My SUPER
Frequently Asked Questions
Find a form
Changing job
Consolidation of Super
Investor style
Investment options
Superannuation Guarantee (SG)
Salary Sacrifice
Employer Additional Contributions
Government Co-contribution
Member Contribution
Spouse Contribution
Contribution Caps
Non-concessional Contributions Cap
Lost Super
Beneficiary Nomination
How much do I need for retirement? How do I get there?
Tax File Number (TFN)
Withdrawing my Super
Departing Australia
Life Insurance
Total and Permanent Disablement Insurance
Income Protection/Salary Continuance Insurance
Trauma Insurance
If your question is not answered below, please send us your query by clicking here.
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Changing job
AMP CustomSuper members
In the event of your departure from your current employer, your superannuation account will be de-linked from the company fund and become a personal account in either Flexible Lifetime - Super or the AMP Retirement Savings Account, with the same investment characteristics as your Customsuper Account.
When you leave CustomSuper, the details of your personal account should be given to your new employer in order to arrange your contributions to be paid into your account.
Please note that the same level of Life and Total Permanent Disablement and Salary Continuance cover included in your CustomSuper account will continue automatically in your personal account. Any insurance cover continued will be at personal premium rates and will be deducted from your account balance.
Please ask your employer if you are a member of a Group Salary Continuance (GSC) plan. ie Salary Continuance not included within your CustomSuper plan. GSC provides you with a regular benefit up to 75% of your eligible income arising from sickness or injury. In the event of leaving your employer, you can make certain your cover remains in place and continues to keep your income secure, so you can maintain your lifestyle in the event of accident or sickness. CBD will assist you in retaining your existing policy before your option lapses. We should discuss your options as soon as possible so you do not lose your personal protection.
If you need further assistance please click here to send us your inquiry.
ING Integra members
In the event of your departure from your current employer, your superannuation account will be de-linked from the company fund and become a personal ING Integra account with the same investment characteristics as your ING Employer Integra Account
The ING Changing jobs guide contains detailed information about your personal account.
These details need to be given to your new employer in order to arrange contributions into your account.
Please note that the same level of Life and Total Permanent Disablement and Salary Continuance cover included in your ING Integra account will continue automatically in your personal account. Any insurance cover continued will be at personal premium rates and will be deducted from your account balance.
Please ask your employer if you are a member of a Group Salary Continuance (GSC) plan. ie Salary Continuance not included within your ING Integra plan. GSC provides you with a regular benefit up to 75% of your eligible income arising from sickness or injury. In the event of leaving your employer, you can make certain your cover remains in place and continues to keep your income secure, so you can maintain your lifestyle in the event of accident or sickness. CBD will assist you in retaining your existing policy before your option lapses. We should discuss your options as soon as possible so you do not lose your personal protection.
If you need further assistance please click here to send us your inquiry.
Consolidation of Super
AMP CustomSuper members
Consolidating your super into one account can reduce the number of fees you pay, Optimise your account balance and make it easier to manage your superannuation.
In order to consolidate your superannuation into your AMP CustomSuper account all you need to do is:
1. Sign AMP Transfer of member superannuation benefits form.
2. Copy former fund/s statement/s.
3. Copy and certify your valid ID (passport, driver’s license).
4. Return documentation to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
5. Note that you need to check your documentation to make sure:
• You won’t incur exit fees
• You won’t inadvertently cancel insurance in your former plan
If you need further assistance please click here to send us your inquiry.
ING Integra members
Consolidating your super into one account can reduce the number of fees you pay, optimise your account balance and make it easier to manage your superannuation.
In order to consolidate your superannuation into your ING Integra account all you need to do is:
1. Sign ING Rollover Form.
2. Copy former fund/s statement/s.
3. Copy and certify your valid ID (passport, driver’s license).
4. Return documentation to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
5. Note that you need to check your documentation to make sure:
• You won’t incur exit fees
• You won’t inadvertently cancel insurance in your former plan
If you need further assistance please click here to send us your inquiry.
Investor style
Understanding your attitude to investment risk is the most important factor to consider before investing. To achieve higher returns you need to be prepared to accept a higher risk of capital loss. This is because the funds and assets that offer high returns are more volatile than those producing lower returns.
An easy way to answer this question is to use ING's investor profile tool. Click here to find out which investment style is most appropriate for you.
If you need further assistance please click here to send us your inquiry.
Investment options
Details of the investment options are contained in the investment booklets along with details of the different investment option management fees with relevant information about investment risk and performance. You should read this information before making any decisions.
