Superannuation Savings Account

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Superannuation Savings Account"

Transcription

1 Superannuation Savings Account Super. Simple. Guaranteed. Supplementary Product Disclosure Statement Preparation Date: 21 June 2007 This is a Supplementary Product Disclosure Statement (SPDS) to the Commonwealth Bank Superannuation Savings Account Product Disclosure Statement (PDS). This SPDS should be read in conjunction with Part 1 (dated 17 January 2007), Part 2 ( Interest Rates on Term Deposits & Investment Accounts ) and Part 3 ( Historical Interest Rates for the Standard Rate Component dated 17 January 2007) of the PDS. Please note that the most recent version of Part 2 of the PDS, showing current interest rates, can be obtained at any Commonwealth branch, at InvInterestRates_ADB1072.pdf or by calling between 8.30 am and 6 pm (Sydney time), Monday to Friday. This SPDS was prepared and issued by Commonwealth Bank ABN AFSL About this Supplementary Product Disclosure Statement In the May 2006 Budget, the Government commenced a plan to simplify and streamline superannuation. This plan signified the most significant changes to superannuation laws in over a decade and it is important that you are aware of the impact the following changes which have now been legislated and what this means to you. We recommend you spend a few minutes to review the key changes that came into effect from 1 July Even if retirement is not your current focus, the changes may impact the decisions you make now in planning for your future. The purpose of this SPDS is to provide you with details of: Changes to the taxation treatment of your superannuation benefits; Changes to the age based limits on contributions claimed as a tax deduction; Changes to the tax treatment of death benefits; Update on removal of Reasonable Benefit Limits (RBLs); and Update to privacy of your personal information. The information in this SPDS adds to or replaces some of the information contained on pages 6, 9, 12 to 16, and 19 to 20 of Part 1 of the Superannuation Savings Account PDS. Page references relate to part 1 of the PDS. The PDS is amended as follows: 1. Under the section Can I open an Account? (Page 6 of the PDS) Replace this section with the following: We can accept the following contributions to Superannuation Savings Account: If you are Under 65 years 65 under 70 years 70 under 75 years 75 years and over We may accept personal contributions; employer contributions 1 ; self-employed contributions; and contributions made to your account by your spouse 2 or another person. mandated employer contributions 3. Where you have worked at least 40 hours in 30 consecutive days in the financial year and the contributions are: personal contributions; non-mandated employer contributions 1 ; self-employed contributions; and contributions made to your investment by your spouse 2 or another person. mandated employer contributions (i.e. Award/Industrial Agreement) 3 ; Where you have worked at least 40 hours in 30 consecutive days in the financial year and the contributions 4 are: personal contributions; self-employed contributions; and non-mandated employer contributions (i.e. salary sacrifice and employer voluntary). Only mandated employer contributions (i.e. Award/Industrial Agreement) 3. 1 Employer contributions include salary sacrifice contributions. 2 A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. A spouse does not include a person who lives separately and apart from another person on a permanent basis, even though legally married to that person. 3 Mandated employer contributions include Superannuation Guarantee contributions (which cease at age 70) and those paid by an employer under an award or industrial agreement made on or after 1 July Contributions must be received before the 28th day of the month following the member s 75th birthday.

2 Superannuation Savings Account You can also transfer amounts to Superannuation Savings Account from other superannuation or rollover funds (including approved deposit funds, deferred annuities or retirement savings accounts). Employment Termination Payments (i.e. payments from an Account holder s employer when he or she leaves employment, such as a golden handshake ), as they will be known, will generally not be able to be rolled into super, except in limited circumstances where the payment is made as a result of an entitlement existing before 10 May This concession will expire on 30 June Employment Termination Payments will be subject to special tax concessions. Note that there is no change to the tax treatment of unused leave, redundancy and early retirement payments. 2. Under the section Preserved Benefits (Page 9 of the PDS) Insert the following text at the end of this section: Preserved benefits may also be released in certain other circumstances, including to meet a tax liability that you incur because excess contributions are made by or for you. 3. Under the section Employee Tax File Numbers (page 12 of the PDS) Replace this section with the following: Recent legislative changes mean that where an employee quotes their Tax File Number (TFN) for employment purposes, it is automatically taken to be quoted for superannuation purposes and can therefore be passed on to the superannuation fund or retirement savings account. Where an employee does not supply their TFN more tax will generally be payable. See Your Tax File Number on page 13 for more details. 4. Under the section Taxation (Page 13 of the PDS) Replace the first four paragraphs in this section with the following text: The following information provides an overview of the tax rules that apply to Superannuation Savings Account as at 1 July The statements are general in nature and you should seek professional advice regarding your individual circumstances. The Government released a plan under the May 2006 Budget to simplify and streamline superannuation. This plan signified the most significant changes to superannuation laws in over a decade and it is important to you, as an Account holder, to be aware of the impact this may have on you. Retirement Savings Accounts are taxed the same as superannuation funds, and we will advise you of any subsequent changes to the taxation legislation affecting your Account as required by law. 5. Under the section Your Tax File Number (Page 13 of the PDS) Replace this section with the following: If you provide us with your Tax File Number (TFN), then the law allows us to use it for the following legal purposes: finding or identifying your superannuation benefits where other information is insufficient; and/or calculating tax on any benefit to which you may be entitled. From 1 July 2007 if we do not have your TFN, we will not be able to accept any member contributions into your Account. Member contributions generally refer to contributions other than employer contributions. If we do not have your TFN and your Account was opened: Before 1 July 2007, an additional 31.5% 5 tax may need to be deducted from the total employer contributions made to your Account if more than $1,000 of employer contributions are made in a financial year; or On or after 1 July 2007, an additional 31.5% 5 tax may need to be deducted from the total employer contributions made to your Account. Should you choose to provide your TFN within three years after the financial year ending on 30 June in which the extra tax was deducted, you may be eligible for a refund of this extra tax paid. If you do provide your TFN, we may provide it to another retirement savings account or superannuation fund to which your benefits are transferred in the future, unless you instruct us in writing not to do so. We may also give it to the ATO. Otherwise your TFN will be treated as confidential. 6. Under the section Employers (Page 13 of the PDS) Insert the following text at the end of this section: From 1 July 2007, employers will be able to claim a full deduction for all contributions made to superannuation on behalf of individuals under the age of 75. Superannuation Guarantee will continue to apply only until age Under the sections Self-employed and Proposed changes to the age based deduction limits (Pages 13 and 14 of the PDS) Combine these two sections into one section entitled Selfemployed, and replace the wording with the following text: Self-employed If you are either self-employed, substantially self-employed or you are otherwise eligible to contribute and do not receive any superannuation support from another person, then you may be eligible to claim a full tax deduction for all contributions until age Includes Medicare levy and is in addition to the 15% tax charged to the fund on taxable contributions.

