1 CommInsure Corporate Insurance Superannuation Trust Annual Report 2013 Fund CommInsure Corporate Insurance Superannuation Trust ABN R PO Box 1282 ALBURY NSW 2640 Phone: Facsimile: Trustee and Issuer CCSL Limited ABN AFS Licence No RSE Licence No L Registered Office Level 7, 530 Little Collins Street Melbourne VIC, 3000 Custodian RBC Dexia Investor Services Trust ABN AFS Licence No Administrator SMA Super Pty Ltd ABN AFS Licence No Insurer The Colonial Mutual Life Assurance Society Limited ABN AFS Licence No This Annual Report should be read in conjunction with the annual member statement recently provided to you, which shows your member entitlements at 30 June 2013.
3 Employer s Contributions As benefits within the CCIST relate to insurance only, members are not able to make any contributions or rollovers for accumulation purposes within the CCIST. The participating employer will make employer contributions on behalf of members. These contributions will be equal to the Insurance Premium payable for the insurance cover as detailed in the applicable PDS Part B: Employee Insurance Guide. Superannuation law limits the amount of superannuation that can be contributed in any financial year at a concessional tax rate. The concessional contributions caps for the 2012/13 and 2013/14 financial years are set out below. Income year 2012/13 $25, /14 $25,000 Amount of cap The $25,000 limit will be periodically increased in line with Average Weekly Ordinary Times Earnings in $5,000 increments. However, Parliament passed legislation to pause the indexation of the concessional contributions cap at $25,000 up to and including the 2013/14 year. Normal indexation resumes for the 2014/15 year. Recent changes now provide an un-indexed concessional contributions cap of $35,000 for: From 1 July 2013 individuals who are 60 years old or over From 1 July 2014 individuals who are 50 years old or over. Details of the cap for later years will be available from your adviser or by calling the Client Service Line on The contributions paid by participating employers for the cover provided under the CCIST are classified as concessional contributions and are included in the concessional contribution cap. Contact the Australian Taxation Office on or visit for further information. Tax File Numbers We are authorised to collect each member s Tax File Number (TFN). It will remain confidential and will be used only for lawful purposes, such as providing information to the Australian Taxation Office. These purposes may change in the future as the result of legislative change. A TFN may be disclosed to another superannuation provider when a member s benefits are being transferred, unless the member requests in writing that their TFN is not to be disclosed to any other Trustee. Membership to the CCIST is only available if a TFN has been provided. Therefore, insurance cover will not be provided to any employees where we do not have a TFN on file. Tax on contributions If a Tax File Number (TFN) is not provided to the CCIST, an additional tax of 31.5% (including Medicare Levy) may apply to the entire contribution. This cost would be borne by the CCIST. For this reason employees will not be accepted as members of the CCIST unless their TFN has been provided. Tax on death benefits The taxation of death benefits will depend on whether the beneficiary is a dependant as defined under taxation law (tax dependant). Note that this is different to the definition of dependant under superannuation law. A person will be a tax depe ndant if they are: A spouse (this includes married couples, de facto spouses (including same -sex) and certain registered relationships); A child of the member or spouse of the member (including an adopted child, step-child or ex-nuptial child or someone who is a child within the meaning of the Family Law Act 1975) so long as the child is under age 18; A person with whom the member had an interdependency relationship A person who was a financial dependant of the member. Also, if any part of the death benefit is paid to a Legal Personal Representative, it may be deemed to have been paid to a tax dependant if the Commissioner of Taxation accepts that the person receiving the payment via the member s estate is a tax dependant. Death benefits are tax-free if paid to a tax dependant. Death benefits paid to a non-tax dependant are generally taxed at 16.5%, inclusive of Medicare levy. A portion of the benefit may be an untaxed element (relating to the future service period of the insurance amount). That element is taxable at the maximum rate of 31.5%, inclusive of Medicare Levy. Below is a summary of how lump sum death benefits are taxed: Lump sum paid to: Tax dependants Tax Free Non-tax dependants Taxed element 15% 1 1 Plus Medicare Levy of 1.5% Tax on terminal illness benefits Untaxed element 30% 1 The insurance policy may allow for death benefit to be paid if the member is terminally ill. Lump sum benefit payments paid to a member who is terminally ill will be tax-free. A member will be taken to be terminally ill if two medical practitioners (at least one of these a specialist) certify that the member is suffering from an illness that in the normal course would result in death within 12 months. For each of the certificates, the certification period must not have ended. Tax on TPD benefits 2