Click on a link below to get your free copy:
AMP CustomSuper investment booklet. Please see pages 22 to 37.
ING Integra investment booklet. Please see pages 20 to 50.
Once you know how you want your superannuation money to be invested, please complete:
AMP CustomSuper Investment Options Selection Form
ING Integra Member Investment Choice Nomination Form
When completed, please send it back to us at:
CBD Financial Services Pty Limited ABN 19 051 404 427
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
If you need further assistance please click here to send us your inquiry.
Superannuation Guarantee (SG)
These contributions must be paid by your employer under legislation, including contributions paid to comply with an award or industrial agreement. The minimum SG rate is 9%.
The amount of SG contributions that can be made is subject to concessional (pre-tax) contribution cap. If you exceed the contribution cap you will be liable for an Excess Contributions Tax. Click here to find out more about Concessional Contribution Cap.
If you need further assistance please click here to send us your inquiry.
Salary Sacrifice
You can contribute part of your salary to your superannuation account in before tax money in order to boost your retirement savings and save on tax payments (15% inside superannuation as oppose up to 46.5% outside). In order to arrange Salary Sacrifice please contact your payroll or employer.
The amount of Salary Sacrifice contributions that can be made is subject to concessional (pre-tax) contribution cap. If you exceed the contribution cap you will be liable for an Excess Contributions Tax. Click here to find out more about Concessional Contribution Cap.
If you need further assistance please click here to send us your inquiry.
Employer Additional Contributions
These are any contributions employer pays into your superannuation account in addition to Superannuation Guarantee, Award/Workplace Agreement, often used to pay insurance premiums or/and fees.
The amount of Additional Employer Contributions that can be made is subject to concessional (pre-tax) contribution cap. If you exceed the contribution cap you will be liable for an Excess Contributions Tax. Click here to find out more about Concessional Contribution Cap.
If you need further assistance please click here to send us your inquiry.
Government Co-contribution
The Federal Government provides a matching co-contribution of $1.50 for every $1 of personal after tax contribution, up to a maximum co-contribution of $1,500 per year.
It applies to you if you:
• Earn at least 10% of your income from eligible employment or carrying on a business;
• Are not a temporary resident for any part of the year;
• Are aged less than 71 years of age at the end of the financial year in which your contribution was made;
• Lodge an income tax return to the Australian Tax Office.
Your entitlement
|
Total Annual Income |
Co-contribution payable in 2008/2009 |
| $30,342 or less | Every $1 of personal superannuation contributions is matched by $1.50 up to a maximum payment of $1,500 |
| $30,342 to $60,341 | Co-contribution amount payable is the lesser of: • $1,500 – [(total income - $30,342) x 0.05] • Personal contribution x $1.5 |
| $60,341 and above | No co-contribution payable |
Payment methods
AMP
• Bpay - can be made either by telephone or internet (www.amp.com.au) at any time.
Please phone AMP at 1300 653 346 (1) (1) to find out Bpay reference number
and Biller Code.
• Cheque - a cheque payable to ‘AMP Life Limited - CustomSuper’ can be mailed to:
AMP Corporate Super
Locked bag 5400
PARRAMATTA NSW 1741
ING
• Bpay - can be made either by telephone (133 665) or internet at any time.
You will need to quote Biller Code - 564906 and a unique Reference
Number - <13>+ <your member number>.
• Internet Banking (EFT) - can be made using Internet Banking from a nominated
financial institution account, the relevant details are outlined below:
Account Name: <member first name> + <member last name>
BSB: 012-911
Account Number: 000564906
Description/Ref. Number: <MV> + <member number>
• Cheque - a cheque payable to ‘ING Life – ING Super’ can be mailed to:
Integra Super
ING Life Limited
GPO Box 5306
Sydney NSW 200
• Direct Debit - to obtain a form to pay by direct debit please contact Custom Service
on 133 665.
If you need further assistance please click here to send us your inquiry.
Member Contribution
Member Contribution – contributions you as a member pay either from your after tax income or you have personally claimed as a tax deduction.
If you have some spare cash or are planning to sell an investment (e.g. your investment property), you may want to use the money to make an undeducted (after-tax) super contribution. By using this strategy, you could reduce tax on investment earnings and receive a tax-effective retirement income.
Reduce tax on investment earnings
When you invest money in your own name (outside super) earnings will generally be taxed at your marginal rate of up to 46.5%. However, if you make an undeducted contribution, investment earnings in a super fund are taxed at a maximum rate of 15%. This lower tax rate can make a big difference to the value of your investment when you retire.
