Contributions Fact Sheet

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1 Contributions Fact Sheet Product Disclosure Statement The information in this document forms part of the QIEC Super Product Disclosure Statement (PDS). This document is the Contributions Fact Sheet and is not attached to the QIEC Super PDS. If you would like a copy of the QIEC Super PDS or want more information, contact us on , or visit qiec.com.au. This Fact Sheet provides you with information about It was prepared and issued on 1 July 2012 by QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ). If you request further information, the Trustee of QIEC Super will provide all the information that it reasonably believes you may require to make an informed assessment of the management and financial condition of QIEC Super, including its investment performance. This Fact Sheet addresses: Limits on and taxation of contributions Tax deductibility of contributions Quotation of Tax File Number Salary Sacrifice Government co-contribution Low Income Super Contribution Spouse contributions Definition of Income Eligibility to make/receive contributions Contribution splitting Limits on and taxation of contributions There are two types of contributions: concessional and non-concessional. Concessional contributions The Australian Government provides a range of incentives for people to save for their retirement through superannuation. For this reason, certain types of contributions receive concessional tax rates. These are called concessional contributions and are taxed at 15%. They include: Employer contributions including Super Guarantee contributions, Super Guarantee shortfall payments made by the ATO, contributions made under an industrial award, and voluntary employer contributions (if any); Salary Sacrifice contributions which are contributions made on your behalf directly from your employer to the fund before deducting Pay As You Go withholding tax; and Self employed contributions - for which a deduction is claimed. The amount of concessional contributions that are taxed at 15% is capped at a maximum amount per individual per financial year. For the 2012/13 and 2013/14 financial years, the cap is $25,000. Any concessional contributions made over the concessional contributions cap are taxed at an additional 31.5% (on top of the standard 15% tax applied to concessional contributions) and will be counted towards your non-concessional contributions cap. Refund of excess concessional contributions From the 2011/12 financial year, or later years, an individual who has made excess concessional contributions, above the concessional contributions limit, but less than $10,000 over the limit, will have the ability to have those excess contributions taken out of their super fund and taxed at their marginal tax rate, rather than at the excess concessional contributions tax rate of 46.5% (i.e. 15% contributions tax % excess tax). The following eligibility criteria applies: This measure is only available for the 2011/12 financial year & later financial years; Excess concessional contributions in previous financial years are not eligible; It is a one-off ability to remove excess Once an individual has used this refund (or been offered this refund but refused), they are unable to claim further refunds of excess contributions; It is only available where an individual has exceeded their concessional contributions limit by less than $10,000; If an individual exceeds their concessional contributions limit by more than $10,000, they cannot have the excess amount refunded. Higher contributions tax for high income earners The Government has announced that it will be reducing the tax concessions available to high income earners on their concessional From 1 July 2012, concessional contributions for individuals with an income of more than $300,000 per annum will be taxed at 30%. This proposal is yet to be legislated. Contributions that are in excess of the concessional contributions limit will still be taxed at a maximum of 46.5% (i.e. 15% contributions tax % excess tax)

2 Non-concessional contributions Non-concessional contributions are not taxed when received by the Fund. Non-concessional contributions include: Member personal contributions (from after-tax pay); Spouse contributions; and Excess concessional contributions Government co-contributions are not counted as nonconcessional Again, there is a cap on non-concessional contributions that are tax free it is six times the cap applying to concessional contributions, being $150,000 per annum for 2012/13. Any non-concessional contributions made over the limit are taxed at the top marginal rate. This amount must be withdrawn from your superannuation account. This process involves presenting a release authority from the Tax Office to your Fund. Bring-forward option People under 65 years old may be able to make nonconcessional contributions of up to three times their nonconcessional contributions cap over a three-year period. This is known as the bring-forward option. Although you re only generally able to put a maximum of $150,000 into your super as a non concessional (after-tax) contribution each year, the