Internal transfers between Macquarie Wrap accounts

Getting started

You can roll over assets from Super or Pension accounts to an Investment account.

Things you should know before you get started:

The assets must be available on the applicable Investment Menu to be held on platform
All transfers into fund superannuation accounts will occur as a change of beneficial ownership (CBO) transfer and will trigger a CGT event. This is because the beneficial owner of the account is the superannuation plan, not the member
The internal in-specie transfer form can be used instead of an Australian Standard Transfer form for an in-specie transfer of assets already on our wrap platform where there is a change in beneficial or legal ownership
Members may be eligible to claim tax deduction for personal contributions made within the current or previous Financial Year. To claim a deduction, members must submit a Super Deduction Notice for Personal Contributions or complete the deduction notice on the Super and Pension Withdrawal/Rollover form.
Transfers count towards the applicable contribution cap(s) and are subject to superannuation rules as outlined in the taxation and superannuation law
The client’s Tax File Number (TFN) must be provided before we are able to accept any personal contributions into their super account
See internal transfer of Separately Managed Accounts (SMA) assets for more information on SMA transfers.

Transfer assets between Macquarie Investment accounts

No Change in Beneficial Ownership	Change in Beneficial Ownership	Change in Legal Ownership
Internal in-specie transfer formcompleted with the following: Seller: Name and account number of the sending account, signed by the trustees, directors or owners Buyer: Name and account number of the receiving account, signed by the trustees, directors or owners Please note: Assets to be transferred should be listed Number of units must be included (percentage figures aren't accepted). Managed funds units should be to 4 decimal places Or request signed by your client. We require one of the following: Instructions signed by your client with the following details: State the delivering and receiving account name and account numbers List the assets and quantities to transfer OR put “All Assets” Signed by all account holder(s) Completed account closure form (for the delivering account)	Internal in-specie transfer formcompleted with the following: Seller: Name and account number of the sending account, signed by the trustees, directors or owners Buyer: Name and account number of the receiving account, signed by the trustees, directors or owners Please note: Assets to be transferred should be listed Number of units must be included (percentage figures aren't accepted). Managed funds units should be to 4 decimal places The consideration value must be within 5% of the closing market value on the date of purchase Purchase date must be within 60 days of Macquarie receiving the paperwork or on or after the receiving account opening date.	Internal in-specie transfer formcompleted with the following: Seller: Name and account number of the sending account, signed by the trustees, directors or owners Buyer: Name and account number of the receiving account, signed by the trustees, directors or owners Please note: Assets to be transferred should be listed Number of units must be included (percentage figures aren't accepted). Managed funds units should be to 4 decimal places Consideration: NCBO.

If you're looking to close the account, we'll also require the Investment Manager/Consolidator account closure form or Investment Accumulator withdrawal/closure form depending on the account type you're trying to close
If you're looking to transfer into the Investment Accumulator or Engage account, please ensure the assets are available on the relevant product investment menu before initiating the request
Illiquid ASX assets can’t be transferred internally and can only be transferred off platform (if the asset is transferable)
If the account is receiving an international listed security, please ensure the International listed securities registration form has been completed prior to the transfer (not applicable for CBO transfers).
We can’t transfer unmarketable parcels for CBO transfer.

Transfer from Super accounts to an Investment (SMSF) account (rollover)

You can roll over assets from Super accounts to an investment Investment (SMSF) account.

Please see the below requirements for an internal in-specie transfer as a rollover from a Macquarie Wrap Super account into a Macquarie Wrap Investment (IDPS) account.

Super and Pension withdrawal/rollover form completed with the following:

Account name and number of Superannuation/Pension account
Rollover box ticked with rollover date provided
Form signed by the owner of the Wrap account.

Internal in-specie transfer form completed with the following:

Buyer: Name and account number of the sending account, signed by the trustees, directors or owners
Seller: Bond Street Custodians Ltd (include client’s account number), and signature section left blank for us to complete
Please note:
- Assets to be transferred should be listed
- Number of units must be included (percentage figures aren't accepted).
- Managed funds units should be to 4 decimal places
- Consideration: To be left blank.

A rollover request isn't sufficient to transfer assets out of the client’s account. This method is only available for cash. As such, the Super and Pension Withdrawal/Rollover Form is required for any asset transfer out requests for Super accounts.

Transfer assets from a Macquarie Investment account into a Macquarie Super or Pension account as a contribution

Things to keep in mind:

For existing pension accounts, please also submit a client signed Pension Update Request form in addition to the requirements below
For pension accounts, please ensure you don't exceed the transfer balance cap. Pension starting values are calculated after all assets, rollovers and/or contributions are received, and may differ to the initial transfer value due to market movement
If the client is between 67-74 years old, no “work test” has been loaded, and no Super/Pension account is opened in the same Financial Year, then we would require a work test declaration form to be completed. This is only relevant until 30 June 2022.

Here are the requirements for transferring contributions from a Macquarie Wrap investment (IDPS) account to a Macquarie Wrap super or pension account.