While you may need to pay Capital Gains Tax (CGT) when selling investments like shares, investment properties and unit trusts, the lower tax rate on investment earnings could more than compensate for your CGT liability.
Note: The results from this strategy will depend on factors such as your marginal tax rate, any CGT payable on the sale of your non-super investment, your timeframe and the investment returns.
The amount of Member Contributions that can be made is subject to non-concessional (after-tax) contribution cap. If you exceed the contribution cap you will be liable for an Excess Contributions Tax. Click here to find out more about Concessional Contribution Cap.
Payment methods
AMP
• Bpay - can be made either by telephone or internet (www.amp.com.au) at any time.
Please phone AMP at 1300 653 346 (1) (1) to find out Bpay reference number
and Biller Code.
• Cheque - a cheque payable to ‘AMP Life Limited - CustomSuper’ can be mailed to:
AMP Corporate Super
Locked bag 5400
PARRAMATTA NSW 1741
ING
• Bpay - can be made either by telephone (133 665) or internet at any time.
You will need to quote Biller Code - 564906 and a unique Reference
Number - <13>+ <your member number>.
• Internet Banking (EFT) - can be made using Internet Banking from a nominated
financial institution account, the relevant details are outlined below:
Account Name: <member first name> + <member last name>
BSB: 012-911
Account Number: 000564906
Description/Ref. Number: <MV> + <member number>
• Cheque - a cheque payable to ‘ING Life – ING Super’ can be mailed to:
Integra Super
ING Life Limited
GPO Box 5306
Sydney NSW 200
• Direct Debit - to obtain a form to pay by direct debit please contact Custom Service
on 133 665.
If you need further assistance please click here to send us your inquiry.
Spouse Contribution
An individual who makes a superannuation contribution on behalf of their spouse may be eligible for a tax offset of up to 18% of the contribution if the receiving spouse’s assessable income (plus reportable fringe benefits) is less than $13,000 in the relevant financial year. This may reduce tax payable by a high income-earning member of a couple. A maximum spouse tax offset of $540 applies if the receiving spouse earns less than $10,800 per annum. To receive the maximum tax offset, a spouse contribution of $3,000 is required.
Payment methods
AMP
• Bpay - can be made either by telephone or internet (www.amp.com.au) at any time.
Please phone AMP at 1300 653 346 (1) (1) to find out Bpay reference number
and Biller Code.
• Cheque - a cheque payable to ‘AMP Life Limited - CustomSuper’ can be mailed to:
AMP Corporate Super
Locked bag 5400
PARRAMATTA NSW 1741
ING
• Bpay - can be made either by telephone (133 665) or internet at any time.
You will need to quote Biller Code - 564906 and a unique Reference
Number - <13>+ <your member number>.
• Internet Banking (EFT) - can be made using Internet Banking from a nominated
financial institution account, the relevant details are outlined below:
Account Name: <member first name> + <member last name>
BSB: 012-911
Account Number: 000564906
Description/Ref. Number: <MV> + <member number>
• Cheque - a cheque payable to ‘ING Life – ING Super’ can be mailed to:
Integra Super
ING Life Limited
GPO Box 5306
Sydney NSW 200
• Direct Debit - to obtain a form to pay by direct debit please contact Custom Service
on 133 665.
If you need further assistance please click here to send us your inquiry.
Contributions Cap
Caps apply to the amount of Concessional Contributions (CC)
|
Age in Years |
Cap amount per annum |
|
Under 50 |
$50,000* |
|
50 and over |
$100,000^ |
* Indexed to Average Weekly Ordinary Time Earnings (AWOTE) in $5,000 increments
^ No indexed and applies up to 30/12/2012.
Note: Only mandated employer contributions can be made from age 75.
Amounts in excess of this limit will attract additional tax.
If you need further assistance please click here to send us your inquiry.
Non-concessional Contributions Cap
Caps apply to the amount of Non-concessional Contributions (NCC)
|
Age on first day |
Limit amount |
|
<65 |
$150,000 pa/ a 3-year limit of $450,000 |
|
65 - 75 |
$150,000 |
|
75+ |
NCCs cannot be accepted |
Amounts in excess of this limit will be taxed at the top marginal tax rate plus Medicare Levy.
If you need further assistance please click here to send us your inquiry.
Lost Super
It is estimated that one in every tree workers in Australia has some form of lost super. You can search for your share of the $8 billion in lost super at www.ato.gov.au/super using the Super Seeker tool or by calling 13 28 65.
All you need is your name, date of birth and tax file number. The search is free, so start searching now!
If you need further assistance please click here to send us your inquiry.