4 Where the Trustee allows, TPD insurance cover benefits paid to those aged 60 or over are generally tax free. Benefits paid to those under age 60 are taxed as set out in the following table: Both forms are located in the PDS. For a copy of the PDS contact the CCIST Administrator using the contact details in the Directory at the back of this report. Age Taxable Component 60 and above Tax free On or over preservation age and under age 60 0% up to Low Rate Threshold 1 15% 2 over the Low Rate Threshold 1 Under preservation age 20% 2 on the whole amount 1 The Low rate threshold is $180,000 for 2013/14 is a lifetime limit per person and is indexed annually to AWOTE in increments of $5,000 2 Plus Medicare Levy of 1.5% Insurance Cover Members will receive either death only or death and total and permanent disablement cover through an insurance policy held in the CCIST. The type and level of cover is chosen by the participating employer. The details of the cover provided are explained in the PDS Part B: Employee Insurance Guide. Guaranteed renewability The Insurer guarantees to renew the insurance cover each year provided no termination event has occurred. The insurer will not cancel the insurance cover or increase premiums due to any change in the health, occupation or pastimes of the members during the guarantee period. Binding nomination Members can make either a binding or non-binding death benefit nomination to nominate who is to receive all or part of the member s benefit upon death. If the benefit is paid to the member s Legal Personal Representative, it will be distributed according to their Will. A non-binding death benefit nomination is not binding on, but will be considered by the Trustee. The Trustee will use its discretion when deciding how the death benefit should be paid. A binding death benefit nomination is binding on the Trustee. This means that, provided the nomination is valid at the time of death, the Trustee must pay the death benefit as the member has specified. To make a nomination, either the Binding or Non-Binding nomination form needs to be completed and the form returned to: CCIST PO Box 1282 Albury NSW
5 THE CCIST S ACCOUNTS This is an abridged summary of the CCIST s audited accounts for the year ended 30 June The full audited accounts, including the audit report will be available at the end of October If you would like a copy please contact the CCIST Administrator (see contact details in the Directory on the back cover). CommInsure Corporate Insurance Superannuation Trust Statement of Financial Position as at 30 June $ $ ASSETS Cash and cash equivalents 459, ,131 Other assets Return of overpaid interest receivable 10,047 0 Total assets 469, ,131 LIABILITIES PAYG tax provision 7,638 0 Current tax liability 1,496 2,548 Deferred tax liability 0 1,100 Benefits payable 450, ,973 Total liabilities 459, ,621 NET ASSETS AVAILABLE TO PAY BENEFITS 10,215 11,510 Represented by: Liability for accrued benefits 0 0 Not yet allocated 10,215 11,510 10,215 11,510 CommInsure Corporate Insurance Superannuation Trust Operating Statement for the year ended 30 June $ $ Investment revenue from ordinary activities Interest 20,564 14,269 Return of overpaid interest 10,047 0 Contribution revenue Taxable contributions 4,170,930 3,428,713 Other revenue Group life insurance proceeds 3,978,440 1,450,787 Total Revenue 8,179,981 4,893,769 Less expenses Insurance premiums 4,170,930 3,428,713 Bank fees and charges 60 1,100 Total expenses 4,170,990 3,429,813 Benefits accrued as a result of operations before income tax 4,008,991 1,463,956 Income tax expense attributable to benefits accrued as a result of operations 3,076 1,975 Benefits accrued as a result of operations 4,005,915 1,461,981 4
7 Enquiries and Complaints The CCIST has an established procedure for dealing with member enquiries and complaints about the operation and management of the CCIST. Enquiries and complaints should be made to the Administrator. For the cost of a local call, you can call our Client Services Team on (the cost may be higher if calling from a mobile), or us at The procedure requires the Trustee to consider and respond to a complaint within 90 days. If you are not satisfied with the Trustee s handling of your complaint or its decision or the Trustee does not respond within 90 days, you may contact the Superannuation Complaints Tribunal. The tribunal is an independent body set up by the Federal Government to assist members or beneficiaries to resolve certain types of complaints with fund trustees. The tribunal may be able to assist you to resolve your complaint, but only if you are not satisfied with the response received from the Trustee s handling of your complaint. If the tribunal accepts your complaint, it may attempt to resolve the matter through conciliation, which involves assisting you and the CCIST to come to a mutual agreement. If conciliation is unsuccessful, the complaint is referred to the tribunal for a determination which is binding. You should be aware, however, that a party may appeal a decision of the tribunal to the Federal Court. If you wish to find out whether the tribunal can handle your complaint and the type of information you would need to provide, phone the following number for the cost of a local call anywhere in Australia: DIRECTORY CCIST Administrator SMA Super Pty Ltd ABN AFS Licence No Level 1, 540 Swift St PO Box 1282 ALBURY NSW Fax: (02) Insurer The Colonial Mutual Life Assurance Society Limited ABN AFS Licence No Level 12, 52 Martin Place Sydney NSW 2000 Trustee CCSL Limited ABN AFS Licence No RSE Licence No L Registered Office Level 7, 530 Little Collins Street MELBOURNE VIC 3000 Phone: Postal Address Superannuation Complaints Tribunal Locked Bag 3060 MELBOURNE VIC 3001 Phone: Fax: (03)
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
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
Zurich Super Estate Management Binding Nominations The Trustee of the Zurich Master Superannuation Fund is Zurich Australian Superannuation Pty Limited ABN 78 000 880 553, AFSL 253 500, RSE Licence No.
