If we don't receive instructions from you by 31 October 2021, we will close your Clover account as per the normal account closure process.
We will sell your ETF holdings and proceeds from the sale will settle in your Macquarie Cash Management Account as per the normal withdrawal process.
Selling your holdings will likely have Capital Gains Tax (CGT) consequences. The CGT impact will depend upon a number of factors including realised gain/loss on the sale, your tax bracket and CGT assessments of any other assets you may hold.
Generally speaking, if you transfer your holdings to another broker account you own i.e. there is no change in the beneficial ownership of the holdings, the transfer is not considered a taxable event.
Please note that we can’t comment on your specific tax circumstances as we are not authorised to provide tax advice, nor are we aware of your personal tax situation. The above comments are purely general in nature.