3 Previous age-based deduction limits on employer and self-employed contributions have been removed and replaced with a single concessionally taxed annual contribution limit. From 1 July 2007, a cap of $50,000 pa will apply for concessionally taxed contributions (deductible contributions). This threshold will be indexed to Average Weekly Ordinary Time Earnings (AWOTE). The $50,000 threshold will only increase once the indexed amount is greater than $5,000. Contributions over $50,000 pa will continue to be taxed at 15%. However, the Australian Taxation Office will also assess you personally at the rate of 31.5% 5 on these excess contributions. If you are aged 50 and over, there is a five year transition period until the 2011/2012 financial year, in which deductible contributions of up to $100,000 pa can be made on a concessionally taxed basis. Also, employer contributions will be able to be made until age 75. The table below shows these limits (and transitional arrangements) from 1 July 2007: Age of Account holder Financial Year Under /2008 onwards $50, and over 2007/2008 to 2011/2012 Concessional Contribution limit $100, /2013 onwards $50,000 * Once a person reaches 75, a claim for a deduction can only be made if the contribution is no later than 28 days after the end of the month when the person turns Under the section Government Co-contributions (Page 14 of the PDS) Insert additional text at the end of this section: Effective 1 July 2007, the Government Co-contribution scheme has been extended to self-employed people making post-tax contributions, provided they satisfy the existing eligibility criteria for Co-contributions. 9. Under the section Withdrawals (Page 15 of the PDS) Replace this section with the following: Lump sum benefits paid before age 60 will only have 2 components: Taxable component (formerly post-june 1983 component). Tax-Free component (total of former pre-july 1983, CGT exempt, post-june 1994 invalidity, undeducted and concessional components). If you cash your super when you are: Your benefits will be taxed as follows Taxable component Tax-Free component Age 60 or over Tax-free Tax-free Age Tax-free up to the low rate threshold of $140,000: 16.5% 6 thereafter Tax-free Under age % 6 Tax-free If a part payment of an Account holder s superannuation benefit is made, the payment will generally be taken to include both Tax-Free and Taxable components, reflecting the proportions of those components relative to the total benefit. If you are aged 60 or over when you cash your super: All lump sum and pension benefits paid to you from a taxed source 7 will be tax-free; and You will not have to include any super payments in your tax return. If you are under age 60 when you cash your super, lump sum super benefits will be taxed as follows: Tax-Free component will be exempt; and Taxable component will be taxed at up to 21.5% 6 (depending on the amount and your age). If you have an eligible service period earlier than 1 July 1983 then the portion of your balance at 30 June 2007 relating to that service period will also be classed as tax-free. Calculating your starting Tax-Free component amount is referred to as crystallisation. Contributions made after 30 June 2007 for which no deduction is claimed and any amounts rolled into the fund which are classified as tax-free will be added to your starting Tax-Free value. From 1 July 2007, the Tax-Free component of your lump sum will be exempt from tax and the Taxable component (the remaining amount) will be tax-free up to the low-rate threshold of $140,000 and at 16.5% 6 over this threshold if you are aged 55 to 59. (Note: All benefits will be tax-free if cashed at or after age 60). Lump sum death benefit payments from 1 July 2007 will be tax-free if paid to a dependant (as defined by tax legislation). For payments to non-dependants (irrespective of their age) the Taxable component (taxed element) will attract 16.5% 6 tax, while the Taxable component (untaxed element) will be taxed at 31.5% 6. 6 Includes Medicare levy of 1.5% 7 A taxed source is a complying super fund, approved deposit fund or Retirement Savings Account that pays tax under the standard super tax provisions.

4 10. Under the section Taxation (Page 16 of the PDS) Delete the section Proposed changes to the taxation of benefits. 11. Under the section Reasonable Benefit Limits (RBLs) (Page 16 of the PDS) Replace the wording in this section with the following text: From 1 July 2007, Reasonable Benefit Limits (RBLs) have been abolished. RBLs were the limits imposed by the Government on the maximum amount of concessionally taxed benefits you could receive during your lifetime. 12. Under the section Privacy of your personal information (Pages 19 and 20 of the PDS) Replace this section with the following: How We Handle Your Personal Information Personal information is information or opinion that allows others to identify you. It includes your name, age, gender, contact details as well as your health and financial information. We are part of the Commonwealth Bank Group. We will act to protect your personal information in accordance with the National Privacy Principles or an industry privacy code. The Group is a collection of related organisations that provide banking, finance, insurance, funds management, financial planning and advice, superannuation, stockbroking and other services. We value your trust, and aim to help you manage and build wealth over a long period. The protection of your personal information is a vital part of this relationship. It is supported by our long experience of keeping personal information confidential. We collect personal information to provide you with the products and services you request as well as information on other products and services offered by or through us. The law may also require us to collect personal information. We will tell you who collects the personal information, advise you of their contact details, your right of access to that information, and what will happen if you choose not to provide the information. Personal information may be used and disclosed within the Group to administer our products and services, as well as for prudential and risk management purposes and, unless you tell us otherwise, to provide you with related marketing information. We also use the information we hold to help detect and prevent illegal activity. We co-operate with police and other enforcement bodies as required or allowed by law. We disclose relevant personal information to external organisations that help us provide services. These organisations are bound by confidentiality arrangements. They may include overseas organisations. You can seek access to the personal information we hold about you. If the information we hold about you is inaccurate, incomplete, or outdated, please inform us so that we can correct it. If we deny access to your personal information, we will let you know why. For example, we may give an explanation of a commercially sensitive decision, rather than direct access to evaluative information connected with it. Further information and feedback If you have any questions or would like further information on our privacy and information handling practices, please contact us by: at telephone , or writing to the address below: Privacy Officer Customer Relations Commonwealth Bank Group Reply Paid 41 Sydney NSW 2001 This SPDS has been prepared and issued by: Commonwealth Bank ABN AFSL Level 7, 39 Martin Place Sydney NSW 2000 ADB A free call unless made from a mobile phone, which will be charged at the applicable mobile rate am 6 pm (Sydney time) Monday to Friday commbank.com.au Commonwealth Bank of Australia ABN

5 Superannuation Savings Account Super. Simple. Guaranteed. Product Disclosure Statement (PDS) Part 1 of 3 General Information Date of preparation: 17 January 2007

6 Contents 1 About Commonwealth Bank Superannuation Savings Account 2 Features at a glance 3 Managing your Account 4 Contact information 5 Investing in Superannuation Savings Account 5 Interest rates 6 Can I open an Account? 6 How do I open an Account? 7 What information will I receive? 8 How do I make additional contributions? 9 When can I access my benefits? 10 How do I withdraw? 10 What benefits are paid if I become permanently incapacitated or die? 11 Fees and other costs 12 Employer Sponsored Accounts 13 Taxation 17 Additional information 17 Cooling-off period 17 When might my benefit be transferred to an Eligible Rollover Fund? 18 Unclaimed Monies 18 Complaints handling procedures 19 Privacy of your personal information 20 Family Law 21 Life Insurance Forms Issued by: Commonwealth Bank of Australia ABN AFSL Level 7, 39 Martin Place, Sydney NSW 2000 This Product Disclosure Statement (PDS) is provided in 3 parts: Part 1 General Information Part 2 Interest Rates on Term Deposits and Investment Accounts Part 3 Historical interest rates for the Standard Rate component Unless otherwise stated, page references relate to Part 1 of this PDS. If you have not received all parts, please contact any Commonwealth Bank branch or call between 8.30 am and 6 pm (Sydney) time, Monday to Friday. Commonwealth Bank Superannuation Savings Account (Superannuation Savings Account), formerly known as Commonwealth Bank Retirement Savings Account (Commonwealth Bank RSA), is a retirement savings account established and maintained pursuant to the terms of the Retirement Savings Accounts Act Any future changes to the Act and regulations may result in changes to the terms and conditions set out in this PDS. Superannuation Savings Account is offered and capital guaranteed by Commonwealth Bank of Australia ABN AFSL ( we, us or our ). This PDS may also be used by employers who are applying on behalf of an employee for a Superannuation Savings Account. Superannuation Savings Account is administered by The Colonial Mutual Life Assurance Society Limited ABN AFSL (CMLA), a wholly owned subsidiary of Commonwealth Bank of Australia. CMLA has given and not withdrawn its consent to be named in this PDS. References to Account means your Account in Commonwealth Bank Superannuation Savings Account.