Telstra Super Personal Plus Application Please complete this application form to open a Telstra Super Personal Plus account. RED SECTIONS FOR YOUR INFORMATION GREY SECTIONS TO FILL OUT INVESTMENT CHOICE
INSURANCE Life insurance through superannuation Annual Report 1 July 2013 to 30 June 2014 Issued December 2014 Contents Annual Report About OnePath 2 OnePath MasterFund 3 About this Annual Report 3 Abridged
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
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.
Rio Tinto Staff Superannuation Fund Guide 6 22 June 2012 Your death and disability benefits (Rio Tinto) The information in this document forms part of the Product Disclosure Statement for the Rio Tinto
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
AMP Life Insurance Product Disclosure Statement and policy document Issue date: 12 March 2014 Contents Summary 1 Product issuer 1 Other companies involved in providing services 1 for the AMP Life Insurance
Westpac Group Plan Defined Benefit Pension (including Spouse pension) Product Disclosure Statement (PDS) Dated: 1 July 2014 Things you should know The Westpac Group Plan Defined Benefit pension provides
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
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
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
Insurance through super strategies For advisers Inside super or outside super? Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.
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.
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
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
Last updated: 7 September 2010 Last updated: 1 January 2011 Superannuation death benefits This TapIn Guide looks at the key tax issues relating to superannuation death benefits paid from a complying superannuation
Accumulation 1 Product Disclosure Statement issued 22 July 2013 by UniSuper Limited ABN 54 006 027 121 Inside 1. About UniSuper 2. How super works 3. Benefits of investing with UniSuper 4. Risks of super
AIA Australia Risk Only Super Solution A division of the AIA Superannuation Fund Member Product Disclosure Statement Dated 1 December 2014 Featuring: Death cover (including Terminal Illness cover) Total
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
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
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
Colonial Super Retirement Fund 2014/2015 Report to Members Colonial Mutual Superannuation Pty Ltd ABN 56 006 831 983 AFSL 235025 Abbreviations Abbreviation Description APRA ATO CMLA, the Insurer, the Administrator
Investment Bond & Rollover This report includes: Deferred Annuity Capital Guaranteed Collection Rollover Rollover Portfolio and Rollover Parking Fund Capital Guaranteed Collection Investment Bond Investment
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
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
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.
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
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
The Transport Industry Superannuation Fund Insurance Guide Prepared and issued 1 July 2014 Issued by T.I.S. Pty Ltd ABN 73 065 319 735 AFSL 247249. This information in this guide forms part of the Product
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
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
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
Your Product Disclosure Statement Russell SuperSolution General Division 1 July 2015 CONTENTS 1. About Russell SuperSolution...1 2. How superannuation works...1 3. Benefits of investing in Russell SuperSolution...2
Taxation of insurance payments through super Fact Sheet - October 2014 Insurances such as life, total and permanent disability (TPD) and income protection (IP) can be taken through super. The trustee of
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
Comparison of insurance - inside and outside super Fact Sheet - October 2014 Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.