rules do allow you, if you are under 65, to bring forward two years worth of this contribution limit into the current year. This means you can pay $450,000 into your super at one time (but nothing more after-tax for the next two years). Release Authority If you have exceeded your non-concessional contributions limit and been issued with a statement from the ATO, you will need to complete a compulsory release authority to authorise your super fund to release an amount equal to the amount of excess non-concessional contributions tax you have been assessed for. You must give the compulsory release authority to your fund within 21 days after the date on the release authority or you will be liable to a penalty. Even though you must give the compulsory release authority to your fund within 21 days to avoid being penalised, your fund can still action a compulsory release authority that s provided after that time, as long as it s within 90 days after the release authority s issue date. If you have exceeded your concessional contributions limit and been issued with a statement from the ATO and you choose to take the excess contributions tax out of your super, you will need to complete a voluntary release authority to authorise your super fund to release an amount up to the amount of excess concessional contributions tax you have been assessed for. If you intend to use your voluntary release authority, you must give it to your fund within 90 days after the date on the release authority. If your fund does not receive the release authority within 90 days after the date of the release authority, it cannot release the money. For more information visit the ATO website Tax deductibility of contributions Self employed people can claim a tax deduction for contributions made before age 75. They may also qualify for the Government co-contribution on personal contributions if they are not claimed as a tax deduction. Please note that certain contribution limits and eligibility criteria apply. For more information and a Self Employed Tax Deduction Form please visit qiec.com.au Members Grow Your Super Self Employed Contributions. Employers can claim a full tax deduction for contributions to super on behalf of employees up to age 75 in 2011/12. Quotation of Tax File Number and super contributions It is not an offence not to quote your Tax File Number (TFN). However, if you do not supply your TFN to the Fund: concessional contributions made by you or on your behalf may be subject to additional tax of 31.5%, in addition to the 15% tax already applied to concessional superannuation non-concessional contributions cannot be accepted you will not be eligible to receive the Government cocontribution. Salary Sacrifice Salary Sacrifice is when you have your employer pay part of your before-tax salary into your super. Topping up your superannuation with salary sacrifice contributions rewards you with extra money in the future, but also provides tax savings right now! That is because Salary Sacrifice contributions are taxed at 15% when received by QIEC Super, instead of your marginal tax rates. Salary Sacrifice potentially lowers your taxable income and depending on your income level, employer and workplace agreement, you can begin to Salary Sacrifice at any age. You can Salary Sacrifice in 3 easy steps: 1. Talk to your payroll manager about whether they allow Salary Sacrifice and the process of making Salary Sacrifice 2. Check if Salary Sacrifice will impact on other benefits you receive, like overtime and leave loading. It is a good idea to seek professional advice at this point. 3. Decide how much you want to Salary Sacrifice and notify your employer. Please note that Salary Sacrifice contributions count towards your concessional contributions cap. Contributions in excess of the cap may be subject to extra tax. All Salary Sacrifice contributions are preserved in your super. See the Claiming a benefit Fact Sheet for more information. qiec.com.au 2

3 Government co-contribution The Government has halved the maximum Government co-contribution from 1 July From 1 July 2012, the maximum co-contribution from the Government will reduce from $1,000 to $500. In the 2011/12 financial year, those earning up to $61,920 were eligible for the co-contribution. From 1 July 2012, this maximum threshold will change to $46,920, meaning that those earning over this amount will no longer be eligible. Year of entitlement Maximum entitlement Matching rate Lower threshold Higher threshold $1, % $31,920 $61,920 $500 50% $31,920 $46,920 It is worthwhile noting that any amount contributed up to $1,000 may qualify for the co-contribution, which can be made in small regular amounts throughout the financial year, or a single contribution, whichever is most convenient. To calculate the amount of the Government co-contribution you may be entitled to, use the super co-contribution calculator available on the ATO website: This proposed change is not law as it has not been passed by parliament or received royal assent. Are you eligible for the co-contribution? You will be entitled to a Federal Government co-contribution if you satisfy all of the following conditions: you