Beneficiary Nomination
You can nominate, cancel or change your nominated beneficiaries to receive your superannuation balance and life insurance benefit by completing the respective Nomination of Beneficiary Form:
AMP CustomSuper and SignatureSuper
AMP Flexible Lifetime products
AustralianSuper
AXA
BT Lifetime - Personal Super
BT Lifetime - Employer Plan
CFS - Personal Pension Plan
CFS - FirstChoice Wholesale Pension
ING Integra - Binding
ING Integra - Non-binding
ING OneAnswer Personal Super and Pension
Macquarie SuperOptions
MLC Super Group Insurance
MLC Superannuation
Perpetual’s Select Superannuation Plan
Under superannuation law all beneficiaries must be your dependant(s) or estate.
Who can be your dependant?
• Your spouse (including a de facto spouse)
• Your children (including an adopted child, a step child or an ex-nuptial child)
• Any other person who is financially dependant on you
• Any other person with whom you have an interdependency relationship.
There are three options on how you can direct your super money after your death:
• No nomination - at your death the benefits will be paid to your estate.
• Non-binding nomination - at your death the benefits will generally be paid to
the beneficiaries you've nominated. However, the trustee has a final say as
to who should get the death benefit.
• Binding nomination - at you death the trusty must pay to your nominated beneficiary/s.
A cleaner option is to have a binding death nomination which allows a member
of the super fund to fetter the exercise of a trustee's discretion.
If you need further assistance please click here to send us your inquiry.
How much do I need for retirement? How do I get there?
AMP My retirement simulator is designed to give you a sense of how much you can spend in retirement and how long your funds may last (depending on when you retire, how much you draw out of your superannuation each year, and how your funds are invested).
AMP My super simulator is designed to give you a sense of how much you may need to retire and whether you are on track.
If you need further assistance please click here to send us your inquiry.
Tax File Number (TFN)
As a result of superannuation legislation introduced 1 July 2007, if superannuation provider does not have your Tax File Number (TFN), you will pay an additional 31.5% tax called the "no-TFN tax" on employer and salary sacrifice contributions. As well, you can no longer make member contributions (personal after-tax contributions including spouse contributions) or receive co-contributions.
All you need to do is complete the Tax File Number Notification Form (AMP / ING Integra) and return it to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
If you need further assistance please click here to send us your inquiry.
Withdrawing my Super
Superannuation benefits consist of three components:
• Unrestricted non-preserved - you can access this amount at any time.
• Restricted non-preserved - generally you can access this amount when you stop
working for the employers who has contributed to your account.
• Preserved - you can access this amount only in certain circumstances set
by superannuation law. (All contributions and investment earnings since July 1999 are
preserved. Any non-preserved amounts you have accumulated before this date remain
as non-preserved).
Conditions of release - in general you can only access your preserved super when:
• You are permanently retiring after reaching your preservation age
• You stop employment at age 60 or over
• You reach 65, or
• You become permanently incapacitated (evidence required by Trustee/Provider
who must make determination)
• You are a holder of an expired or cancelled temporary resident visa and you have
permanently departed Australia. Click here to find out more.
• You qualify on compassionate grounds or severe financial hardship
• Upon death
• A terminal medical condition where 2 medical practitioners certify that the person’s
condition is likely to result in death within 12 months.
Persons not meeting condition a full ‘condition of release’ but over their preservation age, may start a Transition to Retirement (TtR) income stream. Click here to find out more about Transition to Retirement.
Preservation Age
Generally, you must reach preservation age before you can access your super. Use the following table to work out your preservation age.
|
Date of Birth |
Preservation Age |
|
Before 1/7/1960 |
55 |
|
1/7/1960 – 30/6/1961 |
56 |
|
1/7/1961 – 30/6/1962 |
57 |
|
1/7/1962 – 30/6/1963 |
58 |
|
1/7/1963 – 30/6/1964 |
59 |
|
From 1/7/1964 |
60 |
SISR 6.01
If you need a withdrawal form or further assistance please click here to send us your inquiry.
Departing Australia
Apply for departing superannuation payment. You can either apply online at: https://applicant.tr.super.ato.gov.au/applicants.
If your superannuation benefit is $5,000 or more, you will need to supply a written statement from the Department of Immigration and Citizenship (DIAC) stating that you:
• Were a holder of an eligible temporary visa that expired or been cancelled and
• Have departed Australia.
To obtain this statement, you have to complete Form1194 . Once your superannuation fund has received your completed DASP application they are required to make a payment within 28 days.
Please note that your superannuation benefit payment will be subject to 35% tax.
