?
Tax statements are not provided for BT Panorama Super clients. Instead, clients will receive an Annual Statement for each financial year. For estimated statement release dates head to Help & Support>Business & Admin>Panorama Year End.
Will my BT Panorama Super client receive a PAYG Summary statement this financial year?
The following BT Panorama Super Pension clients will receive a PAYG Summary statement:
- Clients who turned 60 during the financial year and received income payments prior to turning 60, but the statement will only include income payments received by the client prior to their 60th birthday.
- Clients who were 59 or less during the whole financial year, including details of all the income payments they received over the year
The following BT Panorama Super Pension clients will not receive a PAYG Summary statement:
- Clients who were aged 60 or over as of 1 July 2023
- Clients who turned 60 during the financial year and did not receive any income payments prior to turning 60
- Clients who received income payments consisting of 100% tax-free components
For more information regarding end of financial year statements head to Help & Support>Business & Admin>Panorama Year End
When will my client's Tax Statement be available?
Tax Statements for BT Panorama Investments accounts will be released in tranches. To see an estimate of when a particular client’s statement will be released, advisers have access to an estimator tool through the Help and Support page that will list the account numbers and their anticipated release dates. To access this tool navigate to Help & Support -> Business & Admin -> Panorama Year-end. You can log in to the estimator tool using your User ID (e.g. 201…..) and Panorama username.
Why has my client's pension payment for July not been paid out?
Due to the end of financial year, we generally experience delays with fund managers in distributions as well as the redemption of managed funds. Since we are expecting these funds into the account, a drawdown will not be triggered to fund the pension payment, and as a result there may be insufficient cash to make a scheduled pension payment.
It is particularly important around end of financial year for advisers to ensure their clients pension accounts have sufficient cash available for upcoming pension payments. Alternatively, advisers are able to process a one-off pension payment when sufficient cash becomes available. Also, the adviser is also able to change the date for when the scheduled pension payment will go out.
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