END OF FINANCIAL YEAR 2021 - 2022

OnePath Retail Insurance Premium Summaries & Notice of intent to claim a tax deduction letters

1.    When will the Insurance Premium Summaries be available to my clients?

We expect your clients to begin receiving the following Summaries from mid-August:

  • Insurance Premium Summary - to your OneCare, SmartCare, World of Protection and other OnePath retail legacy non-super policies with an Income Protection cover.
  • Insurance Premium Summary – to your clients with:
    • OneCare SMSF policies
    • World of Protection (WOP) and other retail legacy SMSF policies

This will be communicated to your clients by SMS if we hold a mobile phone number on file, commencing from the last week in July:

For OneCare, SmartCare, WOP and other retail Legacy – Income Protection and SMSF Summaries:

It’s tax time and we’re preparing to send you information on your OnePath premiums paid last financial year. You can expect to receive this from mid-August

2. Will I receive a copy of my clients’ 2022 OnePath Insurance Premium Summary?

A copy of these Summaries will be available in the Policy Correspondence section of The Adviser Portal a few days after sending the Summaries to your clients. You can login or register for the portal here.

3. How can my client request a further copy of their 2022 OnePath Insurance Premium Summary?

  • Your client can login or register for My OnePath Life to retrieve a copy of their 2022 Insurance Premium Summary. The Summary will be available in the portal a few days after we have sent it.
  • Further information on My OnePath Life can be found here. Please encourage your OneCare clients to register for My OnePath Life if they have not done so already so they can benefit from the many features the portal provides for them.
  • Alternatively, you can login or register for The Adviser Portal to obtain a copy for your client.

4. Will all my OnePath retail super clients be sent a Contribution Tax Statement with ‘Notice of intent to claim a tax deduction for personal super contributions’ (NOID) for the 2021-2022 financial year?

We expect your eligible clients with a policy within super to begin receiving these Statements from early August 2022, should these clients wish to claim a tax deduction on eligible personal contributions made to the Retirement Portfolio Service (the Fund) in the 2021-2022 financial year.

This form is also available from the ATO website at:

https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/n71121-11-2014_js33406_w.pdf

It is important to remember that one of the eligibility criteria required by the ATO is that there must be an active membership in the Fund at the time we receive the completed notice. If your client has left the Fund we are unfortunately unable to action the notice.

Please keep this in mind when considering changes to your client’s membership, and ensure notices are submitted prior to the closure of membership.

5. If my client returns a ‘Notice of intent to claim a tax deduction for personal super contributions’ (NOID) form for the 2021-2022 tax year, when will they receive a Tax Acknowledgement letter?

We will send a Tax Acknowledgement letter/email once a returned 2021 – 2022 NOID form has been processed.

6. If a customer has a payment due after 30 June 2022 but makes the payment on or before 30 June 2022, will this payment be included in any 2022 EOFY documents the customer is sent?

Yes. The 2022 EOFY documents will include eligible premiums based on the processing date i.e. the date the premium payment is processed and not the date the payment is due. So payments made on or before 30 June 2022 will be included in the 2022 EOFY documents even if the payment was not due until after 30 June.

7. If my client has queries regarding their 2022 financial year end documents, who should they contact?

If your clients have any questions or require further information regarding these documents, they can contact Customer Care on 133 667 between 8:30AM and 6:00PM AEST.

Further information

If you have any questions or require further information regarding the 2022 financial year end documents, your Business Development Manager is here to support you. However, if you do not have a BDM, you can access contact details here.