We're excited to announce new enhancements to improve the recontribution process for you and your clients. These updates offer greater flexibility, save time and create a smoother overall experience.
Greater flexibility when using the new recontribution wizard
The recontribution wizard now offers flexibility to submit a recontribution when there are pending transactions on the source account. The system is designed to automatically process the recontribution once pending transactions are settled, enabling you to secure client consent and submit the request while awaiting transaction settlement.
Clear warnings are now shown at the first step when there are any pending transactions on the source account, empowering you with the necessary information to make informed decisions.
Same day process of IDPS account transfers when not using the recontribution wizard
In some advice scenarios the new recontribution wizard cannot be used. This includes when you need to make a partial selection of investments or use an existing super account for the recontribution. To make this simpler we now allow you to create a new Investment account and then transfer units to a new or existing super account, all within the same business day. This enhanced process offers you increased flexibility, efficiency, and precision, with the added benefit of no fees for investment accounts which are opened and closed on the same day.
These enhancements will save you and your clients valuable time and effort and significantly improve the recontribution process.
Support
For your more information, refer to the ‘How to complete a re-contribution (on platform)’ guide available from North Online > Support > Training resources > Transacting.
If you have any questions, please speak to your Business Development Manager (BDM).
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Important information
The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT). It contains general advice only, does not take account of your client’s personal objectives, financial situation or needs, and a client should consider whether this information is appropriate for them before making any decisions. It’s important your client consider their circumstances and read the relevant product disclosure statement (PDS), investor directed portfolio guide (IDPS Guide) and target market determination (TMD), available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.
MyNorth Investment and North Investment are operated by NMMT. MyNorth Investment Guarantee is issued by National Mutual Funds Management Limited ABN 32 006 787 720, AFSL 234652 (NMFM). MyNorth Super and Pension (including MyNorth Lifetime), MyNorth Super and Pension Guarantee and North Super and Pension are issued by N.M. Superannuation Proprietary Limited (ABN 31 008 428 322, AFSL 234654 (NM Super) as trustee of the Wealth Personal Superannuation and Pension Fund (the Fund) ABN 92 381 911 598. NMMT issues the interests in and is the responsible entity for MyNorth Managed Portfolios. All managed portfolios may not be available across all products on the North platform. All of the products above are referred to collectively as MyNorth Products. The information on this page is provided only for the use of advisers, it is not intended for clients. This page provides a brief overview of some of the benefits of investing in MyNorth Products. The adviser remains responsible for any advice/services they provide to clients including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.
You can read the Financial Services Guide online for more information, including the fees and benefits that companies related to NMMT, N.M. Superannuation Proprietary Limited ABN 31 008 428 322, AFSL 234654 (N.M. Super) and their representatives may receive in relation to products and services provided.
North and MyNorth are trademarks registered to NMMT.
All information on this website is subject to change without notice.
It’s important a person considers their circumstances and reads the relevant product disclosure statement and/or investor directed portfolio services guide and target market determination, available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them. Any general tax information provided is intended as a guide only and is based on our general understanding of taxation laws current at the date of publication. It’s not intended to be a substitute for specialised taxation advice or an assessment of liabilities, obligations or entitlements that arise, or could arise, under taxation law, and we recommend that advice be obtained from a registered tax agent / tax professional before deciding to act on the information provided. Information in this article is subject to change without notice.
*Recontribution wizard is available for accounts with no pending investment transactions and/or in-progress S290 submission. Once all pending/in progress transactions settle, the Recontribution wizard can be initiated.
**Investment Trends 2023 Benchmarking Report