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Transaction processing
When a contribution, rollover in, rollover out, cash withdrawal or form based switch request is received on a business day1, together with all necessary information, it will be processed using the unit price issued for the date the transaction is processed, which is generally within 3 business days. There may be some delays at the end of June and the beginning of July as a result of necessary maintenance on your accounts2.
Because units are issued or redeemed based on prices described above, there can be an effect on underlying performance, either positive or negative, depending on market movements, between the day your transaction request is received and the date of the unit price used when the transaction is processed.
Online switches
If an online switch request is submitted prior to 2.30pm (AEST/AEDT) on a business day, it will generally be processed using the unit price issued for that day. If an online switch request is submitted after 2.30pm on a business day, it will be generally be processed using the unit price issued for the next business day.
In the event of a delay in receipt of unit prices, the 2.30pm cut-off may be extended in which case the transaction will be processed using the unit price issued on the next business day. If a current switch is made, it is processed as a withdrawal (sell down of units) from one investment option, and an investment (purchase of units) into the other investment option.
Transaction processing discretion and unit price delays
In certain circumstances allowed under superannuation law and the Trust Deed (for example, where it would prejudice the interests of the other members of PSSap), we may delay, suspend or not process your application, switch or withdrawal request. We reserve the right to delay or suspend unit prices3, apply a special price or not process future application, switching or withdrawal requests.
Annual statements
The effective date of each transaction listed in your annual statement and on our secure member portal, is based on the date of the unit price used to process that transaction.
End of Financial Year-30 June: Transaction Processing
In the lead up to the end of the financial year (30 June) we suggest that any contributions that you wish to be processed by 30 June or earlier, be submitted at least 7 business days prior to 30 June.
Please note: A contribution is reported to the ATO on the date that the money is received into CSC’s Administrator’s bank account. This ATO reporting date is likely to be different to the date of the unit price used to process the transaction on your account (which is also the date for the transaction that you’ll see on your annual statement).
The date that a contribution is reported to the ATO is relevant for a number of reasons:
- To determine in which financial year the transaction is counted by the ATO for the purposes of contribution caps, and/or
- In determining your eligibility to claim a tax deduction for personal contributions.
Example:
A customer makes a Bpay®4 personal contribution on 28 June 2022 to your PSSap account. The funds are received into CSC’s Administrator’s bank account on 30 June 2022, but the contribution transaction is not processed until 1 July 2022. This means on your annual statement you’ll see that this contribution has a unit price date of 1 July 2022, but it has been reported to the ATO by CSC as being received on 30 June 2022. If you wish to claim a tax deduction for this personal contribution, such a deduction will relate to the 2021-2022 financial year, and not to 2022-2023. Notwithstanding the fact that the contribution is listed as a transaction on your 2022-2023 annual statement.
1 A business day is defined as a day that is not a Saturday or Sunday, and is a day on which banks are open for business in Sydney, Melbourne and Canberra, other than a Public holiday or day which is a public holiday in Sydney, Melbourne or Canberra.
2 There may also be occasional delays if there is a IT system outage/issue, or if incorrect information is provided by an employer or Super Fund.
3 PSSap uses forward unit pricing. Where a unit pricing suspension occurs, all pending transactions are processed using the latest unit prices available on the day of processing.
4 Registered to Bpay Pty Ltd ABN 69 079 137 518.