Colonial First State

Omniport Superannuation

Past 5-year return
6.17%
Admin fee

$0

Calc fees on 50k

$865

SuperRatings awards
MyChoice Other
Past 5-year return
6.17%
Admin fee

$0

Calc fees on 50k

$865

SuperRatings awards
MyChoice Other

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

Pros and Cons

Pros and Cons

  • No information has been provided by the fund to SuperRatings

Summary

Omniport Super was established in 2002 to provide for the retirement needs of members from a wide range of industries. Omniport Super provides access to managed accounts, managed funds and other unlisted investments. The CFS Wholesale Diversified option outperformed the relevant SuperRatings Index over the 10 years to 30 June 2020. The extensive investment menu means returns will vary depending on the option and manager selected.Fees are higher than the industry average across all account balances assessed. There is no switching fee or buy-sell spread. There is no minimum account balance requirement; however, minimum 0.5% of the value of the account plus the value of any group insurance premiums due over the next three months must be held within cash account.The Omniport Super’s LifeProtect insurance offering allows eligible members to apply for up to $5.5 million of Death cover and up to up to $3 million of TPD cover. Members can also apply to increase cover of up to $100,000 or 25% of the current sum insured following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 2 years or to age 65, covering up to $30,000 per month, is available following a 30, 60- or 90-day waiting period. Members can access account information online via omniport.com.au. The fund offers a range of online tools and education resources to ensure members are well informed.

Features and Fees

Colonial First State 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

$0

Administration fee (%)

0.77%

Switching fee

$0

Investment fee

0.96%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • No information has been provided by the fund to SuperRatings

Omniport Super was established in 2002 to provide for the retirement needs of members from a wide range of industries. Omniport Super provides access to managed accounts, managed funds and other unlisted investments. The CFS Wholesale Diversified option outperformed the relevant SuperRatings Index over the 10 years to 30 June 2020. The extensive investment menu means returns will vary depending on the option and manager selected.Fees are higher than the industry average across all account balances assessed. There is no switching fee or buy-sell spread. There is no minimum account balance requirement; however, minimum 0.5% of the value of the account plus the value of any group insurance premiums due over the next three months must be held within cash account.The Omniport Super’s LifeProtect insurance offering allows eligible members to apply for up to $5.5 million of Death cover and up to up to $3 million of TPD cover. Members can also apply to increase cover of up to $100,000 or 25% of the current sum insured following the occurrence of a prescribed Life Event without additional underwriting. Income Protection with a benefit period of 2 years or to age 65, covering up to $30,000 per month, is available following a 30, 60- or 90-day waiting period. Members can access account information online via omniport.com.au. The fund offers a range of online tools and education resources to ensure members are well informed.

Read More

Colonial First State 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

$0

Administration fee (%)

0.77%

Switching fee

$0

Investment fee

0.96%

Indirect cost ratio (%)

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
+ View additional option performance information
Past 5-year return
4.78%
Admin fee

$0

Company
Colonial First State
Calc fees on 50k

$730

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Other
Go to site
More details
Past 5-year return
6.17%
Admin fee

$0

Company
Colonial First State
Calc fees on 50k

$865

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Other
Go to site
More details
Past 5-year return
4.50%
Admin fee

$60

Company
Colonial First State
Calc fees on 50k

$650

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
3.88%
Admin fee

$0

Company
Colonial First State
Calc fees on 50k

$585

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
4.36%
Admin fee

$60

Company
Colonial First State
Calc fees on 50k

$540

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Gold
Go to site
More details
Past 5-year return
4.56%
Admin fee

$0

Company
Colonial First State
Calc fees on 50k

$570

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
5.21%
Admin fee

$0

Company
Colonial First State
Calc fees on 50k

$550

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Other
Go to site
More details

FAQs

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 fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

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.

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 happens to my insurance cover if I change superannuation funds?

Some superannuation funds will allow you to transfer your insurance cover, without interruption, if you switch. However, others won’t. So it’s important you check before changing funds.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

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.

How do you create a superannuation account?

Before you create 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).

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 extra superannuation can I add to my fund?

There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

  • Retail funds
  • Industry funds
  • Public sector funds
  • Corporate funds
  • Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

What is the superannuation rate?

The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set 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 will the superannuation fund do with my money?

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

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 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.

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.

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.

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.

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

How do I choose the right superannuation fund?

Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.

So you need to ask yourself these four questions when comparing superannuation funds:

  • How many fees would I have to pay and what would they cost?
  • What insurances are available and how much would they cost?
  • What investment options does it offer? How would they match my risk profile and financial needs?
  • How have these investment options performed historically?