Close your Macquarie Wrap account

To ensure your account is ready to be closed and we can process the request, please review the following checklist:

• Sell any assets - Holdings must be sold and the proceeds cleared in the Wrap Cash Hub. When selling your holdings, you and/or your adviser should also take into consideration any purchases that may not have finalised as a result of an automated plan, term deposit maturities or corporate actions
• Cease automated plans - Confirm all automated plans including automatic cash management, automatic rebalancing, dollar cost averaging and/or direct debits have been cancelled
• Review your insurance - and provide an election to cancel or transfer the insurance.  If you’re taking out a new policy it’s important this is established before cancelling your policy with Macquarie
• Outstanding dividends and distributions - Check if all expected distributions and dividends been received into the cash account, as any funds received during or after the closure process will delay a full closure of the account
• Claim outstanding tax deductions – claim deductions on personal contributions or vary any previous deductions by providing the Deduction Notice, as you won’t be able to complete this after the account is closed.

Your adviser can help you through this process. If you don’t have an adviser, please refer to the specific section below with further details on how to complete your request.

Withdrawal/Rollover form

If you’re providing the Macquarie Super and Pension Withdrawal form, this provides detailed instructions on all information we require under each section of the form. It’s important this form is completed in full for us to proceed with the request. You can also request we transfer as much of the cash balance as possible immediately if your account does have outstanding settlements of funds, distributions, fees or investments that may take some time to sell or can’t be sold down (illiquid investments).

Tips for completing the withdrawal form:

• Ensure you select ‘Yes, please close this account’ under section 2B
• Make an election if you’d like us to transfer as much of the cash balance, under section2B
• If you’re rolling to a self-managed super fund (SMSF), you’ll need to complete all fields in section 3A. A bank statement is required as this helps us with our obligation to ensure that the payment of your benefit is being made to a valid and regulated SMSF account
• If you’re withdrawing your benefit as a lump sum cash withdrawal to an external account, you must meet a condition of release and indicate this under section 4
• If you’re transferring part of the balance of your account that contains a UK transfer amount to a Qualifying Recognised Overseasension Scheme (QROPS) Fund, you’ll need to enter the information under section 6. If not, you can leave this section blank
• You can sign this form electronically via one of the following electronic signature providers:
  • Adobe® Sign
  • Annature
  • DocuSign®
  • FuseSign
  • Conga®
  • Iress® Digital Signature
  • Nitro Sign®
  • OneSpan®

Please note that you need to provide the following when using one of the above electronic signature providers to electronically sign our forms and applications: 

1. Electronically signed form
2. Certificate of Completion issued by the electronic signature provider.

Please note we require the electronically signed form and the Certificate of Completion to be submitted from either your or your adviser’s email address.

® Registered to Adobe
® Conga is a registered trademark of AppExtremes, LLC. ABN 64 159 755 629 registered in the U.S. and other countrie
® Registered to DocuSign Inc ABN 27 308 800 598
® Registered to Iress Limited ABN 47 060 313 359
® Registered to Nitro Software, Inc. or its affiliates in the United States and/or other countries
® OneSpan™ is a registered trademark of OneSpan North America Inc. and its affiliates in the U.S. and other countries including Australia ABN 59 091 768 688.

SuperStream request (initiated by the receiving super fund)

If you’re initiating the closure request with another institution (which will usually be submitted electronically via SuperStream), you’ll need the following information which is available via the Online Client Portal or the cover or your statements:

• Your Macquarie account number
• Product name
• ABN, Unique Superannuation Identifier (USI), and SFN - available on our article Contributions and deposits.

Please note, if we receive an instruction to close an account, we may treat this as an instruction to also

• sell your investments to cash
• lapse any corporation actions
• turn off any automatic investment management plans and
• cease any further premium payments for any insurance held, which may result in your insurance being cancelled.

To facilitate the closing of your account, we may also take other administrative actions such as removing the registered adviser on your account. This may be required to enable us to operate on your account to ensure the closure is processed as soon as possible.

We’ll act to close your account once all assets are sold and there are no outstanding activities as these can delay the closure request. These events are outside of Macquarie’s control.

• Most investments have a settlement period of a few days after a sale instruction is received. A small number of funds (often referred to as non-daily priced funds) may take several weeks for sale proceeds to be received,
• If an automated plan invests cash during the closure process or a corporate action event is yet be finalised, this can create delays in a closure as investments must be sold and cash received
• From the time a dividend or distribution is announced to the time it is paid can be several weeks
• If your account holds a term deposit, the deposit must mature before you can receive proceeds
• For Pension accounts, minimum payment requirements apply before your account can be closed which takes two to three business days to complete
• Any outstanding fees will be deducted upon closure of your account, which takes up to three business days to complete.

The timeframe for closing an account depends on the individual circumstances and is impacted by a number of factors external to Macquarie. Once we receive your request we will review this within one to two business days and if all information is provided and the account is ready to be closed, the request will be completed sooner.

If you don’t have an adviser, Macquarie will act on your instructions and complete the required actions to close your account.

Due to the manual nature of the request, we’ll make all reasonable efforts to ensure the orders are placed quickly. Please refer to the Product Disclosure Statement (PDS) for terms and conditions relating to transacting and any associated costs.

For further assistance or if you have any questions about closing your account, please do not hesitate to contact us.

