$60
$630

Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- 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.
Summary
AvSuper MySuper was established to service the retirement needs of members employed within the Aviation industry. The fund is a public offer fund and allows members from all industries to apply for membership.The Growth (MySuper) option is the fund's default investment option, whilst choice members may also select from a range of Diversified and Single Sector options. The Growth (MySuper) option outperformed the relevant SuperRatings Index over the 10 years to 30 June 2020 although it underperformed over other assessed time periods. Please note that the rated Growth (MySuper) option sits within the Growth (77-90%) option category.Fees are lower than the industry average across small and medium 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.
Features and Fees
AvSuper Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $60 | Administration fee (%) 0.23% |
Switching fee $0 | Investment fee 0.73% |
Indirect cost ratio (%) 0.18% | Exit fee $0 |
Pros and Cons
- 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 MySuper was established to service the retirement needs of members employed within the Aviation industry. The fund is a public offer fund and allows members from all industries to apply for membership.The Growth (MySuper) option is the fund's default investment option, whilst choice members may also select from a range of Diversified and Single Sector options. The Growth (MySuper) option outperformed the relevant SuperRatings Index over the 10 years to 30 June 2020 although it underperformed over other assessed time periods. Please note that the rated Growth (MySuper) option sits within the Growth (77-90%) option category.Fees are lower than the industry average across small and medium 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.
Read More
AvSuper Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $60 | Administration fee (%) 0.23% |
Switching fee $0 | Investment fee 0.73% |
Indirect cost ratio (%) 0.18% | Exit fee $0 |
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 $60 | Company ![]() | Calc fees on 50k $630 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Product | Past 5-year return New | Admin fee $60 | Company ![]() | Calc fees on 50k $630 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
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FAQs
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
What are my superannuation obligations if I'm an employer?
Employers are required to pay superannuation to all their staff if the staff are:
- Over 18 and earn more than $450 before tax in a calendar month
- Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month
This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.
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.
What happens if my employer goes out of business while still owing me superannuation?
If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.
If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.
So there might be some circumstances when you don’t receive all the superannuation you’re owed.
What compliance obligations does an SMSF have?
SMSFs must maintain comprehensive records and submit to annual audits.
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.
What is MySuper?
MySuper accounts are basic, low-fee accounts. If you don’t nominate a superannuation fund, your employer must choose one for you that offers a MySuper account.
MySuper accounts offer two investment options:
- Single diversified investment strategy
Your fund assigns you a risk strategy and investment profile, which remain unchanged throughout your working life.
- Lifecycle investment strategy
Your fund assigns you an investment strategy based on your age, and then changes it as you get older. Younger workers are given strategies that emphasise growth assets
What happens if my employer falls behind on my superannuation payments?
The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.
How can I keep track of my superannuation?
Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.
How much money do you get on the age pension?
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |
Am I entitled to superannuation if I'm not an Australian citizen?
Yes, permanent and temporary residents are entitled to superannuation.
Is superannuation taxed?
Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
Payment type | Is superannuation paid? |
---|---|
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
Overtime hours – agreement prevails over award | No |
Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
No ordinary hours of work stipulated | Yes – all hours worked |
Casual employee: shift loadings | Yes |
Casual employee: overtime payments | No |
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
Piece-rates – no ordinary hours of work stipulated | Yes |
Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
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.
What is salary sacrificing?
A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.
How do you access superannuation?
Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age has six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
What is superannuation?
Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.
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
When did superannuation start?
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.
How is superannuation regulated?
The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.