7 About Commonwealth Bank Superannuation Savings Account Commonwealth Bank Superannuation Savings Account (Superannuation Savings Account) is a simple, low-cost superannuation account designed to help you save for retirement. It is a retirement savings account, which is a simple alternative to a traditional superannuation fund, and has the tax advantages of saving in superannuation. You also have the security of knowing your capital is guaranteed by the Commonwealth Bank. Convenient and simple You only need $1 to open a Superannuation Savings Account! It has a low ongoing balance requirement, making it ideal if you have a small amount of superannuation money to invest, for example if you are: a part-time or casual employee; or in the early stages of saving for retirement. You can arrange automatic contributions of as little as $10 per month. Flexible Unlike a lot of other superannuation products, Superannuation Savings Account will accept any amount, no matter how small, whether they are employer contributions, personal/selfemployed contributions, spouse contributions or transfers and rollovers. Low-Cost There are no transaction, management or entry fees, just one annual administration fee of $25 for Accounts with balances of more than $1,000. Secure Deposits are capital guaranteed, making Superannuation Savings Account suitable if you are nearing retirement and want to minimise your investment risk. Fixed term option Superannuation Savings Account offers a Fixed Term option that allows you to lock in (minimum $5,000) a fixed rate of return for one to five years. This gives you the certainty of knowing exactly how much you will earn on your investment. Insurance option Subject to eligibility requirements, you can take out Death only or Death and Total & Permanent Disability cover up to $93,000 depending on your age, gender and the type of cover you select. What are the risks of investing? Your capital is guaranteed which, unlike some superannuation products, means your account balance cannot be reduced by negative investment earnings. However, the earnings on your capital are not guaranteed and may vary from time to time. This low risk approach means that your investment returns may be less than returns from other higher risk superannuation products. 1

8 Features at a glance Transacting refer to page 6 Minimum initial contribution $1 Minimum additional contribution $1 Minimum Regular Savings Plan $10 per month Minimum withdrawal $1,000 Interest rates refer to page 5 Standard Rate component Fixed term option Interest is credited quarterly, based on your daily Account balance. As your balance grows so does the interest rate. Minimum $5,000 per Fixed Term option You can select a term of 1,2,3,4 or 5 years Interest is credited six monthly and at the maturity of the term Fees and other costs refer to page 11 Administration fee $25 per annum (Nil if balance below $1,000) Entry/Contribution fee Withdrawal fee Insurance refer to page 21 Nil Nil Premium options Maximum cover Death cover $5 or $10 per month $93,000 (female), $75,000 (male) Death and Total Permanent Disablement cover Other important information $5 or $10 per month $48,000 (female), $45,000 (male) 2 Reporting Cooling-off period You will receive written confirmation of contributions (except contributions made through a Regular Savings Plan and Bpay) and withdrawals. You will also receive yearly and half yearly statements, and an exit statement when you withdraw your money. A 14 day cooling-off period will apply to your initial investment (refer to page 17). Complaints resolution We have a complaints handling process (refer to page 18).

9 Managing your Account The tables below show how easy and convenient it is to transact and access information on your Account. You can transact at any Commonwealth Bank branch or by mail (Note: cash must be deposited in a branch). Transacting on your Account Type Method Minimum Initial investment Cash or Cheque $1 Additional investment Switch to Fixed Term Withdrawal* Accessing Information Phone Cash (via deposit book) Cheque Bpay phone or internet Regular Savings Plan Credit your bank account Cheque Rollover Internet commbank.com.au $1 $1 $1 $10 per month $5,000 per Fixed Term option $1,000 $1,000 No minimum Mail GPO Box 3306 Sydney NSW 2001 CBA Branch Account balance Product information Interest rates * You must satisfy a condition of release, and your remaining Account balance must be at least $1,000. See page 9 for further information. 3

10 Contact information Contact information General enquiries National callers Who to contact Facsimile (02) Internet Postal address Branch network Administration manager Principal office of administration am to 6 pm (Sydney time), Monday to Friday commbank.com.au Commonwealth Bank Superannuation Savings Account GPO Box 3306 Sydney NSW 2001 Visit any Commonwealth Bank branch The Colonial Mutual Life Assurance Society Limited ABN AFSL Level 7, 39 Martin Place Sydney NSW 2000 To make a no-obligation appointment with a Commonwealth Financial Planner National callers Branch network Internet Who to contact am to 5 pm (Sydney time), Monday to Friday Visit any Commonwealth Bank branch commbank.com.au 4

11 Investing in Superannuation Savings Account Interest rates Standard Rate component The Standard Rate component has tiered variable interest rates, so that when your balance reaches the next tier, interest is calculated at the new tier rate on the entire balance for as long as it remains above the tier. Interest is calculated daily on the full balance and credited quarterly on 15th March, June, September and December. Interest is also credited when you close your Account. All deposits accepted into your Account will automatically receive the current Standard Rate component interest rate, unless you apply for a Fixed Term option. Fixed Term option You can apply for a Fixed Term rate either when you open your Account or at a later date. You can choose a term of 1, 2, 3, 4 or 5 years (minimum $5,000 per fixed option). Interest rates are fixed at the date your application is accepted for the term you select. Interest is calculated daily on the full balance of each Fixed Term option and credited six monthly and at maturity of the term. Interest may be compounded, that is, credited into your Fixed Term option at each six monthly interval. Alternatively interest can be credited into your Standard Rate component. If you do not specify a preference, interest will default to compounding in the Fixed Term option. On maturity of a Fixed Term option investment you may renew the balance for another Fixed Term; otherwise the balance will be transferred to your Standard Rate component. All earnings on your benefits are preserved. (See page 9) The latest interest rates on offer are available: in Part 2 of this PDS; by simply calling between 8.30 am and 6 pm (Sydney time), Monday to Friday; at any Commonwealth Bank branch; or by visiting commbank.com.au. Both the tiers and the interest rates may be changed at any time. 5

12 Investing in Superannuation Savings Account Can I open an Account? You can open an Account if you wish to rollover or transfer from another retirement savings account or a superannuation fund or if you are eligible to make superannuation contributions, as outlined below: If you are Currently we may accept Under 65 years personal or employer contributions; and contributions made to your Account by your spouse*. 65 years to under 70 years Where you have worked at least 40 hours in 30 consecutive days in the financial year: personal contributions; employer contributions; self employed contributions; and contributions made to your investment by your spouse*. 70 years to under 75 years Where you have worked at least 40 hours in 30 consecutive days in the financial year: personal contributions; and compulsory employer contributions (i.e. Award). 75 years and over compulsory employer contributions (i.e. Award). Proposed changes to contribution rules The 9 May 2006 Federal Budget proposed that from 1 July 2007, the ability to make deductible** contributions be extended to age 75. This will provide employees an additional five years to make salary sacrifice contributions and the self employed an additional five years to claim a tax deduction for personal contributions. How do I open an Account? How At a Commonwealth Bank branch By mail to: Commonwealth Bank Superannuation Savings Account Reply Paid 3306 Sydney NSW 2001 Checklist Complete an Application form Satisfy 100 point Identification check Deposit cash or cheque or lodge a rollover request Complete the Application form attached to this PDS Attach a cheque or rollover request 6 * A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. ** Deductible contributions include employer contributions (including salary sacrifice) and self employed contributions.

