Are there any potential tax implications of winning a prize or for receiving a benefit?
- There may be tax implications of winning a prize or receiving a benefit, in particular if: i) you are not an Australian tax resident; ii) you are not receiving the prize in a wholly personal, private or domestic capacity; or iii) your accounts or products are connected to a business. You should check with your accountant or tax adviser for further information.
- Recipients of a prize or benefit may wish to consider Product Ruling PR 2022/6 issued by the Australian Taxation Office (ATO), which can be viewed on the ATO website (www.ato.gov.au).
- The following information has been provided by the ATO. CommBank Yello is described as a “Scheme” and a “Product” solely for the purposes of the Product Ruling PR 2022/6.
- The product ruling is only a ruling on the application of taxation law and is only binding on the ATO if the Scheme is implemented in the specific manner outlined in the product ruling.
- The Commissioner of Taxation (Commissioner) does not sanction, endorse or guarantee this product. Further, the Commissioner gives no assurance that the product is commercially viable, that charges are reasonable, appropriate or represent industry norms, or that projected returns will be achieved or are reasonably based.
- Potential participants must form their own view about the commercial and financial viability of the product.
- The Commissioner recommends you consult an independent financial (or other) adviser for such information.
Which account will my benefits be paid into?
Benefits such as CommBank Yello product cashbacks (e.g. home insurance, Home Loan Package or personal loan cashbacks) and prize draw winnings will be paid into your newest CommBank individual account.
If you don’t have an individual account, the benefits will be paid into your newest joint account – even if the joint account holder isn’t eligible for the benefit.
You may be able to select which account your CommBank Yello product cashbacks and prize draw winnings are paid into via the CommBank Yello hub in the CommBank app. Changes to your selected CommBank Yello account will be reflected from the start of the month after you submit your selection.
We’ll make every effort to pay your CommBank Yello product cashbacks and prize draw winnings into the account you select, but in some circumstances this may not be possible (for example, if you’ve closed the account at the time of benefit payment). In such cases, we’ll pay the benefits as if you hadn’t made the selection.
CommBank Yello Cashback Offers will be paid into the account associated with the Mastercard® you paid with.
How do I know if I’ve won the prize draw?
You’ll be notified via the CommBank app, NetBank, email, and post to your nominated address on file to let you know that you’ve won. You can also see a list of winners. This list will be updated within 30 days of each monthly draw.
You don’t need to do anything if you win. Cash prizes will be automatically paid into your bank account. Some ad hoc prize draws won’t give away cash – in that case, we’ll contact the winners to discuss how you’ll receive your prize.
I’ve been notified about CommBank Yello benefits, or told that I’ve won the CommBank Yello prize draw. How do I know it’s not a scam?
You can check your CommBank app using your secure login details for more information. Here, you’ll be able to see which benefits you’re eligible for, or verify that you’re a CommBank Yello prize draw winner.
As an important reminder, we’ll never ask you for any information, like bank account details.
Protecting you is our priority. Visit our CommBank Safe page to learn more about how we protect you and tips for how to protect yourself.
What’s Kit and the Kit benefit and how do I get free access?
Eligible CommBank Yello customers can activate a free Kit membership for 12 months.
Kit is an earning-and-learning, mindfully-spending, money-mastering app for kids. Kit comes with a digital and physical prepaid card available in-app, and it’s built by CommBank.
If you are a CommBank Yello eligible customer, head to the CommBank app and tap 'CBA Yello'. Scroll to ‘Get more from CommBank Yello’ and tap on the Kit offer to view your unique promo code. New Kit customers will need to apply the code when setting up an account with Kit through the Kit app. Existing Kit customers will be able to apply their code via settings in the Kit app.
Kit and CommBank are working together on an ongoing free membership offer for Everyday Plus and Homeowner benefit sets.
How do the Smart Awards credit card bonus points work?
- If you’re eligible for Everyday Plus benefits, you may be eligible to receive 500 CommBank Awards bonus points each month on your Smart Awards credit card.
- If you’re eligible for Homeowner benefits, you may be eligible to receive 1,000 CommBank Awards bonus points each month on your Smart Awards credit card.
If you’ve opted in to earn Qantas Points on your Smart Awards credit card, bonus points will be converted to Qantas points at the standard conversion rates.
Only primary cardholders are eligible for the CommBank Yello Smart Awards bonus points. You need to hold an active Smart Awards credit card at the time we assess your CommBank Yello eligibility, which typically happens in the first week of each month.
View CommBank Awards T&Cs
What’s the personal loan cashback?
If you’re eligible for Everyday, Everyday Plus or Homeowner benefits and you apply for a new unsecured CommBank personal loan with a funded amount of $20k or more between November 2023 and February 2024, you may be eligible for a $250 cashback.
The loan has to be funded (within 60 days of your application date) before the cashback will be paid. Joint applications/accounts aren’t eligible for the cashback.
What’s the home insurance cashback?
If you’re eligible for Homeowner benefits, you’ll be eligible to receive a $10 monthly cashback for each eligible home insurance policy distributed by CommBank and provided by Hollard. Cashbacks are available for each eligible home insurance policy you hold.
What cover types are eligible for the home insurance cashback?
The eligible home insurance cover types are:
- Building Cover
- Contents Cover
- Combined Building and Contents Cover
that are distributed by CommBank and provided by Hollard (formerly known as CommInsure).
Cashbacks aren’t available for insurance that covers portable contents as a standalone policy.
You must hold the eligible home insurance policy on the last day of the previous month and continue to hold the policy until the cashback is paid in order to qualify for the cashback benefit in a particular month.
What’s the Home Loan Package cashback?
If you’re eligible for Homeowner benefits, you’ll be eligible to receive a $4 monthly cashback on your Home Loan Package fee (Wealth Package or Mortgage Advantage). The cashback will be paid per Package. Cashback is not available where the Package is pending or closed, or where the Package fee has been fully or partially waived.
What is a Property Report?
The CommBank Yello Property Report highlights information on your property or the real estate market.
You may qualify for a property report if you meet the below eligibility criteria:
- You’re a Homeowner customer
- Your property is classified as residential, defined as dwellings used for domestic occupation, and
- Your property has a valid and up-to-date address recorded in our system to allow our service partner to match against their records, and there’s enough information on that address for our service partner to generate a report.
Property reports are prepared by our service partner. If we don’t have a record of your full address, you may receive a Local Area Snapshot instead, which focuses on your suburb rather than your specific property.
Where can I find my Property Report?
Property reports will be available via the CommBank Yello hub in the CommBank app twice a year.
If you sell your property, refinance to another financial institution, and/or close your CommBank home loan, you’ll no longer receive property reports for that property, but you may continue receiving them for other eligible properties.
I haven’t received a Property Report, or I’ve only received a Local Area Snapshot. How do I get a Property Report for my specific property?
Please message us in the CommBank app or visit your local branch to provide us with your full address details. This will help ensure you receive a Property Report when you’re next eligible.
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