Option 1 - Sell the assets within the Wrap account to cash

1. Download the Investment Manager/Consolidator Account closure form.
2. Under question 1, Complete the account number and account name, available on the cover of your annual statements or via the Online Client Portal.
3. Under question 2, select the option to All investments in my account.
4. Under question 3, select No.
5. Under question 4, specify the reason for closing your account.
6. Under question 6, you have the option to:
   • Maintain the CMA – once all your assets have been sold to cash or transferred out, you can close your Investment Manager or Investment Consolidator account and retain the CMA, including all your transaction history. Once the Investment Manager or Investment Consolidator account has been closed the interest rate you receive on your CMA will change. The current interest rates can be found here.
   • Electronic funds transfer – you can have the cash balance transferred to a different bank account
7. At the time of the closure, there may be outstanding transactions on your account, such as outstanding redemptions, corporate actions, fees, suspended funds or you might be entitled to outstanding distributions/dividends that may prevent the account from being closed. Under question 7, we give you the option to take as much cash as possible and we will process the residual once it has been processed. Alternatively, you can wait for all the payments to be processed, and we can transfer the whole amount in cash.
8. Once all the account signatories have signed the form, it can be emailed to us at wrapsolutions@macquarie.com. If you have requested that we sell the assets within the account, we will generally place these orders within 2 business days. You can track the sell-down of assets via the Online Client Portal.
    

Option 2 – Transfer the assets out of the account

1. Contact the other Platform, registry, or Fund Manager to ensure that they are able to receive the assets in your account. The best way to do this is to provide them a Portfolio Valuation, which is available via the Online Client Portal in either excel or PDF format.
2. Download the Investment Manager/Consolidator Account closure form.
3. Under question 1, Complete the account number and account name, available on the cover of your annual statements or via the Online Client Portal.
4. Under question 2, leave this section blank.
5. Under question 3, select Yes. Please see the Asset Transfer Guide for more information on the paperwork required for us to transfer assets.
6. Under question 4, specify the reason for closing the account.
7. Under question 6, you have the option to:
   • Maintain a CMA – once all your assets have been sold to cash or transferred out, you can close your Investment Manager or Investment Consolidator account and retain a CMA, including all your transaction history. Once the Investment Manager or Investment Consolidator account has been closed the interest rate you receive on your CMA will change. The current interest rates can be found here.
   • Electronic funds transfer – you can have the cash balance transferred to a different bank account
8. At the time of the closure, there may be outstanding transactions on your account, such as outstanding redemptions, corporate actions, fees, suspended funds or you might be entitled to outstanding distributions/dividends that may prevent the account from being closed. Under question 7, we give you the option to take as much cash as possible and we will process the residual once it has been processed. Alternatively, you can wait for all the payments to be processed, and we can transfer the whole amount in cash.
9. Once all the account signatories have signed the form, it can be emailed to us at wrapsolutions@macquarie.com. If you have requested that we sell any remaining assets within the account, we will generally place these orders within 2 business days. You can track the sell-down of assets via the Online Client Portal.
    

Option 3 – Sell some of the assets to cash, and transfer the residual assets out of the account

1. Download the Investment Manager/Consolidator Account closure form.
2. Under question 1, Complete the account number and account name, available on the cover of your annual statements or via the Online Client Portal.
3. Under question 2, select the option to All investments in my account.
4. Under question 3, select No.
5. Under question 4, specify the reason for closing your account.
6. Under question 6, you have the option to:
   • Maintain a CMA – once all your assets have been sold to cash or transferred out, you can close your Investment Manager or Investment Consolidator account and retain a CMA, including all your transaction history. Once the Investment Manager or Investment Consolidator account has been closed the interest rate you receive on your CMA will change. The current interest rates can be found here.
   • Electronic funds transfer – you can have the cash balance transferred to a different bank account
7. At the time of the closure, there may be outstanding transactions on your account, such as outstanding redemptions, corporate actions, fees, suspended funds or you might be entitled to outstanding distributions/dividends that may prevent the account from being closed. Under question 7, we give you the option to take as much cash as possible and we will process the residual once it has been processed. Alternatively, you can wait for all the payments to be processed, and we can transfer the whole amount in cash.
8. Once all the account signatories have signed the form, it can be emailed to us at wrapsolutions@macquarie.com. If you have requested that we sell the assets within the account, we will generally place these orders within 2 business days. You can track the sell-down of assets via the Online Client Portal.

1. Download the Investment Accumulator Account closure form.
2. Under question 1, Complete the account number and account name, available on the cover of your annual statements or via the Online Client Portal.
3. Under question 2, select the option Yes. This request will constitute a request to close your account. If you have an adviser, you can request that they sell the assets in the account. Alternatively, if you do not have an adviser you can submit these instructions directly to us by making this election.
4. Please then select how you would like your funds to be paid. Make sure you have completed all the fields once you’ve made your payment election.

Once all the account signatories have signed the form, it can be emailed to us at wrapsolutions@macquarie.com. If you have requested that we sell the assets within the account, we will generally place these orders within 2 business days. You can track the sell-down of assets via the Online Client Portal.

The term of your TAP account is listed on your Centrelink Schedule. You can view this by going to macquarie.com.au and logging in to Macquarie Online.