13 If you open your Account by mail, you should visit a branch to satisfy the 100 point identification check, otherwise withdrawals from your Account may be delayed. Your employer may also open an Account on your behalf. Refer to page 12. Acceptance of your request All transaction requests (applications, withdrawals and switches into the Fixed Term option) are deemed to be received on the day the completed documentation is received at our principal office of administration, or at any Commonwealth Bank branch. We reserve the right to refuse or accept any request, where a transaction request is incomplete and/or where questions relating to the request are unresolved. A transaction request will not be accepted until all requirements are met. Interest will be paid effective from the date of our acceptance. If it is rejected, contributions will be refunded in full (or transfers/rollovers returned to the payer) without interest. What information will I receive? We will confirm the details of your Account in writing when we have accepted your application. In addition, your will receive the following information: Statement type Transaction Confirmation Annual Statement Half Yearly Statement Exit Statement What does it show all transactions other than those made through a Regular Savings Plan or by Bpay. balance of your Account as at 30 June; and transactions that have occurred during the year. balance of your Account as at 31 December; and transactions that have occurred since your last statement. transactions since your last statement; and your closing balance. 7

14 Investing in Superannuation Savings Account How do I make additional contributions? You can make additional contributions by: Regular Savings Plan (RSP) A RSP allows you, your spouse or your employer to make regular automatic monthly contributions to your Account. You, your spouse or your employer must complete a Direct Debit Request form, which is located at the back of this PDS, and return it to us. See page 4 for contact information. Bpay Bpay is an easy and convenient way to make additional contributions by phone or internet from your bank, building society, credit union, or debit card account. We cannot accept payments from your credit card account. To use Bpay you must first make an initial contribution to your Account. Then follow these three easy steps: 1. Access your phone or internet banking service. 2. Select the contribution type you want and follow the instructions you will need to enter the appropriate Biller Code and Customer Reference Number (CRN). The CRN = your Superannuation Savings Account number Biller Codes Before tax (deductible) contributions Employer contributions* After tax (non-deductible) contributions Personal contributions Spouse contributions Write or print the transaction receipt number for your records. Branch deposit using a deposit book Visit any Commonwealth Bank branch and deposit cash or a cheque. To do this you must use a deposit book which can be requested on your application form or by contacting us. Cheque Cheques made payable to Commonwealth Bank Superannuation Savings Account can be posted directly to us (see postal address on page 4), accompanied by a completed Commonwealth Bank Superannuation Savings Account Application form. Rollovers You can consolidate your other superannuation into your Account by completing the Commonwealth Bank Superannuation Savings Account Transfer Authority form located at the back of this PDS. Return the completed form back to us and we will organise the transfer of your benefits. 8 Registered to Bpay Pty Ltd ABN * Use the Employer contributions Biller Code to make self employed and salary sacrifice contributions.

15 When can I access my benefits? Superannuation is a long-term investment and the retirement savings account law has preservation rules limiting access to your benefits. In general, you cannot access your benefits until you have reached age 65, or have reached your preservation age and retired. Your Account may include preserved benefits, restricted non-preserved benefits and unrestricted non-preserved benefits. Your preservation age is based on your date of birth as follows: Date of birth Before 1 July July 1960 to 30 June July 1961 to 30 June July 1962 to 30 June July 1963 to 30 June July 1964 or after 60 Preservation age Preserved benefits Preserved benefits consist of all contributions made by you or on your behalf to your Account, all the rollovers and transfers of preserved monies to your Account and all earnings on your benefits. Preserved benefits can only be paid if you meet a condition of release, namely if you: reach your preservation age and retire; reach age 65; leave an employer from age 60; reach your preservation age and purchase a non-commutable complying income stream; become permanently disabled; die; have compassionate grounds or any other condition approved by the Australian Prudential Regulation Authority; have severe financial hardship; or are a temporary resident (except New Zealand citizens) and permanently depart Australia. Unrestricted non-preserved benefits These benefits can be cashed (or withdrawn ) at any time. Please note you may be subject to tax if cashing unrestricted non-preserved benefits. Restricted non-preserved benefits These are not preserved but cannot be cashed (except in certain circumstances, such as severe financial hardship) until you satisfy a condition of release usually when you cease employment. 9

16 When can I access my benefits? How do I withdraw? You can lodge a withdrawal request at any Commonwealth Bank branch or otherwise by writing to us (see postal address on page 4). Lump sum payment Generally, you are only able to access your preserved benefit and cash in your Superannuation Savings Account if you have met a condition of release. Subject to the following withdrawal rules, you may take part or all of your unrestricted nonpreserved benefits at any time by either transfer to your bank, building society or credit union account or by cheque. Rolling over to another retirement savings account or a superannuation fund You can rollover your investment to another retirement savings account or a superannuation fund at any time. Withdrawal rules a minimum withdrawal of $1,000 applies (unless closing your Account); your remaining balance must be at least $1,000; partial withdrawals are not permitted if the balance of your Account is less than $2,000; a withdrawal form must be completed, which can be obtained from any Commonwealth Bank branch or otherwise by contacting us; you must satisfy the 100 point identification check if you have not satisfied the 100 point identification check at Account opening. Please note this may delay any withdrawal request; withdrawal forms may be lodged at any Commonwealth Bank branch, but immediate payment will not be made at the branch; proceeds of cheques and other payments into your Account are subject to clearance; and if an investment in the Fixed Rate option is withdrawn prior to maturity, an Early Termination fee may apply (see page 11). Removal of compulsory cashing requirements for persons aged over 65 Commencing 10 May 2006, when you reach age 65, you are no longer forced to take your super as a lump sum or commence an income stream if you don t meet particular work-related tests. This means that Superannuation Savings Account holders aged 65 or over are able to leave benefits in the concessionally taxed superannuation environment indefinitely. What benefits are paid if I become permanently incapacitated or die? If you become eligible for an insurance benefit, it will be credited to your Account. The total value of your Account will then be payable to either you (subject to a condition of release being met) or, in the event of your death, to your estate. 10

17 Fees and other costs This table shows the fees and charges that may apply to your Account. Name of fee Amount When fee is charged Administration fee* $25.00 p.a. This fee is charged on a pro-rata basis at 30 June and when your Account is closed. Contribution fee Nil N/A Withdrawal fee Nil N/A Early termination fee (Fixed Term Option only) 1% of the balance of your Fixed Term option (pro rata) Paid at early termination of a deposit in the Fixed Term option. Refer to Early Termination Fee below. Early termination fee (Fixed Term option only) We will charge an early termination fee if you withdraw from the Fixed Term option prior to the maturity of the term. The fee is calculated by applying the formula: A x B x C where: A = 1%; B = the proportion of the remaining term relative to the full Fixed term; and C = the balance immediately prior to repayment. Increases or alterations to fees and charges We may vary the amount of fees and charges from time to time. You will be notified of any variation that affects you. Other fees and charges not currently charged We reserve the right to charge a Bank cheque issuing fee and/or a dishonour fee in the future you will be notified if these charges begin to apply. What is paid to Commonwealth Financial Planners? Commonwealth Financial Planners and Customer Service Representatives are remunerated by salary. In addition, under an incentive programme, planners may be eligible for bonuses based on sale of products made available by the Commonwealth Bank Group and external product providers and for generating revenue above a set threshold, which may vary from time to time. These bonus payments may include dollar-based incentives, travel and accommodation and spending money. The salaries and bonuses are paid by the Commonwealth Bank Group and are not additional to the charges outlined in this PDS. * Protection of low balances (member benefit protection). If your Account balance is below $1,000, you will not be charged the Administration fee. 11

18 Employer Sponsored Accounts Employers may use this PDS to open an Account on behalf of an employee. If you are an employer considering this, you should read this PDS to understand the investment that your employee will be acquiring. Before applying on behalf of your employee, please provide your employee with a copy of this PDS to meet your disclosure requirements under retirement savings account law. Your employees will be notified of their Account number and receive information about their Account once an initial contribution to their Account has been received and accepted. Employers can make Superannuation Guarantee (SG) award or salary sacrifice contributions by using Bpay, establishing a Regular Savings Plan or by cheque. Refer to page 8 for details. provide a prescribed minimum level of insurance under the Choice of Fund legislation. Employee Tax File Numbers Recent proposed legislative changes mean that, from 1 July 2007, where an employee quotes their Tax File Number (TFN) for employment purposes, it is automatically taken to be quoted for superannuation purposes and can therefore be passed on to the superannuation fund or retirement savings account. Where an employee does not supply their TFN, from 1 July 2007, more tax may be payable. See Your Tax File Number on page 13 for more details. Choice of Fund The Choice of Fund legislation, which came into effect on 1 July 2005, means many employees can select to which super fund or retirement savings account they would like their compulsory employer super contributions paid. Superannuation Savings Account may be nominated by an employer as a default fund under Choice of Fund legislation. Please note that retirement savings accounts (including Superannuation Savings Account) are not required to 12