Superannuation Asset Transfer form completed with the following:
- Account name and number of the Superannuation/Pension account
- For personal contributions, the Personal contribution box should be ticked
- For spousal contributions, the Spouse contribution box should be ticked
- Value of assets
- Form signed by the owner of the Wrap account.
Internal in-specie transfer formcompleted with the following:
- Seller: Name and account number of the sending account, signed by the trustees, directors or owners
- Buyer: Bond Street Custodians Ltd (include client’s account number), and signature section left blank for us to complete
- Please note:
  - Assets to be transferred should be listed
  - Number of units must be included (percentage figures aren't accepted)
  - Managed funds units should be to 4 decimal places.
And if assets are being contributed from a company or trust, we'll also require:
- For assets being contributed from a company, a signed letter from the directors of the company on the company letterhead, stating the following:
  - ‘The in-specie transfer of assets is a personal contribution being made on behalf of the member at his/her direction. The member is entitled to the assets and it has been correctly classified as an after-tax contribution.’
- For assets being contributed from a trust, a signed letter from the trustees/executors of the trust stating the following:
  - ‘The in-specie transfer of asset(s) is a distribution to the member. The member has instructed the trustees of the family trust to direct the distribution into their super account as a personal contribution.’

Transfer in from Macquarie Investment account to Super or Pension as a rollover

For rollovers from Macquarie Investment account (SMSF), you'll need:

Superannuation Asset Transfer form completed with the following:
- Account name and number of Superannuation/Pension account
- Rollover box ticked with rollover date provided
- Form signed by the owner of the Wrap account.
Internal in-specie transfer form completed with the following:
- Seller: Name and account number of the sending account, signed by the trustees, directors or owners
- Buyer: Bond Street Custodians Ltd (include client’s account number), and signature section left blank for us to complete
- Please note:
  - Assets to be transferred should be listed
  - Number of units must be included (percentage figures aren't accepted)
  - You'll need to provide the rollover value. Managed funds units should be to 4 decimal places.
Signed and dated Rollover Benefits Statement for the total value of all assets being rolled over into the Super/Pension account, as per the rollover values chosen for the transfer.
- The rollover date must fall on or after the opening date of the account, and within 60 days of Macquarie receiving the transfer paperwork
- The consideration value must fall within 5% of the closing market price on the elected purchase date.

Switch my clients account between Super and Pension

You can request a switch at any time for your existing eligible super or pension accounts by using the online switch form.

If you want to carry over the existing non-lapsing death benefit nomination, you’ll need to complete the Super and Pension Switch form and have it signed by your client.

How to complete the Online Switch form

Log in to Adviser Online
From the global search bar, select Accounts from the drop-down menu
Search for your client’s Wrap account number or name
Select the Quick links bar on the right-hand side of the Account Overview screen and click Switch to pension, or Switch to super.

Ensuring an account is ready for a switch

Pension switches and adding funds – if you’re switching to a pension account and there are other funds you want to include to start the pension, please ensure those contributions and/or rollovers are deposited into the existing super account before submitting the request.
Claim outstanding tax deductions – have your client claim deductions on personal contributions or vary any previous deductions as part of the switch request, as you won’t be able to complete this after the switch.

Requesting a full switch

Cease automated plans – Confirm all automated plans including automatic cash management, automatic rebalancing, dollar cost averaging and/or direct debits have been cancelled on the account you’re switching from. You’ll need to re-establish these on the new account.
Review the insurance with the client – have your client provide an election to cancel or transfer the insurance. If your client is taking out a new stand-alone policy, it’s important this is established before cancelling the policy with Macquarie.
Outstanding transactions and dividends/distributions – Check if all transactions have settled and all expected distributions and dividends have been received into the cash account, as this will delay a full switch of the account.

Timing to complete a switch

It will generally take up to 10 business days to complete a switch. The timeframe for a request to be completed depends on the individual circumstances and existing holdings.

Once we’ve received the request, we’ll review this within one to two business days. We usually complete these requests within 10 business days.

If all information is provided and the account is ready for the switch to be processed, the request may be completed sooner.

Please note the following may impact the timing of switch requests:

Outstanding transactions – we’ll be prevented from giving effect to a request for a switch of the full balance. Your request won’t take effect until all outstanding transactions have settled
Switches between different products – if the switch is being performed between Manager/Accumulator and Consolidator products, the cash component will be required to be transferred via a Rollover rather than in-specie product switch (due to different cash hubs)
SMA holdings – for super to pension switches, if the account holds an SMA, this will need to be switched separately and may take additional days to complete
Account opening – if a new account needs to be established as part of the switch
Pension update – if a pension update is required as part of the switch
Monthly fee process – if a switch request is submitted during the monthly fee run process, the switch request will be completed after this has been finalised, please allow up to an additional 5 business days if submitting requests within the last few days of the month or first few days of the month.

Tax benefit adjustments

If your client has switched between super and pension accounts during or since the end of the previous financial year, the tax calculation will be completed on both accounts, with the transactions being processed to the open account.

Important information

You will be required to complete a new Digital Fee form available on the Adviser Online portal before any advice fees will be charged on the new account.
Where an in-specie transfer of assets is used to commence a pension, the assets aren’t received into the pension account until the day after they’re transferred. Therefore, the value of these assets when the pension commences will generally be different to the transfer value due to market movements. This should be factored in when commencing a pension to avoid exceeding the transfer balance cap.

What to do once you’ve completed paperwork

Once all transfer paperwork is completed and signed by your client or relevant parties, please upload via Macquarie Request Centre to ensure you can track your request. Otherwise, you may email documentation to wrapsolutions@macquarie.com.

For any original documentation required (as noted in the above) please mail to:

TRN: Case Reference
Macquarie Wrap
Attn: Asset Transfers
GPO Box 4045
SYDNEY NSW 2001

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