If you need further assistance please click here to send us your inquiry.
Life Insurance
• Lump-sum in the event of insured’s death
• Used to repay debts, education for children, replace income
• Tax-free if paid to dependant/s
• Premiums are not tax-deductible unless in superannuation fund
Some issues you may wish to consider when calculating Death Cover are:
• Debts
• Replacement Income
• Funeral Expenses
• Kids Education Costs
• Other Expenses
Application
If you interested to apply to this type of insurance please send us your query and you will be contacted in regards to the cover shortly.
Additional Insurance
If the automatic level of insurance cover is not enough in your plan, you may wish to apply for additional insurance by completing the ‘Increasing Insurance’ form and sending it back to CBD. If you know the amount of insurance cover you would like to be covered for, please let us know. That way we can provide you with a quote for the level of insurance cover you have in mind.
Cancellation
If you wish to cancel your existing insurance please send us your query and you will be contacted in regards to the cancellation shortly.
If you need further assistance please click here to send us your inquiry.
Total and Permanent Disablement Insurance
• Lump-sum in the event insured’s suffer an illness and injury that totally and
permanently incapacitates them from working
• Used to pay mortgage and etc, provide an income stream
• Tax-free if paid to dependant/s
• Premiums not tax-deductible unless in superannuation fund
Some issues you may wish to consider when calculating Total and Permanent Disability Cover are:
• Debts
• Medical Expenses
• Income Replacement
Application
If you interested to apply to this type of insurance please send us your query and you will be contacted in regards to the cover shortly.
Additional Insurance
If the automatic level of insurance cover is not enough in your plan, you may wish to apply for additional insurance by completing the Additional insurance cover form and sending it back to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
If you know the amount of insurance cover you would like to be covered for, please let us know. That way we can provide you with a quote for the level of insurance cover you have in mind.
Cancellation
If you wish to cancel your existing insurance please send us your query and you will be contacted in regards to the cancellation shortly.
If you need further assistance please click here to send us your inquiry.
Income Protection/Salary Continuance Insurance
• Will pay insured a regular income if you are disabled by a sickness and injury
• The maximum benefit covered is usually 75% of exertion income
• Premiums are tax-deductible
Likelihood of disability:
• 70% of working Australians suffer from a long term medical condition as a result
of a sickness/accident which lasts 6 months/more
• Sick leave will generally only pay for up to two weeks for each year of service
• Less than 50% of all claims result from accidents, which mean a person is just
as likely to be unable to work because of a sickness.
(Source: Prudential Research)
Some issues you may wish to consider when calculating Income Protection/Salary Continuance Cover are:
• Sick leave, long service leave, and annul leave (waiting period purposes)
• Retirement age (benefit period purposes)
Application
If you interested to apply to this type of insurance please send us your query and you will be contacted in regards to the cover shortly.
Additional Insurance
If the automatic level of insurance cover is not enough in your plan, you may wish to apply for additional insurance by completing the Additional insurance cover form and sending it back to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
If you know the amount of insurance cover you would like to be covered for, please let us know. That way we can provide you with a quote for the level of insurance cover you have in mind.
Cancellation
If you wish to cancel your existing insurance please send us your query and you will be contacted in regards to the cancellation shortly.
If you need further assistance please click here to send us your inquiry.
Trauma Insurance
• Pays a lump-sum to insured suffering from health trauma or crisis condition
• Premiums are not tax-deductible and can’t be kept inside super
• Proceeds are tax-free
The function is to:
• Cover medical expense
• Avoid financial stress in recuperation
In the next 12 months it is estimated in Australia:
• 30,000 people will suffer a heart attack
• 55,500 people will develop malignant cancer
• 25,000 will suffer a stroke
• 11,000 people will undergo a by-pass operation
Some issues you may wish to consider when calculating Trauma Cover are:
• Debt
• Medical expenses
• Income replacement
Application
If you interested to apply to this type of insurance please send us your query and you will be contacted in regards to the cover shortly.
Additional Insurance
If the automatic level of insurance cover is not enough in your plan, you may wish to apply for additional insurance by completing the Additional insurance cover form and sending it back to:
CBD Financial Services Pty Limited
Level 1, 207 Clarence Street, Sydney, NSW 2000, Australia
If you know the amount of insurance cover you would like to be covered for, please let us know. That way we can provide you with a quote for the level of insurance cover you have in mind.
Cancellation
If you wish to cancel your existing insurance please send us your query and you will be contacted in regards to the cancellation shortly.
If you need further assistance please click here to send us your inquiry.
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