19 Taxation The following information provides an overview of the tax rules that apply to Superannuation Savings Account. The statements are general in nature and you should seek professional advice regarding your individual circumstances. In the Federal Budget announced on 9 May 2006 the Government proposed some significant changes to the taxation of superannuation contributions and benefits which have been mentioned where relevant below. Please note that these are proposed changes at the date of issue of this PDS and are subject to change. Retirement savings accounts are taxed the same as superannuation funds. Your Tax File Number If you provide us with your Tax File Number (TFN), then the law allows us to use it for the following legal purposes: finding or identifying your superannuation benefits where other information is insufficient; and/or calculating tax on any ETP to which you may be entitled. In the 2006 Federal Budget, the Government proposed new legislation aimed at encouraging people to quote their TFN to their superannuation fund or retirement savings account. This will mean that for contributions made after 1 July 2007, tax may be applied at the highest marginal rate (plus Medicare levy) where a member has not supplied their TFN by 30 June In addition, superannuation funds and retirement savings accounts will only be able to accept undeducted contributions for, or on behalf of, a member, if the member s TFN has been quoted to the fund or retirement savings account. If you do provide your TFN, we may provide it to another retirement savings account or superannuation fund to which your benefits are transferred in the future, unless you instruct us in writing not to do so. We may also give it to the ATO. Otherwise, your TFN will be treated as confidential. Tax concessions on contributions Employees If you transfer any money from a government superannuation fund or directly from your employer (not the employer s superannuation fund) a part of it may be untaxed. In that case, tax will be deducted from the untaxed part at 15%. We will deduct this tax upfront from the amount transferred. Employers All employer contributions are taxed at 15%. Self-employed If you are self-employed (including substantially self-employed and unsupported), do not receive any superannuation support 13

20 Taxation from another person and were not entitled to a Government Co-contribution, then you may be eligible to claim a tax deduction for your contributions. The tax deduction applies to the first $5,000 of your contributions, plus 75% of any additional contributions, up to your age-based deduction limit. The limits for the year ending 30 June 2007 are: Age of member* Under 35 $15, to 49 $42, and over $105,113 Tax deduction limit Proposed changes to the age based deduction limits In the 2006 Federal Budget, the Government proposed that from 1 July 2007, the agebased deduction limits will be replaced with a single contribution limit of $50,000 (indexed to Average Weekly Ordinary Time Earnings (AWOTE) each year) with transitional arrangements for those aged 50 and over. Employers and self-employed (including substantially self-employed and unsupported) persons would be able to claim a full tax deduction for all contributions up to these limits. Deductible contributions above these amounts would be taxed at the top marginal tax rate (plus Medicare levy). Spouse contributions An 18% tax offset is available to your spouse when they make contributions of up to $3,000 on your behalf, where your assessable income is $10,800 or less. The maximum offset is $540. Where your income is more than $10,800 the maximum offset falls by $18 for every $100 by which your income exceeds $10,800, so that it ceases when it reaches $13,800. A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. For rebate purposes, a spouse does not include a person who lives separately and apart from another person on a permanent basis, even though legally married to that person. Government Co-contributions Under the Co-contribution scheme, the Government will make a contribution of $1.50 for each $1.00 contributed by an eligible person subject to a maximum co-contribution of $1,500 for your first $1,000. It is provided for those on assessable incomes of $28,000 per year or less, reducing by five cents per dollar up to an income of $58,000 per year. If payable, the Government Co-contribution will be automatically credited to your Account in the following financial year. * Your age at the date of the last contribution in the financial year 14

21 Interest credited to your Account Interest credited to your Account is taxed at 15%. Withdrawals Tax may also be deducted and withheld from a benefit paid to you. The amount to be deducted and withheld will depend on the components making up your benefit. The lump sum tax rates that apply for the 2006/2007 financial year are: Component Pre-July 1983 and Concessional Post-June 1983 taxed element under age 55 over age 55 up to $135,590 2 over $135,590 2 Post-June 1983 untaxed element under age 55 over age 55 up to $135,590 2 over $135,590 2 Tax rates 5% assessable income at your marginal rate 21.5% 1 Nil 16.5% % % % 1 Excessive component Up to 46.5% 3 Undeducted contributions, Post-June 1994 invalidity and CGT exempt components Nil The taxation of lump sum benefits received in the event of Total and Permanent Disability (TPD) is broadly similar to the tax treatment of retirement benefits, except that in some cases, additional tax concessions may apply. Death benefits paid as a lump sum receive special tax treatment. Certain other lump sum benefits may also receive different tax treatment and you should ask your financial adviser for further information. 1. Includes Medicare levy of 1.5% for the 2006/2007 financial year. 2. This threshold amount is indexed each year at 1 July. 3. The post-june 1983 taxed element of an excessive component is taxed at the reduced rate of 39.5%. The ATO will determine whether an excessive component exists and the appropriate tax rate to apply, based on information provided in your income tax return and information reported by your superannuation provider. 15

22 Taxation Proposed changes to the taxation of benefits In the 2006 Federal Budget, the Government proposed that from 1 July 2007: no tax will be payable on benefits paid (as a lump sum or an income stream) when the member reaches age 60 where tax was paid on contributions and investment earnings; and tax will still be payable on benefits paid to members under age 60, but the rules will be simplified. Reasonable Benefit Limits (RBLs) These are limits on the amount of superannuation benefits you can receive on a concessionally taxed basis. Lump sum benefits above these limits are known as excess benefits and are subject to tax, up to the maximum marginal rate (including Medicare levy). Generally, the following RBLs apply: In the 2006 Budget the Government proposed to abolish RBLs from 1 July This could represent significant tax savings for investors with benefits in excess of current RBLs. Payment of tax Any tax payable will be deducted from the balance of the Standard Rate component of your Account. If this is insufficient, the remaining amount will be deducted from the Fixed Term option. In this case, when tax is deducted from the Fixed Term option, we will cancel the current Fixed Term option and establish a new Fixed Term option for the reduced amount. If you elect to compound interest in the Fixed Term option, any tax payable will be deducted from the Fixed Term option. Type of RBL 2006 / 2007 financial year limit Lump Sum RBL $678,149 Pension RBL $1,356,291 To be eligible for the Pension RBL an individual must, in broad terms, take at least half their retirement benefits as an annuity or superannuation pension. Any undeducted contributions, post-june 1994 invalidity and concessional components are not counted against your RBLs. 16

23 Additional information Cooling-off period If you are a new Account holder in Superannuation Savings Account, you are entitled to a 14 day cooling-off period. When you exercise your cooling-off rights, we will repay the money you paid us to acquire your Account. The amount repaid will be net of tax and certain other expenses. However, you will not be liable to pay any administration fee. If the amount to be repaid includes restricted non-preserved benefits or preserved benefits (all personal contributions are automatically preserved), you will need to nominate another retirement savings account or superannuation fund to which these amounts can be transferred. Any unrestricted non-preserved amounts can either be transferred to another retirement savings account or a superannuation fund or paid to you. The 14 day cooling-off period starts on the earlier of: the time when any requirement to confirm the relevant transaction has been complied with; and the end of the fifth day after the day on which the relevant product was issued to you. To exercise your cooling-off rights, simply write to us at the address shown on page 4 within the cooling-off period. When might my benefit be transferred to an Eligible Rollover Fund? An Eligible Rollover Fund (ERF) is a fund to which we may transfer benefits in certain circumstances: written communications to you are returned unclaimed (defined as lost under retirement savings account law); you or your employer (if they open an Account on your behalf) exercise coolingoff rights and the nominated fund will not accept the transfer; or we are unable to allocate a contribution or rollover to your Account and the payer will not accept a refund of the monies. We have selected SuperTrace Eligible Rollover Fund (SuperTrace) as the fund to which your benefits may be transferred. SuperTrace is part of the Commonwealth Bank Group s range of products and is administered by The Colonial Mutual Life Assurance Society Limited (CMLA). On transfer your Account is closed and you become a member of SuperTrace. Your insurance cover (if applicable) will cease 30 days after your Account is transferred. 17

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent developments in superannuation...

