End of financial year 2023 - 2024

We expect to begin sending your clients the following documents from mid to late July 2024:

• Insurance Premium Summary - to your clients with the following policies if the total premium paid during the 2023-2024 financial is greater than zero:
  • OneCare, SmartCare, World of Protection and other OnePath retail legacy non-super policies with an Income Protection cover.
  • OneCare SMSF policies.
  • World of Protection (WOP) and other retail legacy SMSF policies.
• Contribution Tax Statement with ‘Notice of intent to claim a tax deduction for personal super contributions’ form (NOID, Section 290-170 Notice) – to your clients with an insurance policy held through super within the Retirement Portfolio Service (the Fund), that is:
  • OneCare Super
  • WOP super & other Legacy retail super policies (OPC)

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  • They have made personal contributions during the 2023-2024 financial year which are still held by the Trustee at 30 June 2024; and
  • The policy is still in force at 30 June 2024.

• Annual Statement for the following risk-only super policies within the Retirement Portfolio Service (the Fund) and the policy is still in force at 30 June 2024:
  • OneCare Super
  • OnePath retail legacy, including World of Protection

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

• Your client can login or register for My OnePath Life to retrieve a copy of their 2023-2024 end of financial year document(s). They will be available in the portal within a few days of sending them to your clients.
• 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.
  

We expect those of your clients with a policy for insurance held through super within the Retirement Portfolio Service (the Fund) and the policy was in-force at 30 June 2024, to be sent an Annual Statement.

This includes those of your clients where no contributions have been made to their policy during the period (e.g. the policy has been on full premium waiver for the duration of the period 1 July 2023 to 30 June 2024 inclusive).

We expect to send these Statements to your eligible clients with a policy for insurance held through super within the Retirement Portfolio Service (the Fund) if:

• They have made personal contributions during the 2023-2024 financial year which are still held by the Trustee at 30 June 2024; and
• The policy is still in force at 30 June 2024.

A NOID form will be enclosed with the Contributions Tax Statement should these clients wish to claim a tax deduction on eligible personal contributions made to the Retirement Portfolio Service (the Fund) in the 2023-2024 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.

Your client can return the form to us at any time before the earlier of:

• The day they lodge their income tax return for the 2023-2024 year; or
• 30 June 2024.

However, at the time your client returns the form:

• They must still be a member of the Retirement Portfolio Service (the Fund). The trustee of the Fund will be unable to accept their request for a tax deduction if, when we receive their Notice of Intent claim form, they are no longer a member of the Fund; and
• The contribution amount being claimed must still be held by the trustee at the time the notification is received at Zurich. Any pro-rata amounts rolled over to another fund cannot be claimed once it is no longer held by the trustee.

We will send a Tax Acknowledgement letter/email once a returned 2023 – 2024 NOID form has been processed.

Yes. There is now a way for your clients to submit a Notice of Intent to Claim a Tax Deduction via the My OnePath Life Portal. Your clients must login and submit the form, found in the Insurance Actions tab of eligible policies using the ‘Claim a Deduction’ button.

Any premium payment that we process after 30 June 2024 will be included in your client’s 2024-2025 end of financial year document(s) and not the 2023-2024 end of financial year documents.

If your OneCare client has told OnePath they prefer to receive their policy-related documents via email, for the 2023-2024 EOFY we are informing those clients by email that their Insurance Premium Summaries, Contributions Tax Statement with NOID forms and their Annual Statements are available via the customer portal, My OnePath Life.

The email contains a link to the login screen where your client can login to My OnePath Life if they have previously registered for this portal or click the registration button and register for the portal. The registration process requires your client to provide personal details, some of which cannot be found on the email, only your client will know. Your client will also be required to set a password that only they will know.

Please assure your clients that it is safe to click on the links in the email and once registered for My OnePath Life they should keep their username and password in a safe place.

If your client is still unsure about clicking on the links in the email, on the top right-hand side of the Insurance home page on OnePath’s public website: https://www.onepath.com.au/insurance.html, your client will see ‘Customer login’ with a button to either login or register for My OnePath Life. Proceeding this way is the same as clicking on the links in the email to access My OnePath Life.

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