Commission Rebate Summary Report (Apr - Jun 2023)

Commission Rebate Summary Reports for the period 1 April - 30 June 2023 (inclusive) have been saved in the “6.0 REBATES” folder located in your Syncplicity directory. If there is no file in your folder that means there are no rebates payable to your clients this quarter.

Issues that need resolution are highlighted in the reports as follows:

• ORANGE - bank details are missing

  • If you are expecting a commission to be clawed back from the fund manager or product provider within the next 3 months and would like a payment held pending that clawback, please make a comment to that effect in the ‘Pay comment’ column and do not enter bank details into Revex, otherwise;

  • You must obtain bank details from your client and enter them into Revex by the due date noted below

• BLUE – client’s email address not entered

  • You must enter your client’s email address into Revex, or

  • If they don’t have an email address you must enter yours and you will receive the rebate activity statement and you can post it to them

• RED – a clawback has been charged

  • If you are aware of a special circumstance regarding the clawback, such as it was charged in error by the provider or a commission will be paid within the next month to offset the amount in full please make a comment to that effect for consideration in the ‘Pay comment’ column. We will check your report before we finalise the rebates.

  • If there is no special consideration the amount will be included as a deduction on your RCTI in the April RCTI issued early May and you should contact your client directly to obtain reimbursement if required.

• GREEN – message for your information and/or action from IFA-Aust.

For more details please refer to Understanding the Rebate Process in the Adviser Portal on the Compliance/Procedures page or click HERE.

Rebates will be paid on 31st July so all updates need to be entered into your spreadsheets COB 28th July – we will review the file the following business day and any changes after that date may not be actioned. It is important to note that any payments that reject in the pay run will be carried forward to the following quarter so please take care when reviewing the details.

OTHER IMPORTANT INFORMATION

1. You must have a Client Service Agreement in place for any client receiving a rebate, even if that is the only financial service you are providing to them.

2. Commissions cannot be retained to offset advice fees unless:

   1. There is a Client Service Agreement outlining the service to be delivered and how much it will cost, and

   2. There is no relationship whatever between the commission and the price of the service

3. Rebates may not be paid to a client’s SMSF or other super fund, regardless of whether the super fund is capable of accepting the payment.