 |
 |
Managing your Health Super accountHealth Super gets your super working harder for your future, today! Your Health Super account can accept a range of contribution types including; employer, personal, spouse and salary sacrifice. It’s an ideal place for you to combine and manage all your superannuation. How does it all work?It’s important to get a handle on the ins and outs of your Health Super account. Simply follow the links below to understand the basics of managing your account. In the beginning – about your Health Super account
Need more detailed information?Download Health Super’s current Product Disclosure Statement or call our friendly Customer Relations Team on 1800 331 719.
In the beginning – about your Health Super accountWhen you join Health Super, a personal account is set up in your name. All contributions paid into Health Super by you or your employer, as well as any other money you transfer into Health Super, are placed in your account, after the deduction of any Government taxes. The money in your superannuation account is then invested in accordance with the Member Investment Choice option you have chosen (or in accordance with Health Super’s Lifecycle Default Strategy if you haven’t made a choice). Investment returns are applied to your Health Super account from the net earnings of your Member Investment Choice option (i.e. after the deduction of certain fees, costs and taxes). These returns are applied to the daily balance of your Health Super account on withdrawal or on 30 June of each year. Money coming out of your accountWhile your money is in the Health Super Fund, Health Super will deduct account-keeping fees from your account, including an asset fee (if applicable) and insurance premiums if you have insurance cover. Investment Manager Fees and tax are also deducted, prior to returns being added to your balance. For more information on Health Super’s competitive fees and charges, click here. To find out when you can access your super click here. Important things to considerHave you supplied Health Super with your Tax File Number yet? If you haven’t, we recommend you click on and read the Tax File Number section about the new laws that are coming into effect this year that may affect how much tax you pay on your super. Your Account Manager can be a useful source of information. To find out more about our one-on-one service click onto the Account Managers section. You may also want to attend one of our informative super seminars. Click on the seminars link to find out more and when the next one will be held. "make sure you don't go over the limits"While the Government has made the tax treatment of super very favourable to encourage us all to save for retirement, it has set limits. For most of us, it is hard to imagine going over the limits, but they are still worth knowing about as there are penalties if you do.
Proof of identity requirementsDue to separate Government reforms designed to address Money Laundering (ML) and Terrorism Financing (TF), you may be required to provide proof of identity or meet other requirements as determined by the Trustee from time to time before being able to access your benefits in cash (called "customer identification" requirements). These requirements apply from 12 December 2007. The ML/TF reforms also require the Trustee to report suspicious transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC), a government agency responsible for anti-money laundering and counter-terrorism financing. This may involve the Trustee disclosing your personal information to AUSTRAC.
What types of contributions (money) can be added to your account?The amount and frequency of contributions that you put into your Health Super account will depend on your personal circumstances. You should seek the advice of an appropriately qualified financial adviser for advice that takes into account your personal objectives and financial situation or needs. Compulsory contributionsGovernment legislation requires your employer to contribute money to an account set up for when you retire. Currently, most employers must contribute a minimum of 9% of your earnings base (generally that is your ordinary time earnings) into your super account. These are known as Superannuation Guarantee (SG) contributions and they count toward your concessional contribution cap. There are some exceptions to these rules, for example if you are under an Industrial Award or Specified Agreement, or you don’t earn enough to qualify. For more information, please refer to Health Super’s Product Disclosure Statement, or visit www.ato.gov.au/super Salary sacrifice contributionsSalary sacrifice occurs when you agree with your employer to put an additional portion of your pre-tax salary into a super fund. You need to speak with your Human Resources (HR) or Payroll Officer to set up salary sacrificing. When you make these contributions, which count toward your concessional contribution cap, it may reduce your taxable income and your tax liability. However, it may also reduce your earnings base for SG purposes. You should speak to your financial adviser to determine whether it is of benefit to you. Find out more about topping up your super with pre-tax contributions Personal contributionsThese are extra contributions that you make directly to your superannuation account (subject to Government regulations) from your after-tax income. Note: Health Super cannot accept any after-tax (non-concessional) contributions unless you have provided your Tax File Number. You can make personal contributions in the following ways:
Find out more about topping up your super with after-tax contributions Government Co-contributionsThe Federal Government matches each $1.00 of personal contributions an eligible person makes to their superannuation account with a Co-contribution of up to $1.50. The maximum Government Co-contribution is $1,500. The Co-contribution is calculated on a reducing scale. The maximum amount is paid if your total assessable income is $30,342 or less per year. If your total assessable income is more than $60,342 per year, you do not qualify. These figures refer to the 2008/09 financial year. Remember, any Government Co-contribution for which you are eligible will not be paid to Health Super until your annual income tax return has been processed by the ATO (i.e. in the financial year following the lodgement of your income tax return). Find out more about the Government Co-contribution and if you are eligible Rollovers (combine multiple super accounts)A rollover occurs when you transfer superannuation money from one superannuation account to another. Rolling over all your superannuation money into one super account may save you from paying multiple fees and help to reduce your paperwork. Please note: You should check whether you will be charged any fees or lose any benefits such as insurance cover by rolling-over. Find out more about combining multiple super accounts Spouse contributionsContributions can be made to a Health Super account for your spouse if he/she is under 65. Tax offsets may be available in some instances. Find out more about setting up a spouse account and the benefits Contributions if you are self-employedIf you are self-employed (or substantially self-employed), you may be able to claim a tax deduction for certain contributions you make to your Health Super account. You will need to download a self-employed tax form to apply for a tax deduction. You may also be eligible for the Government Co-contribution for amounts you do not claim a deduction for. Go to our Super Co-contributions page for more information. Find out more about being self-employed with Health Super
Other accounts Health Super offersSpouse accountYou can share the benefits of being a Health Super member with your spouse, by opening a Health Super Spouse account. Health Super PensionsIf you are close to retirement, you may want to check out our pension products - Account Based Pension or Transition to Retirement Pension. A Pension is a flexible way of providing regular tax-effective income in your retirement. Click here to find out more!
Keeping you up to date with your accountIt’s easy to keep up to date and transact on your Health Super account. If you want to make a withdrawal, change your details, switch investment options or perform other transactions on your account, there are a number of different options you can use. To learn more about these options visit the How do I... section of this site. Health Super will provide you with regular updates and tips on the current super issues on our website and through our user-friendly newsletters. All members will receive:
Access your account onlineSign up for Health eSuper and access your personal account information online at your own convenience.
|