More information

Superannuation Savings Account

Superannuation Savings Account Superannuation Savings Account Super. Simple. Guaranteed. Tax and other information brochure Preparation date: 1 July 2015 Contents What is the Superannuation Savings Account? 1 Tax on money going into

More information

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

Additional Information Booklet

Additional Information Booklet SuperWrap Additional Information Booklet Dated 20 November 2015 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916

More information

State Super retirement FuND

State Super retirement FuND State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430

More information

Retirement Savings Account (RSA)

Retirement Savings Account (RSA) Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 24 September 2014 Issued by the Qantas

More information

Superannuation. A Financial Planning Technical Guide

Superannuation. A Financial Planning Technical Guide Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9

More information

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

More information

Retirement Savings Account (RSA)

Retirement Savings Account (RSA) Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 12 March 2012 Issued by the Qantas Staff

More information

Defence Bank Super Assured Retirement Savings Account

Defence Bank Super Assured Retirement Savings Account RETIREMENT SAVINGS ACCOUNT (RSA) Defence Bank Super Assured Retirement Savings Account Superannuation fee free. The way it should be for all Australians. General Information and Application Form Product

More information

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379.

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. This is a member guide fact sheet for SuperLeader. It is an important

More information

Contributing to your super

Contributing to your super SUP E R ANNUATION Contributing to your super GESB Super and West State Super ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015 Government Employees Superannuation Board ABN 43 418 292 917 Contents

More information

Personal Choice Private ewrap Super/Pension

Personal Choice Private ewrap Super/Pension Personal Choice Private ewrap Super/Pension Product Disclosure Statement (PDS) Part 2 Additional Information I 1 July 2014 PERSONAL CHOICE PRIVATE This Personal Choice Private ewrap Super/Pension PDS Part

More information

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4 Your Guide to the Meridian Product Disclosure Statement Issued 1 January 2004 Personal Super Plan MPS 4 What this Guide is about MPSuper Product Disclosure Statement This Guide was prepared and issued

More information

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued Member guide. Superannuation and Personal Super Plan Product Disclosure Statement The information in this document forms part of the Hostplus Product Disclosure Statement issued Section 7. How super is

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

How super is taxed. VicSuper FutureSaver Member Guide

How super is taxed. VicSuper FutureSaver Member Guide How super is taxed VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement bcu Retirement Savings Account (Current as at August 20, 2014) Bananacoast Community Credit Union Ltd ABN 50 087 649 750 AFSL No. 241077 The information in this PDS is general

More information

REST Super Member Guide

REST Super Member Guide REST Super Member Guide Effective 1 October 2015 REST Super has a MySuper option The information in this document forms part of the REST Super Product Disclosure Statement (PDS), effective 1 October 2015.

More information

KPMG Staff Superannuation Plan Product Disclosure Statement

KPMG Staff Superannuation Plan Product Disclosure Statement KPMG Staff Superannuation Plan Product Disclosure Statement Prepared: 27 June 2014 Things you should know: This Product Disclosure Statement ( PDS ) is a summary of significant information and contains

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

More information

ewrap Super/Pension Additional Information Booklet

ewrap Super/Pension Additional Information Booklet ewrap Super/Pension Additional Information Booklet Issue date: 24 November 2014 This ewrap Super/Pension Additional Information Booklet (this Booklet) has been prepared by the trustee of ewrap Super/Pension:

More information

Telstra Super Personal Plus

Telstra Super Personal Plus 01/ 17 NOVEMBER 2015 PRODUCT DISCLOSURE STATEMENT Telstra Super Personal Plus Making the most of your future Contents 01 About Telstra Super and Telstra Super Personal Plus 02 02 How super works 02 03

More information

Challenger Guaranteed Allocated Pension

Challenger Guaranteed Allocated Pension Challenger Guaranteed Allocated Pension Product Disclosure Statement (PDS) Dated 1 January 2015 Challenger Retirement Fund Allocated Pension (SPIN CIT0101AU) (ABN 87 883 998 803) (RSE Registration Number

More information

ENTERPRISE SUPER MEMBERS GUIDE. EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012

ENTERPRISE SUPER MEMBERS GUIDE. EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012 ENTERPRISE SUPER EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012 Enterprise Super is a division of General Retirement Plan, ABN 32 894 907 884 PO Box 1282, Albury NSW

More information

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

More information

Insurance Cover Changes SIGNIFICANT EVENT NOTICE

Insurance Cover Changes SIGNIFICANT EVENT NOTICE Insurance Cover Changes SIGNIFICANT EVENT NOTICE This Significant Event Notice is issued by CSF Pty Limited (ABN 30 006 169 286), (AFSL 246664) in its capacity as trustee of the Catholic Superannuation

More information

How super works. VicSuper FutureSaver Member Guide

How super works. VicSuper FutureSaver Member Guide How super works VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

ANZ Superannuation Savings Account

ANZ Superannuation Savings Account ANZ Superannuation Savings Account ADDITIONAL INFORMATION GUIDE 21 JUNE 2012 Issued by OnePath Custodians Pty Limited ABN 12 008 508 496, AFSL 238346, RSE L0000673 About this Additional Information Guide

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

SuperFuture Retirement Savings Account

SuperFuture Retirement Savings Account SuperFuture Retirement Savings Account Part 1 - SuperFuture Retirement Savings Account Product Disclosure Statement (Corporations Act (Cth) 2001) This Product Disclosure Statement document for the SuperFuture

More information

Additional Information Booklet

Additional Information Booklet SuperWrap Additional Information Booklet Dated 1 July 2014 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916 458 AFSL

More information

How super works. MySuper. Member Booklet Supplement. 1 July 2015

How super works. MySuper. Member Booklet Supplement. 1 July 2015 Member Booklet Supplement How super works July 205 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer Sponsored members dated

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement MYSUPER AUTHORISATION NUMBER 72229227691044 1 July 2014 NESS Super, the industry fund to power your financial future inside 1 About NESS Super 2 2 How super works 2 3 Benefits

More information

Guide to your Nestlé Super. Defined Benefit category IBR

Guide to your Nestlé Super. Defined Benefit category IBR Australia Group Superannuation Fund Guide to your Nestlé Super Defined Benefit category IBR The information in this document forms part of the Nestlé Super Product Disclosure Statement Defined Benefit

More information

2013 Benefit Statement Notes

2013 Benefit Statement Notes 2013 Benefit Statement Notes At 30 June 2013 Important information The Board of Trustees of the State Public Sector Superannuation Scheme (ABN 32 125 059 006) (QSuper Board) is required to provide you

More information

Super terms explained

Super terms explained Super terms explained Here is a useful reference guide to some of the terms we use with Super. The guide provides plain English information about Super, but does not give formal legal definitions. For

More information

OneAnswer Personal Super and Pension. Additional Information Guide

OneAnswer Personal Super and Pension. Additional Information Guide OneAnswer Personal Super and Pension Additional Information Guide 27 February 2012 Entity details in this guide Name of legal entity Registered numbers Abbreviated terms used throughout the PDS OnePath

More information

Fact Sheet Tax on Super 2009/10

Fact Sheet Tax on Super 2009/10 It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super

More information

Your Super Guide. Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category. Contents. Important Information

Your Super Guide. Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category. Contents. Important Information Australia Group Superannuation Fund Your Super Guide Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category Contents 1 About Nestlé Super p2 2 How super works p2 3 Benefits

More information

Supplementary Product Disclosure Statement

Supplementary Product Disclosure Statement Supplementary Product Disclosure Statement 12 March 2014 This Supplementary Product Disclosure Statement (SPDS) is dated 12 March 2014, and supplements each Product Disclosure Statement and Policy (PDS)

More information

BT Lifetime. Personal Super. Contents. 1. About BT Lifetime Personal Super 2 2. How super works 2 3.

