Yes, you can close your account whenever you want by sending us an email to blossom@blossomapp.com. Uninstalling the app won’t cancel your pending transactions or close your account. You can also withdraw all your funds by making a withdrawal request through the web, iOS or Android app.
While it is not compulsory, we recommend providing us with your Tax File Number within the Blossom web, iOS or Android app.
If we do not receive your TFN and you don’t give us a valid exemption, we must withhold tax at the highest personal rate, plus the Medicare levy, before passing on any distribution to you. The law is very strict on how we can use TFN details. If this withholding tax applies, it is merely a collection mechanism and an investor may claim a credit in their annual income tax return in respect of the tax withheld.
To avoid this, please enter your TFN in the ‘Settings’ tab as soon as you can!
You will still be able to login to access any statement you may need, even if you have closed your account. If you have login issues, please email us at blossom@blossomapp.com.
Redeeming your savings may give you taxable gains, depending on your individual circumstances. Please refer to the PDS to learn more about how the Blossom Fund is taxed.
We will send you an annual tax statement each year. This statement will be able to assist you to complete your tax return. It will have all the information you need regarding your savings with Blossom.
