smartMonday

smartMonday MySuper

Past 5-year return
6.34%
Admin fee

$92

Calc fees on 50k

$512

SuperRatings awards
MySuper Platinum
Past 5-year return
6.34%
Admin fee

$92

Calc fees on 50k

$512

SuperRatings awards
MySuper Platinum

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Access to additional benefits via a range of financial products and services, and the WeCare program.
  • Option to transfer in other super fund or retail insurance with no additional underwriting and at group rates. Flexible, value-for-money death/TPD/income protection options, with minimum level death and TPD cover.
  • Free workplace seminars from our specially trained account managers. Comprehensive education material, including online super, retirement and insurance calculators.

Summary

smartMonday is the new name of the Aon Master Trust and smartMonday PRIME, which was launched in 2012, is designed for employees of companies with five or more employees. The fund's MySuper offering, Aon MySuper, is a lifecycle investment option that adjusts automatically based on the member's age and is made up of two portfolios, High Growth and Defensive, while choice members have access to 10 Diversified options and 20 Single Sector options. Aon MySuper 50 outperformed the relevant SuperRatings Index over the 5 years to 30 June 2020.Fees are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or an investment switching fee.smartMonday PRIME's insurance offering allows eligible members to apply for an unlimited amount of Death cover and up to $3 million of Total Permanent Disability cover. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30-, 60- or 90-day waiting period. The fund offers access to online calculators, scaled advice and full financial planning. Additionally, the WeCare program offers members and their families benefits such as legal advice, home assistance, funeral assistance, counselling and grief services.

Features and Fees

smartMonday Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$92

Administration fee (%)

0.53%

Switching fee

$0

Investment fee

0.24%

Indirect cost ratio (%)

0.07%

Exit fee

$0

Pros and Cons

  • Access to additional benefits via a range of financial products and services, and the WeCare program.
  • Option to transfer in other super fund or retail insurance with no additional underwriting and at group rates. Flexible, value-for-money death/TPD/income protection options, with minimum level death and TPD cover.
  • Free workplace seminars from our specially trained account managers. Comprehensive education material, including online super, retirement and insurance calculators.

smartMonday is the new name of the Aon Master Trust and smartMonday PRIME, which was launched in 2012, is designed for employees of companies with five or more employees. The fund's MySuper offering, Aon MySuper, is a lifecycle investment option that adjusts automatically based on the member's age and is made up of two portfolios, High Growth and Defensive, while choice members have access to 10 Diversified options and 20 Single Sector options. Aon MySuper 50 outperformed the relevant SuperRatings Index over the 5 years to 30 June 2020.Fees are lower than the industry average across all account balances assessed. The fund does not charge a buy-sell spread or an investment switching fee.smartMonday PRIME's insurance offering allows eligible members to apply for an unlimited amount of Death cover and up to $3 million of Total Permanent Disability cover. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30-, 60- or 90-day waiting period. The fund offers access to online calculators, scaled advice and full financial planning. Additionally, the WeCare program offers members and their families benefits such as legal advice, home assistance, funeral assistance, counselling and grief services.

Read More

smartMonday Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$92

Administration fee (%)

0.53%

Switching fee

$0

Investment fee

0.24%

Indirect cost ratio (%)

0.07%

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
GROWTH
CAPITAL STABLE
+ View additional option performance information
Past 5-year return
5.97%
Admin fee

$92

Company
smartMonday
Calc fees on 50k

$622

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum
Go to site
More details
Past 5-year return
5.97%
Admin fee

$92

Company
smartMonday
Calc fees on 50k

$597

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
6.34%
Admin fee

$92

Company
smartMonday
Calc fees on 50k

$512

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum
Go to site
More details

FAQs

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What are the age pension's residence rules?

On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:

  • You’re exempt from the 10-year rule if you’re a refugee or former refugee
  • You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
  • You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
  • You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia

How do you claim superannuation?

There are three different ways you can claim your superannuation:

  • Lump sum
  • Account-based pension
  • Part lump sum and part account-based pension

Two rules apply if you choose to receive an account-based pension, or income stream:

  • You must receive payments at least once per year
  • You must withdraw a minimum amount per year
    • Age 55-64 = 4%
    • Age 65-74 = 5%
    • Age 75-79 = 6%
    • Age 80-84 = 7%
    • Age 85-89 = 9%
    • Age 90-94 = 11%
    • Age 95+ = 14%

If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

How do you find superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

How do you open a superannuation account?

Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

How does the age pension work?

Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.

What is lost superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

How do I set up an SMSF?

Setting up an SMSF takes more work than registering with an ordinary superannuation fund. 

An SMSF is a type of trust, so if you want to create an SMSF, you first have to create a trust.

To create a trust, you will need trustees, who must sign a trustee declaration. You will also need identifiable beneficiaries and assets for the fund – although these can be as little as a few dollars.

You will also need to create a trust deed, which is a document that lays out the rules of your SMSF. The trust deed must be prepared by a qualified professional and signed by all trustees.

To qualify as an Australian superannuation fund, the SMSF must meet these three criteria:

  • The fund must be established in Australia – or at least one of its assets must be located in Australia
  • The central management and control of the fund must ordinarily be in Australia
  • The fund must have active members who are Australian residents and who hold at least 50 per cent of the fund’s assets – or it must have no active members

Once your SMSF is established and all trustees have signed a trustee declaration, you have 60 days to apply for an Australian Business Number (ABN).

When completing the ABN application, you should ask for a tax file number for your fund. You should also ask for the fund to be regulated by the Australian Taxation Office – otherwise it won’t receive tax concessions.

Your next step is to open a bank account in your fund’s name. This account must be kept separated from the accounts held by the trustees and any related employers.

Your SMSF will also need an electronic service address, so it can receive contributions.

Finally, you will need to create an investment strategy, which explains how your fund will invest its money, and an exit strategy, which explains how and why it would ever close.

Please note that you can pay an adviser to set up your SMSF. You might also want to take the Self-Managed Superannuation Fund Trustee Education Program, which is a free program that has been created by CPA Australia and Chartered Accountants Australia & New Zealand.

Do I have to pay myself superannuation if I'm self-employed?

No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.

What superannuation details do I give to my employer?

When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

When is superannuation payable?

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

What will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.

What compliance obligations does an SMSF have?

SMSFs must maintain comprehensive records and submit to annual audits.

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

Is superannuation included in taxable income?

Superannuation is not included when calculating your income tax. So if you have a salary of $50,000, your assessable income would be $50,000, not $50,000 plus superannuation.

That said, superannuation itself is taxed. It is generally taxed at 15 per cent, although if you earn less than $37,000, you will be reimbursed up to $500 of the tax you paid.

Can I choose a superannuation fund or does my employer choose one for me?

Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.