AustralianSuper
- Last updated on 05 Aug 2020
AustralianSuper is a multi-industry public offer fund that manages over $160 billion in assets on behalf of more than 2.2 million members, making it one of the largest industry superannuation funds in Australia. The fund was the winner of the 2020 Net Benefit award. AustralianSuper offers a range of 11 investment options to choose from, providing members with access to 6 Pre-Mixed and 5 DIY Mix investment options, including a Socially Aware option for the ethical investor. Access to Term Deposits, ETFs and ASX300 Shares is also provided via the Member Direct option; however, additional costs may be incurred. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2019.Fees for the Balanced option are lower than the industry average across all account balances assessed. No fees are charged for switching investment options. A full suite of insurance cover is offered, with Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover automatically provided to eligible members upon joining the fund. 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 or 60 day waiting period. Members can apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting.AustralianSuper members have access to a range of online fact sheets, calculators and educational videos. The fund's member online account further allows members to view and update their account details and perform transactions.
Admin fee $117 | Health insurance |
Administration fee (%) 0.04% | Binding nominations |
Indirect cost ratio (%) | Anti-detriment payments |
Exit fee $0 | Switching fee $0 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.6% | Long term income protection |
Account size discount |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return | Admin fee | Company | Calc fees on 50k | Features | SuperRatings awards | Go to site | |
|---|---|---|---|---|---|---|---|---|
6.62% | $117 | AustralianSuper - MySuper | $437 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |     | More details | ||
6.62% | $117 | AustralianSuper Public Sector Division | $437 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |   | More details | ||
6.62% | $117 | AustralianSuper | $437 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |     | More details | ||
6.62% | $117 | AustralianSuper Personal Plan | $437 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
New Fund | $117 | AustralianSuper - Select | $437 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details |
Popular superannuation products
Related articles
Popular superannuation searches
FAQs
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.
All SMSFs are required to have an investment strategy, which should explain what assets the fund will buy and what objectives it will pursue. This strategy must be reviewed regularly.
Issues to consider include how much risk the SMSF will take, how easily its assets can be converted into cash and how it will pay out benefits.
SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).
However, SMSFs can’t accept contributions from members who don’t have tax file numbers.
Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.
SMSFs can invest in conventional assets such as shares, term deposits, managed funds and property.
SMSFs can also buy ‘collectibles’ such as artwork, jewellery, antiques, coins, stamps, vintage cars and wine – although there are special rules that apply to collectibles.
Investments must be made on an arm’s length basis, which means that assets must be bought and sold at market prices, while income must reflect the market rate of return.
As a general rule, SMSFs can’t buy assets from members or related parties.
SMSFs are allowed to carry on a business under two conditions.
First, this must be permitted under the trust deed.
Second, the sole purpose of the business must be to earn retirement benefits.
- SMSFs have high set-up and running costs
- They come with complicated compliance obligations
- It takes a lot of time to research investment options
- It can be difficult to make such big financial decisions
Funds that follow the rules are taxed at the concessional rate of 15 per cent. Funds that don’t follow the rules are taxed at the highest marginal tax rate.
SMSFs must maintain comprehensive records and submit to annual audits.
There are five things you must do if you want to close your SMSF:
- Fulfil any obligations listed in the trust deed
- Pay out or roll over all the superannuation
- Conduct a final audit
- Lodge a final annual return
- Close the fund’s bank account
An SMSF is a self-managed superannuation fund. SMSFs have to follow the same rules and restrictions as ordinary superannuation funds.
SMSFs allow Australians to directly invest their superannuation, rather than let ordinary funds manage their money for them.
SMSFs are regulated by the Australian Taxation Office (ATO). They can have up to four members. All members must be trustees (or directors if there is a corporate trustee).
Unlike with ordinary funds, SMSF members are responsible for meeting compliance obligations.