SOUTH AUSTRALIAN AMBULANCE SERVICE SUPERANNUATION SCHEME Product Disclosure Statement Product Disclosure Statement Date of issue: September 2015 IMPORTANT INFORMATION Issuer Super SA Board ABN 81 557 964
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
www.mtaasuper.com.au Phone: 1300 362 415 / Fax: 1300 365 142 An Industry SuperFund How super works Date of issue: 1 July 2013 The information in this document forms part of the Product Disclosure Statement
Fact sheet and form Withdrawal Flexi Pension You can make a full or partial lump sum withdrawal from your Flexi Pension account at any time. What this fact sheet covers This fact sheet explains the rules
Insurance Life Insurance Product Disclosure Statement and Policy Effective 11 October 2013 The information provided in this PDS is general information only and does not take into account your individual
Product Disclosure Statement Please read this Product Disclosure Statement carefully. It contains important information about the above product. Version 9 Issued 6 June 2014 Professional Insurance Portfolio
Family law and superannuation Fact sheet This fact sheet looks at the process of splitting a superannuation benefit under the family law process and the types of benefits that may be affected, including
Financial Services Guide Issued: 1 November 2013 In this Financial Services Guide (FSG), we, our, us or AEGON means AEGON Direct & Affinity Marketing Services Australia Pty Ltd (ABN 35 082 524 785) with
Free Parent Cover Product Disclosure Statement Call 1300 547 435 or visit coles.com.au/insurance Issue Date: 1 February 2015 Issued by: MetLife Insurance Limited Who is the Insurer of Coles Life Insurance
IOOF Technical Advice Solutions Client strategies for advisers Superannuation and death benefits in the Simpler Super environment Adviser use only IOOF Technical Advice Solutions Since 1 July 2007, the
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
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
Group Income Protection For Employees Product Disclosure Statement Issue Date 1 September 2011 Contents 1 About this document 2 How CivilCover works 2 About Hannover 3 About Coverforce 3 CivilCover administration
RBF family law This brochure covers the treatment of your RBF super for family law purposes Contents Introduction 2 If a couple separates or divorces must super be split? Can all super be split? Who can
CommInsure Protection Combined Product Disclosure Statement (PDS) and Policy Issue date: 11 May 2014 Product Disclosure Statement This Product Disclosure Statement (PDS) is issued by the insurer, The Colonial
Understanding superannuation Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to superannuation. This
ESSS Defined Benefit Fund Product Disclosure Statement For operational emergency services members Proudly serving our members Issued 1 January 2016 Issued by: Emergency Services Superannuation Board ABN
Term Life Product Disclosure Statement and Insurance Policy Administrator Intermediary The information provided in this PDS is general information only and does not take into account your individual objectives,
Self Managed Superannuation Funds A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents What is a self managed superannuation fund (SMSF)? 1 What
Self managed superannuation funds A Financial Planning Technical Guide 2 Self managed superannuation funds What is a self managed 4 superannuation fund (SMSF)? What are the benefits? 4 What are the risks?
Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH This guide is current at 1 July 2014 and is subject to change. Updated information will be available free of charge from onepath.com.au or by calling 1800
Holding insurance inside or outside super taxation issues In this article, Midwinter s General Manager of Strategy and Technical Services, Matthew Esler, explores the tax opportunities that exist around
Death and Total and Permanent Disablement (TPD) Cover Fact Sheet Who should read this fact sheet? The information in this fact sheet applies to most Defined Contribution (accumulation) members of Energy
Insurance in your super Fact sheet Information in this fact sheet is current as at 1 July 2015 Contents Overview 1 What is Life cover? 5 How your Life cover works 6 When is your insured benefit payable?
Super Member Application Form Employer Sponsored and Personal Plan members Joining Australian Catholic Superannuation is easy. Simply complete this form using a dark pen and capital letters or type directly
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:
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
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
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.
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
Group Income Protection For Employees Product Disclosure Statement Issue Date 1 September 2011 (Updated March 2014) Contents 1 About this document 2 How CivilCover works 2 About Hannover 3 About Coverforce
Member Product Disclosure Statement Dated: 1 December 2012 CONTENTS About MTAA Super...2 How super works...2 Benefits of investing with MTAA Super...3 Risks of super...3 How we invest your money...4 Fees
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)
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
This product disclosure statement has been produced for the successor fund transfer of existing members of the LifeTrack Superannuation Fund to the IOOF Portfolio Service Superannuation Fund. LifeTrack