make personal contributions to your super fund out of your after-tax income in the financial year (i.e. the contribution is to be made on or before 30 June); your total income 1 is less than the higher income threshold 2 for the relevant financial year; you are not a temporary resident (i.e. you are a permanent Australian citizen or New Zealand citizen. Please note that some holders of temporary resident visa s may still be eligible. Contact the ATO on for more information); you are under age 71 at the end of the financial year in which the contribution/s is/are made; 10% or more of your total assessable income 4 comes from eligible employment-related activities, carrying on a business or a combination of both 3 ; and you lodge an income tax return for the financial year in question. 1 Please refer to the definition of income on page 4. How is the Government co-contribution treated for tax purposes? The Government co-contribution will be classified as tax free in your super. This means there is no tax to pay on these The interest earned by these contributions will be taxed like any other earnings in a superannuation account. Refer to page 2 of this Fact Sheet for details as to which types of contributions are classified as nonconcessional. How can you make a personal contribution into QIEC Super? You can make personal contributions into your super in any of the following ways: Ask your employer to deduct the money from your aftertax salary and remit to QIEC Super. Arrange a monthly payment to QIEC Super from your nominated bank account via Direct Debit. BPAY via your bank, building society or credit union. Send a cheque to QIEC Super. Phone QIEC Super on for more information on these payment options. When will the co-contribution be paid? The Australian Taxation Office (ATO) determines the amount of the co-contribution to pay after it receives your annual tax return and the details of superannuation contributions from the superannuation funds. The ATO will automatically credit the co-contribution amount to the super fund to which you made your voluntary payments and will advise you by letter of this payment. Low income super contribution The co-contribution amount has been reduced, but there is some good news. From 1 July 2012, the Government will provide a new super contribution of up to $500 dollars annually for anyone earning up to $37,000 p.a. The low income superannuation contribution (LISC) will effectively refund the 15% tax that they have paid on their SG The Government has announced that those eligible for the LISC won t need to lodge a tax return to receive their contribution. The Australian Tax Office (ATO) will use available information to determine an individual s eligibility. Individuals will need to meet a test where at least 10% of their income must be from employment or business sources and they are a resident of Australia or New Zealand. 2 The lower and higher income threshold values are indexed each year in line with AWOTE. 3 Eligible employment generally means anything resulting in you being treated as an employee. Amounts from eligible employment also includes some income of employees who think of themselves as being self-employed, such as those who run their business through a company and the company pays them salary or wages. Members whose only income is from sources such as rentals, investments, or income streams will not generally be eligible for the co-contribution as none of their income is from eligible employment. 4 Assessable income is defined as income that can be taxed and includes salary and wages and income from investments

4 Spouse contributions If you are an existing member of QIEC Super living with your spouse on a bona fide domestic basis in a relationship as a couple, your spouse is eligible to apply for spouse membership. A spouse includes married and de facto couples, and same-sex partners. You are able to make contributions on behalf of your spouse if your spouse is: under age 65 (your spouse does not have to be working); or aged between 65 and 69 years and has worked at least 40 hours in a period of 30 consecutive days in the financial year. You are not able to make spouse contributions if your spouse is: aged 70 or more. For your spouse to apply for membership, a Spouse Member Application Form needs to be completed. Both you and your spouse are required to complete this form. You will also need to complete a Spouse Contribution form. You can download a copy of the forms from qiec.com.au Members Forms Spouse Members Spouse contribution tax offset You may be entitled to a maximum tax offset of up to $540 each financial year if: you did not claim a tax deduction for the contributions both you and your spouse were Australian residents when the contributions were made at the time of making the contributions you and your spouse were not living separately and apart on a permanent basis the sum of your spouse s assessable income, including total reportable fringe benefits amounts and reportable employer super contributions (RESC) for the financial year, was less than $13,800 the contribution was made to a super fund which was a complying fund in the income year in which