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Pros and Cons
Pros and Cons
- No information was provided by the fund to SuperRatings.
Summary
Colonial First State’s Rollover and Superannuation product was established in 1995. The product is no longer available to new members but continues to deliver services to current members. Colonial Rollover and Superannuation offers an investment menu consisting of four diversified and ten single sector options. The Diversified option outperformed the SuperRatings Index over the year to 30 June 2020; however, underperformed across other assessed time periods. Fees are lower than the industry average across small account balances assessed. No switching fees are charged; however, a buy-sell spread and other transactional costs may apply. The insurance available through the fund allows eligible members, under the age of 64 years, the ability to apply for an unlimited amount of Death cover. Members can also apply for $2 million of TPD cover before 60 years of age. No income protection cover is offered.Members have access to a range of educational materials, newsletters and calculators found online in the fund's website. Financial advice services are also available.
Features and Fees
Colonial First State 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 $0 | Administration fee (%) |
Switching fee $0 | Investment fee 1.03% |
Indirect cost ratio (%) 0.07% | Exit fee $0 |
Pros and Cons
- No information was provided by the fund to SuperRatings.
Colonial First State’s Rollover and Superannuation product was established in 1995. The product is no longer available to new members but continues to deliver services to current members. Colonial Rollover and Superannuation offers an investment menu consisting of four diversified and ten single sector options. The Diversified option outperformed the SuperRatings Index over the year to 30 June 2020; however, underperformed across other assessed time periods. Fees are lower than the industry average across small account balances assessed. No switching fees are charged; however, a buy-sell spread and other transactional costs may apply. The insurance available through the fund allows eligible members, under the age of 64 years, the ability to apply for an unlimited amount of Death cover. Members can also apply for $2 million of TPD cover before 60 years of age. No income protection cover is offered.Members have access to a range of educational materials, newsletters and calculators found online in the fund's website. Financial advice services are also available.
Read More
Colonial First State 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 $0 | Administration fee (%) |
Switching fee $0 | Investment fee 1.03% |
Indirect cost ratio (%) 0.07% | 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 4.78% | Admin fee $0 | Company ![]() | Calc fees on 50k $730 | 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 6.17% | Admin fee $0 | Company ![]() | Calc fees on 50k $865 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Past 5-year return 4.50% | Admin fee $60 | Company ![]() | Calc fees on 50k $650 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 3.88% | Admin fee $0 | Company ![]() | Calc fees on 50k $585 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 4.36% | Admin fee $60 | Company ![]() | Calc fees on 50k $540 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 4.56% | Admin fee $0 | Company ![]() | Calc fees on 50k $570 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.21% | Admin fee $0 | Company ![]() | Calc fees on 50k $550 | 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
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.
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.
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.
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 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
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 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.
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 find lost superannuation funds?
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.
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
How much is superannuation?
Superannuation 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.
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.
What is the age pension's assets test?
The value of your assets affects whether you can qualify for the age pension – and, if so, how much.
The following assets are exempt from the assets test:
- your principal home and up to two hectares of used land on the same title
- all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
- any property or money left to you in an estate, which you can’t get for up to 12 months
- a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
- aids for people with disability
- money from the National Disability Insurance Scheme for people with disability
- principal home sale proceeds you’ll use to buy another home within 12 months
- accommodation bonds paid on entry to residential aged care
- any interest not created by you or your partner
- a Special Disability Trust if it meets certain requirements
- your principal home, if you vacate it for up to 12 months
- granny flat rights where you pay more than the extra allowable amount
For full pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$253,750 |
$456,750 |
Couples living together |
$380,500 |
$583,500 |
Couples living apart due to ill health |
$380,500 |
$583,500 |
Couples with only one partner eligible |
$380,500 |
$583,500 |
For part pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$550,000 |
$753,000 |
Couples living together |
$827,000 |
$1,030,000 |
Couples living apart due to ill health |
$973,000 |
$1,176,000 |
Couples with only one partner eligible |
$827,000 |
$1,030,000 |
For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:
Category |
Home owners |
Non-home owners |
Singles |
$503,250 |
$706,250 |
Couples living together |
$783,000 |
$986,000 |
Couples living apart due to ill health |
$879,500 |
$1,082,500 |
Couples with only one partner eligible |
$783,000 |
$986,000 |
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).
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 are the age pension's age rules?
Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:
Date | Eligibility age |
---|---|
1 July 2019 | 66 years |
1 July 2021 | 66 years and 6 months |
1 July 2023 | 67 years |
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 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
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.
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.