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Closing your account

You can request to close your account at any time by following these steps:

  1. Confirm with your adviser that there are no outstanding dividends, distributions, corporate actions, fees or transactions
  2. Confirm with your adviser that all automated plans (automatic cash management, automatic rebalancing, dollar cost averaging or direct debits) have been cancelled (where you have requested your account to be closed and we have not received notification regarding your automated plans, the trustee may, in its absolute discretion, choose to close those plans on your behalf)
  3. Ensure your holdings are sold by your adviser and the proceeds cleared in your Cash Account
  4. Notify us that you wish to close your account, using the following guidelines:
  • notification must be in writing (to allow us to verify your signature), you cannot email or give these instructions verbally to your adviser
  • your notification can be faxed to us, subject to the facsimile and electronic instruction service terms and conditions and
  • your written notification must include:
    • your account name and number and
    • the details of an Australian financial institution account into which you would like us to credit the proceeds or include the details of a superannuation fund where you would like us to rollover your benefit (superannuation fund ABN, SFN, RSE and address).

Important information

If you wish to claim a tax deduction for your personal contributions in a particular year you must send us a completed deduction notice for these contributions prior to closing your account. For more information, please see Claiming tax deductions for your contributions.

We cannot act on your instructions to close your account if there are any outstanding:

  • dividends and distributions – should you request that we proceed with closing your account while dividends and distributions remain outstanding, you may incur fees for us to redirect those amounts to you (refer to Fees and Other Costs for details); processing of income is generally finalised within five Sydney business days following the receipt of the dividend or distribution by us and/or
  • corporate actions – check with your adviser that there are no outstanding corporate actions on your account and/or
  • transactions – check with your adviser that there are no outstanding transactions on your account and/or
  • fees – any outstanding fees will be deducted upon closure of your accountand/or
  • illiquid investments – Where you hold ‘illiquid’ investments (refer to Liquidity risk), including term deposits, we may not be able to action your request within the standard 30 day period. If we are unable to action your rollover request due to the liquidity of your investments, we will act on your instructions to forward you the maximum benefit possible within 30 days, with the remainder of your benefit to be paid as soon as the proceeds from the sale of your investment have been received.

If you close your account prior to the completion of the annual tax processing you will not receive the benefit of any tax adjustment to which you may have been entitled. This may include the benefit of a CGT discount or franking credits. For more information, please refer to the Taxation section.