CareSuper

CareSuper

Past 5-year return
6.86%
Admin fee

$78

Calc fees on 50k

$543

SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSmooth Ride FinalistInfinity Recognised
Past 5-year return
6.86%
Admin fee

$78

Calc fees on 50k

$543

SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSmooth Ride FinalistInfinity Recognised

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

Pros and Cons

Pros and Cons

  • 13 investment options including the DIO
  • Consistent and strong long-term investment returns
  • Cost-effective and flexible insurance cover
  • Extensive services provided for members including online education, financial seminars and access to financial planning advice
  • Access to discounted banking and insurance products

Summary

CareSuper is a public offer industry superannuation fund established in 1986 to cater to the professional, managerial and administrative industries. The fund was nominated as a finalist for the 2021 MySuper of the Year and 2021 Smooth Ride awards, and is also Infinity Recognised, which is a result of its strong commitment to environmental and social principles.Members have access to 12 Diversified and Single Sector investment strategies, including the Sustainable Balanced option for the ethical investor. Access to Term Deposits, LICs, ASX300 Shares and selected ETFs is also provided through the Direct Investment option; however, additional costs may apply. CareSuper's Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020. CareSuper's fees for the Balanced option are lower than the industry average across all account balances assessed, with the asset administration fee capped at $500 pa. There are no switching fees, although a buy-sell spread may apply.A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) insurance cover automatically provided to eligible members upon joining the fund. Income Protection (IP) with a benefit period of 2 years or 5 years, covering up to 85% of the first $423,530 of salary, is available following a 30, 60- or 90-day waiting period. Eligible new members can increase Death & TPD cover to a maximum of $750,000, or apply for IP cover, with a few health questions.Additional member benefits such as discounted banking products, health insurance, online tax return services, access to financial planners and SMSF wind-up services are also available to members.

Features and Fees

CareSuper 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

$78

Administration fee (%)

0.19%

Switching fee

$0

Investment fee

0.24%

Indirect cost ratio (%)

0.5%

Exit fee

$0

Pros and Cons

  • 13 investment options including the DIO
  • Consistent and strong long-term investment returns
  • Cost-effective and flexible insurance cover
  • Extensive services provided for members including online education, financial seminars and access to financial planning advice
  • Access to discounted banking and insurance products

CareSuper is a public offer industry superannuation fund established in 1986 to cater to the professional, managerial and administrative industries. The fund was nominated as a finalist for the 2021 MySuper of the Year and 2021 Smooth Ride awards, and is also Infinity Recognised, which is a result of its strong commitment to environmental and social principles.Members have access to 12 Diversified and Single Sector investment strategies, including the Sustainable Balanced option for the ethical investor. Access to Term Deposits, LICs, ASX300 Shares and selected ETFs is also provided through the Direct Investment option; however, additional costs may apply. CareSuper's Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020. CareSuper's fees for the Balanced option are lower than the industry average across all account balances assessed, with the asset administration fee capped at $500 pa. There are no switching fees, although a buy-sell spread may apply.A full suite of insurance cover is offered, with Death and Total & Permanent Disablement (TPD) insurance cover automatically provided to eligible members upon joining the fund. Income Protection (IP) with a benefit period of 2 years or 5 years, covering up to 85% of the first $423,530 of salary, is available following a 30, 60- or 90-day waiting period. Eligible new members can increase Death & TPD cover to a maximum of $750,000, or apply for IP cover, with a few health questions.Additional member benefits such as discounted banking products, health insurance, online tax return services, access to financial planners and SMSF wind-up services are also available to members.

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CareSuper 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

$78

Administration fee (%)

0.19%

Switching fee

$0

Investment fee

0.24%

Indirect cost ratio (%)

0.5%

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
CONSERVATIVE BALANCE
DIVERSIFIED FIXED INTEREST
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
+ View additional option performance information
Past 5-year return
6.86%
Admin fee

$78

Company
CareSuper
Calc fees on 50k

$543

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSmooth Ride FinalistInfinity Recognised
Go to site
More details
Past 5-year return
6.86%
Admin fee

$78

Company
CareSuper
Calc fees on 50k

$543

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSmooth Ride FinalistInfinity Recognised
Go to site
More details
Product
Past 5-year return
6.86%
Admin fee

$78

Company
CareSuper
Calc fees on 50k

$543

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSmooth Ride FinalistInfinity Recognised
Go to site
More details
Past 5-year return
6.86%
Admin fee

$78

Company
CareSuper
Calc fees on 50k

$543

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum PerformanceSmooth Ride FinalistInfinity RecognisedMySuper of the Year Finalist
Go to site
More details

FAQs

What should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. 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 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.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

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.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

How much superannuation should I have?

The amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.

The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:

Lifestyle Singles Couples
Modest $465 $668
Comfortable $837 $1,150

Here is the superannuation balance you would need to fund that level of spending:

Lifestyle Singles Couples
Modest $50,000 $35,000
Comfortable $545,000 $640,000

These figures come from the March 2017 edition of the ASFA Retirement Standard.

The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.

Here is how ASFA defines retirement lifestyles:

Category Comfortable Modest Age pension
Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city
Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway
Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep
Alcohol Bottled wine Casked wine Homebrew beer or no alcohol
Clothing Good clothes Reasonable clothes Basic clothes
Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it
Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities
Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter
Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof
Insurance Private health insurance Private health insurance No private health insurance

What will the superannuation fund do with my money?

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

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 much is superannuation in Australia?

Superannuation in Australia is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

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 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

What is the age pension's income test?

These are the rules for most people who want to claim the standard pension:

Single people

  • If your income per fortnight is up to $168, you’re entitled to a full pension
  • If your income per fortnight is over $168, your pension will reduce by 50 cents for each dollar over $168

Couples

  • If your income per fortnight is up to $300, you’re entitled to a full pension
  • If your income per fortnight is over $300, your pension will reduce by 50 cents for each dollar over $300

These are the rules for most people who want to claim the transitional pension:

Single people

  • If your income per fortnight is up to $168, you’re entitled to a full pension
  • If your income per fortnight is over $168, your pension will reduce by 40 cents for each dollar over $168

Couples

  • If your income per fortnight is up to $300, you’re entitled to a full pension
  • If your income per fortnight is over $300, your pension will reduce by 40 cents for each dollar over $300

For most people, the age pension cuts off if your fortnightly income exceeds these thresholds:

Category Fortnightly income
Standard pension for singles $1,944.60
Standard pension for couples living together $2,978.40
Standard pension for couples living apart due to ill health $3,853.20
Transitional pension for singles $2,038.00
Transitional pension for couples living together $3,317.00
Transitional pension for couples living apart due to ill health $4,040.00

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.

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.

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

Who can open a superannuation account?

Superannuation accounts can be opened by Australians, permanent residents and temporary residents. 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

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.

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.

Can I carry on a business in an SMSF?

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.

What compliance obligations does an SMSF have?

SMSFs must maintain comprehensive records and submit to annual audits.