you made the contribution. The tax offset is calculated as 18% of the lesser of: $3,000, reduced by $1 for every $1 that the sum of your spouse s assessable income and total reportable fringe benefits amounts for the year was more than $10,800 the total of your contributions for your spouse for the year. Here is an example of how this rebate operates: Receiving spouse s annual assessable income Contribution paid by contributing spouse Maximum contribution eligible for rebate Tax rebate available to contributing spouse $9,000 $5,000 $3,000 $540 $10,800 $5,000 $3,000 $540 $10,800 $2,000 $2,000 $360 $12,000 $5,000 $1,800 $324 $12,000 $2,000 $1,800 $324 $13,000 $5,000 $800 $144 $13,000 $2,000 $800 $144 $13,800 $5,000 Nil Nil *Please refer to the definition of income below. Definition of income Income is defined as assessable income plus reportable fringe benefits plus reportable employer superannuation contributions (RESC). RESC is generally superannuation contributions which you have asked your employer to make as salary sacrifice (before tax) or additional employer contributions which were not specified under an award, enterprise agreement or legislation, paid on your behalf as part of a remuneration package. Consult your employer to identify your likely RESC (if any) for the financial year. Superannuation Contributions Splitting Superannuation contributions splitting is offered by QIEC Super. It means that members can split certain superannuation contributions with their spouse. A spouse includes your de facto and same sex partner if living together on a genuine domestic basis in a relationship as a couple. Only concessional contributions can be split. An application to split concessional (taxed) contributions should be lodged with QIEC Super in the following financial year, i.e. between 1 July and 30 June following the end of the financial year in which the contributions were made. Contribution splitting allows couples to fully or partially equalise their balances. There may also be tax advantages in doing so, particularly if one or both partners intends retiring before age 60 (when tax applies to benefit payments). In this case, contribution splitting can allow spouses to take better (or full) advantage of the low-rate tax free threshold applying to the taxable component of benefits ($175,000 for 2012/13). Alternatively, you may apply to split concessional contributions made during the relevant financial year if your entire benefit is to be rolled over or transferred before the end of that financial year. A separate application must be completed for each financial year in which you intend to split contributions made to the fund. You can download a copy of the form from qiec.com.au Members Forms Contributions. qiec.com.au 4

5 Eligibility to make/receive contributions As outlined above, employer contributions are classified as concessional They include: a) Superannuation Guarantee (SG) contributions; b) Award contributions (if applicable); and c) Voluntary employer contributions (if any). The SG Act requires employers to provide a minimum level of superannuation for employees: who earn at least $450 in a calendar month; who are under 70 years of age; and who are aged 18 or more, or if under age 18, are working more than 30 hours per week. Your employer s obligation to make SG contributions ceases at age 70. Your employer may still make award contributions beyond age 70, if required by a relevant industrial award. In relation to: non-concessional contributions; salary sacrifice contributions; and self employed contributions no eligibility or work test requirements apply to make contributions up to age 65. Between ages 65-74, you must be gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year to make such a contribution. Such contributions cannot be made on or after attaining age 75. Spouse contributions can not be made if the receiving spouse is aged 70 or older regardless of whether or not the spouse meets the work test. The Superannuation Guarantee age limit is to be removed. From 1 July 2013, employers will for the first time be obliged to pay Superannuation Guarantee (SG) for eligible employees age 70 and over. Employers will be able to claim tax deductions for these The above work test will continue to apply for those over 65. General Advice Warning This information is of a general nature and does not take account of your individual financial situation, objectives or needs. Before acting on this advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should obtain a Product Disclosure Statement (PDS) and consider the PDS before making any decision. If you require specific advice, you should contact a licensed financial adviser. QIEC Super Pty Ltd ABN , the Trustee of QIEC Super ABN , is Corporate Authorised Representative No under Australian Financial Services Licence No and is authorised to provide general financial product advice in relation to superannuation. For further information, contact us: Postal address: PO Box 2130 MILTON QLD 4064 Phone: In person: Level 3, 424 Upper Roma Street, BRISBANE Fax: (07) Website: qiec.com.au IBRConts_0712_v

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