Adviser Initiated Payments for superannuation

On behalf of your client, you can initiate online withdrawal and rollover payments for eligible superannuation accounts.

• Withdrawal payments can be paid to either your client’s nominated account or to another account of their choice. 
• Rollover payments can be paid to either a self-managed superannuation fund (SMSF) or an APRA-regulated superannuation fund.

Please ensure relevant tax deduction claim forms have been submitted where your clients wish to claim a tax deduction before the withdrawal or rollover is submitted.

If the withdrawal results in your client accessing restricted/preserved benefits, you’ll need to select the early release of super declaration that applies for your client and upload supporting documents.

Watch the video below for more information. 
 

To initiate a superannuation payment, simply select the Make a payment button from your client's account in Adviser Online.
 

Maximum amount available to withdraw or rollover for Adviser Initiated Payments

• You can initiate a single withdrawal of up to $500,000, or a single rollover for any amount. 
• The maximum withdrawal or rollover amount that can be taken in one payment considers any applicable tax accruals on the account, and the available cash and portfolio balance. The amount left in the account after the withdrawal or rollover must meet the minimum balance requirements.
• The maximum amount available for each request type:
  • Withdrawals: the lower value of the available cash balance, or the portfolio balance minus the product minimum, or $500,000. This amount may also be reduced by any tax accruals applicable on the account.
  • Rollovers: the lower value of the available cash balance, or the portfolio balance minus the product minimum. This amount may also be reduced by any tax accruals applicable on the account.
• Once you’ve initiated a payment, you'll be able to initiate another online payment after three days.
• There must be sufficient available cash in your client’s account for the payment to be made without any delays. If there isn’t enough cash available to make the payment, you’ll need to lodge asset sale orders before requesting the payment.

Some requests won’t be able to be submitted through Adviser Online, for example withdrawals above $500,000. If you are unable to submit a request through Adviser Online, see Requests that can’t be completed digitally to find out more about how to proceed with these requests.

To complete registration for Authenticator, your client must enable push notifications and complete all of the steps in the training simulator to finalise their set up.

See Macquarie Authenticator for more information.

Your client will need to approve all withdrawal or rollover payments from their superannuation account via the Macquarie Authenticator app. Your client will receive a notification from the app with the payment details.

To complete registration for Authenticator, your client must enable push notifications and complete all of the steps in the training simulator to finalise their set up.

See Macquarie Authenticator for more information.

Please note you can make one payment every three days.

For clients under the age of 60, tax may apply on payments. All amounts selected will be net of any applicable tax.

In other words, the amount you choose will be the amount they receive in their bank account. This means the amount that is withdrawn from their account may be higher.

If your client is aged 60 or over at the time of the payment, tax is not applicable.

If there is enough available cash in the account to make the payment, your client will generally receive the funds in one to three business days. This may be impacted by your client’s financial institution. 

In some instances, the amount of available cash at the time of the request will be higher than when we attempt to make the payment. This could happen if an investment trade is placed around the time of the payment request or due to tax accruals applicable on the account.

In this situation, it will take longer for your client to receive the proceeds as we’ll need to wait for cash to become available again.

We recommend not placing any trades if you intend to initiate these payments to avoid any delays.