BT Lifetime. Personal Super. Contents. 1. About BT Lifetime Personal Super 2 2. How super works 2 3. Contents BT Lifetime Personal Super Product Disclosure Statement (PDS) Dated 1 July 2014 1. About BT Lifetime Personal Super 2 2. How super works 2 3. Benefits of investing with BT Lifetime Personal Super

More information

AMP Eligible Rollover Fund

AMP Eligible Rollover Fund AMP Eligible Rollover Fund Fact sheet Issued 30 June 2014 Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the Trustee of AMP Eligible Rollover Fund ABN 32 931 224 407. Registered

More information

Superannuation Technical Information Booklet

Superannuation Technical Information Booklet Superannuation Technical Information Booklet Macquarie Wrap Document number MAQST02 The information contained in this Technical Information Booklet should be read in conjunction with the relevant Product

More information

Key Superannuation Rates and Thresholds

Key Superannuation Rates and Thresholds Key Superannuation Rates and Thresholds Concessional contributions cap Concessional contributions consist of: 1. Employer contributions including salary sacrifice contributions 2. Personal contributions

More information

SUPER SA PRODUCT DISCLOSURE STATEMENT. Date of issue: 10 August 2015. m e m be r g u id e:

SUPER SA PRODUCT DISCLOSURE STATEMENT. Date of issue: 10 August 2015. m e m be r g u id e: SUPER SA PRODUCT DISCLOSURE STATEMENT Date of issue: 10 August 2015 m e m be r g u id e: S e l p i r T Triple S > PDS CONTENTS > 2 1. About Triple S 3 2. How super works 4 3. Benefits of investing with

More information

Lump sum benefit payment request for your superannuation or account based pension

Lump sum benefit payment request for your superannuation or account based pension Lump sum benefit payment request for your superannuation or account based pension How to claim a benefit To claim a benefit you will need to complete the attached Benefit Payment Request and send it direct

More information

Challenger Guaranteed Annuity (Liquid Lifetime)

Challenger Guaranteed Annuity (Liquid Lifetime) Challenger Guaranteed Annuity (Liquid Lifetime) Product Disclosure Statement (PDS) Dated 27 October 2014 Challenger Guaranteed Annuity (SPIN CHG0005AU) Issuer Challenger Life Company Limited (ABN 44 072

More information

Super move enhancements to your plan. Notice to members of BT Business Super ( BT Super )

Super move enhancements to your plan. Notice to members of BT Business Super ( BT Super ) Super move enhancements to your plan Notice to members of BT Business Super ( BT Super ) Contents 1_Overview 2_Changes to Fees and other costs Reduced Administration fees 4 Reduced Investment Manager Charge

More information

Making the Most of Your Super

Making the Most of Your Super Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians

More information

Taxpayers Australia Inc

Taxpayers Australia Inc Taxpayers Australia Inc Superannuation Australia (A wholly owned subsidiary of Taxpayers Australia Inc) Glossary of superannuation terms These terms are commonly used in the superannuation sector. Account-based

More information

The sooner you start thinking about growing your super, the better. But it s never too late.

The sooner you start thinking about growing your super, the better. But it s never too late. > Get calculating! If you d like to see the effect that personal contributions may have on your final entitlement, access the Super SA Benefit Projector on the Super SA website www.supersa.sa.gov.au. The

More information

Personal Choice Private ewrap Super/Pension

Personal Choice Private ewrap Super/Pension Personal Choice Private ewrap Super/Pension Product Disclosure Statement PART 1 General Information I 1 July 2014 PERSONAL CHOICE PRIVATE Trustee of Personal Choice Private ewrap Super/Pension and issuer

More information

2015 Product Disclosure Statement

2015 Product Disclosure Statement 2015 Product Disclosure Statement Personal Division Issued 1 November 2015 Contents 1. About NSF Super 2. How super works 3. Benefits of investing with NSF Super 4. Risks of super 5. How we invest your

More information

Atwood Oceanics Australia Superannuation Plan sub-plan of The Executive Superannuation Fund

Atwood Oceanics Australia Superannuation Plan sub-plan of The Executive Superannuation Fund Atwood Oceanics Australia Superannuation Plan sub-plan of The Executive Superannuation Fund ACCUMULATION DIVISION INCORPORATED INFORMATION Prepared: 11 September 2012 The issuer and Trustee of the Atwood

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

2014/15 Key Superannuation Rates and Thresholds

2014/15 Key Superannuation Rates and Thresholds 2014/15 Key Superannuation Rates and Thresholds These are the key rates and thresholds that apply in relation to superannuation contributions and benefits, superannuation guarantee and co-contributions.

More information

Superannuation and Residency Fact Sheet - October 2014

Superannuation and Residency Fact Sheet - October 2014 Superannuation and Residency Fact Sheet - October 2014 A change in residence has significant implications for superannuation. A number of issues arise when an individual relocates overseas whether temporarily

More information

BT Term Life as Superannuation

BT Term Life as Superannuation BT Term Life as Superannuation Annual Report for the year ended 30 June 2014 The issuer of Term Life as Superannuation (part of the Superannuation Division of Westpac MasterTrust ABN 81 236 903 448, SFN

More information

BT Income Protection as Superannuation

BT Income Protection as Superannuation BT Income Protection as Superannuation Annual Report for the year ended 30 June 2014 The issuer of Income Protection as Superannuation (part of the Superannuation Division of Westpac MasterTrust ABN 81

More information

Supplementary Product Disclosure Statement

Supplementary Product Disclosure Statement AMA Financial Services Medical & Associated Professions Superannuation Fund a sub-plan of IOOF Employer Super Employer and Personal Super Supplementary Product Disclosure Statement Dated: 1 June 2014 Issuer:

More information

stc factsheet 13 information about the commonwealth

stc factsheet 13 information about the commonwealth information about the commonwealth government s superannuation co-contribution and the low income superannuation contribution This fact sheet provides an overview of the Commonwealth Government s superannuation

More information

Tax and your CSS benefit

Tax and your CSS benefit CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions

More information

RBF Tasmanian Accumulation Scheme Redundancy

RBF Tasmanian Accumulation Scheme Redundancy Fact sheet RBF Tasmanian Accumulation Scheme Redundancy Important note This information is only for members of the RBF Tasmanian Accumulation Scheme. Please refer to the Membership Category as shown on

More information

ANZ OneAnswer. Investment Portfolio. Incorporated Material

ANZ OneAnswer. Investment Portfolio. Incorporated Material ANZ OneAnswer Investment Portfolio Incorporated Material 5 May 2008 How do I read this Incorporated Material? This Incorporated Material provides further information and/or specific terms and conditions

More information

Challenger Guaranteed Annuity

Challenger Guaranteed Annuity Challenger Guaranteed Annuity Product Disclosure Statement (PDS) Dated 13 June 2014 Challenger Guaranteed Annuity (SPIN CHG0005AU) Issuer Challenger Life Company Limited (ABN 44 072 486 938) (AFSL 234670)

More information

BT Super for Life. Product Disclosure Statement (PDS) Contents. Dated 1 July 2014

BT Super for Life. Product Disclosure Statement (PDS) Contents. Dated 1 July 2014 Contents BT Super for Life Product Disclosure Statement (PDS) Dated 1 July 2014 1. About BT Super for Life 2 2. How super works 2 3. Benefits of investing with BT Super for Life 3 4. Risks of super 5 5.

