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For AvSuper - Corporate
These are the benefits of this superannuation.
- 9 simple investment options available.
- Free switching available at anytime.
- Automatic Insurance cover for Death and Total & Permanent Disablement, with Income Protection also available.
- Access to commission-free financial planning advice.
- Regular newsletters and seminars offered to members.
AvSuper Accumulation was established in 1990 to provide for the retirement needs of members employed within the Aviation industry. The fund became a public offer fund in 2005 and allows members from all industries to apply for membership.AvSuper offers an investment menu of 6 diversified options and 3 single sector options. The Growth (MySuper) option underperformed the relevant SuperRatings Index over all assessed time periods to 30 June 2021. Please note that the rated Growth (MySuper) option sits within the Growth (77-90%) option category.Fees are higher than the industry average across medium and large account balances assessed. The fund does not charge an investment switching fee or a buy-sell spread.AvSuper's insurance offering allows eligible members to apply for an unlimited amount of Death cover and up to $3 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 2 years or to age 60, covering up to 85% of salary, is available following a 30-, 90- or 180-day waiting period. A range of online tools, calculators and educational resources are available through the fund's website. The fund's secure website, Members Online, further allows members to view and update account details, as well as perform transactions.
For AvSuper - Corporate
- Insurance Cover
Account size discount
Financial planning service
Non-lapsing binding nominations
Employer size discount
Insurance life event increases
Total and permanent disability cover
Long term income protection
Administration fee (%)
Indirect cost ratio (%)
Target Market Determination
Visit AvSuper to view Target Market Determination.
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment option performance
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What happens to my super if I separate from my partner?
Going through a separation can be a difficult time in life and dealing with money often makes it even trickier. But it’s important to know what to expect when it comes to your personal finances so you can be prepared for your next chapter.
What is an SMSF?
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.
What are the risks and challenges of an SMSF?
- 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
What should I know before getting an SMSF?
Four questions to ask yourself before taking out an SMSF include:
- Do I have enough superannuation to justify the higher set-up and running costs?
- Am I able to handle complicated compliance obligations?
- Am I willing to spend lots of time researching investment options?
- Do I have the skill to make big financial decisions?
It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.
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.
What is an SMSF investment strategy?
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.
What contributions can SMSFs accept?
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.
How are SMSFs allowed to invest their funds?
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.
How are SMSFs taxed?
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.
How long after divorce can you claim superannuation?
You or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets.
You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce.
Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married.
In that case, the claim has to be filed within two years of the date of separation.
Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply.
Standard superannuation funds
If your relationship breaks down, your superannuation savings might be divided by court order or by agreement.
The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement).
Click here for more information.
If your relationship breaks down, you must continue to observe the trust deed of your SMSF.
So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund.
This no-punishment rule applies even if the two parties are involved in legal proceedings.
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Superannuation funds often charge a fee for splitting accounts after a relationship breakdown.
Splitting superannuation can also impact the size of your total super balance and how your super is taxed.
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What are ethical investment superannuation funds?
Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.
What are concessional contributions?
Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.
What are government co-contributions?
A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.
What are personal contributions?
A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.
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 paid on unused annual leave?
If your employment is terminated, superannuation will not be paid on unused annual leave.
Can I buy a house with my superannuation?
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.
How do you set up superannuation?
Before you set up a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.
Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.
Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).
Is superannuation compulsory?
Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.
How does superannuation affect the age pension?
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.
How do you get superannuation?
You’re automatically 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