More information

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing

More information

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2014.

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2014. St.George Income Protection as Superannuation Annual report for the year ended 30 June 2014. Contents Welcome... 3 Recent developments in superannuation... 4 Increases to Superannuation Guarantee...4 Concessional

More information

Plum Superannuation Fund Plum Superannuation Fund Plum Personal Plan Preparation date: 18 December 2015

Plum Superannuation Fund Plum Superannuation Fund Plum Personal Plan Preparation date: 18 December 2015 Plum Superannuation Fund Plum Superannuation Fund Plum Personal Plan Preparation date: 18 December 2015 This update to the Plum Superannuation Fund Product Disclosure Statement is provided as a result

More information

Superannuation: dealing with life s changes

Superannuation: dealing with life s changes Booklet 2 Superannuation: dealing with life s changes MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Accessing your superannuation benefits 04 Conditions of release

More information

MEMBER GUIDE PRODUCT DISCLOSURE STATEMENT

MEMBER GUIDE PRODUCT DISCLOSURE STATEMENT MEMBER GUIDE PRODUCT DISCLOSURE STATEMENT Date of issue: 13 August 2015 2 SUPER SA SELECT > PDS CONTENTS 1. About Super SA Select 3 2. How super works 4 3. Benefits of investing with Super SA Select 6

More information

Superannuation 2010 2011

Superannuation 2010 2011 RESEARCH PAPER NO. 3, 2010 11 9 September 2010 Superannuation 2010 2011 Leslie Nielson Economics Section Executive summary This paper, updated for the 2010 11 financial year, is designed to provide readers

More information

SWMS Super Wrap. Product Disclosure Document. This product is issued by: Issued 1 July 2014

SWMS Super Wrap. Product Disclosure Document. This product is issued by: Issued 1 July 2014 SWMS Super Wrap Product Disclosure Document Issued 1 July 2014 This product is issued by: Oasis Fund Management Limited as Trustee of the SWMS Super Wrap ABN 38 106 045 050 AFSL 274331 242 Pitt Street,

More information

BT Select Portfolio SuperWrap

BT Select Portfolio SuperWrap BT Select Portfolio SuperWrap Product Disclosure Statement BT Select Portfolio SuperWrap Personal Super Plan BT Select Portfolio SuperWrap Pension Plan Dated 11 March 2013 The distributor of BT Select

More information

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions I loved reading the terms & conditions! said no one, ever term deposit terms + conditions index. Part a - general terms and conditions. 2 1 Purpose of this booklet. 2 2 Meaning of words used. 2 3 Opening

More information

Westpac Personal Superannuation Fund Westpac Term Life as Superannuation

Westpac Personal Superannuation Fund Westpac Term Life as Superannuation Westpac Personal Superannuation Fund Westpac Term Life as Superannuation Annual Report for the year ended 30 June 2011 WESTPAC PERSONAL SUPERANNUATION FUND WESTPAC TERM LIFE AS SUPERANNUATION Contents

More information

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us SRR1 01/14 Redundancy Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory notes

More information

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2015.

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2015. St.George Income Protection as Superannuation Annual report for the year ended 30 June 2015. Contents Welcome... 3 Recent developments in superannuation... 4 2015/16 superannuation thresholds...4 Higher

More information

The benefits of insuring through super. Macquarie Life

The benefits of insuring through super. Macquarie Life The benefits of insuring through super Macquarie Life While your clients are accumulating wealth, they also need to ensure adequate insurance cover is in place so they and their families are looked after

More information

Lump Sum My Retirement

Lump Sum My Retirement Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to

More information

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future

SUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,

More information

Information for employers

Information for employers ₁ Issued July ₂₀₁₅ Information for employers AMP Flexible Super Guide Registered trademark of AMP Limited ABN 49 079 54 519. This guide provides information specifically for employers about AMP Flexible

More information

Important Information and Issuer Information. Contents. 1. About ING DIRECT 3. 2. Benefits of ING DIRECT Living Super 3. 3.

Important Information and Issuer Information. Contents. 1. About ING DIRECT 3. 2. Benefits of ING DIRECT Living Super 3. 3. 1 Contents 1. About ING DIRECT 3 2. Benefits of ING DIRECT Living Super 3 3. How super works 5 4. How your ING DIRECT Living Super account works 10 5. Investment options 20 6. Fees and other costs 27 7.

More information

Westpac Personal Superannuation Fund.

Westpac Personal Superannuation Fund. Westpac Personal Superannuation Fund. Annual Report for the year ended 30 June 1 Features at a glance. 2 Investment Overview. 4 Investment Options. 5 Investment Option profiles. 10 Performance. 12 Fees

More information

Term Deposits. General Information and Terms and Conditions

Term Deposits. General Information and Terms and Conditions Term Deposits Dated 25 May 2015 General Information and Terms and Conditions You should read this brochure before making an investment. You can contact us: by telephone on 13 2221, 24 hours a day, 7 days

More information

Supplementary Product Disclosure Statement

Supplementary Product Disclosure Statement The Portfolio Service Superannuation Plan The Portfolio Service 1 July 2014 Supplementary Product Disclosure Statement Issuer: Questor Financial Services Limited ABN 33 078 662 718 AFS Licence No. 240829

More information

Supplementary Product Disclosure Statement SuperWrap

Supplementary Product Disclosure Statement SuperWrap Supplementary Product Disclosure Statement SuperWrap This Supplementary Product Disclosure Statement ( SPDS ) is dated 20 November 2015 and supplements the Product Disclosure Statement ( PDS ) for SuperWrap.

More information

BT Super for Life. Product Disclosure Statement (PDS) Contents. Dated: 1 July 2015

BT Super for Life. Product Disclosure Statement (PDS) Contents. Dated: 1 July 2015 Contents BT Super for Life Product Disclosure Statement (PDS) Dated: 1 July 2015 1. About BT Super for Life 2 2. How super works 2 3. Benefits of investing with 3 BT Super for Life 4. Risks of super 5

More information

ASC Superannuation Plan

ASC Superannuation Plan ASC Superannuation Plan sub-plan of The Executive Superannuation Fund Product Disclosure Statement 28 June 2013 Things you should know: This Product Disclosure Statement ( PDS ) is a summary of significant

More information

Getting the best out of your superannuation savings

Getting the best out of your superannuation savings Booklet 1 Getting the best out of your superannuation savings MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Saving through super 08 How a super fund works 09 How

More information

Superannuation Surcharge Guide. Issued: December 2013

Superannuation Surcharge Guide. Issued: December 2013 Superannuation Surcharge Guide Issued: December 2013 Contents Introduction... 3 Surcharge process... 4 What are my options?... 5 Need more information?... 7 Contact Centres 70 Eagle Street Brisbane 63

More information

SignatureSuper Member Guide Fact Sheet

SignatureSuper Member Guide Fact Sheet SignatureSuper Member Guide Fact Sheet Issued 30 June 2014 AMP Corporate Super The information in this Fact Sheet forms part of the SignatureSuper Product Disclosure Statement dated 1 January 2014 for

More information

AMP Eligible Rollover Fund Product Disclosure Statement

AMP Eligible Rollover Fund Product Disclosure Statement AMP Eligible Rollover Fund Product Disclosure Statement Issued 30 June 2014 Contents 1. About AMP Eligible Rollover Fund 2. How super works 3. Benefits of investing with AMP Eligible Rollover Fund 4. Risks

More information