$1 billion boost
The Federal Government has provided over $1 billion in super contributions to low and middle income earners through the Co-contribution scheme this financial year. Introduced in July 2003, the Co-contribution scheme is designed to help boost retirement savings for eligible Australians, by providing up to $1.50 for every dollar (up to $1,000) contributed to super.
To receive a Co-contribution next financial year, members who meet the eligibility criteria need to make a payment by 30 June 2008. To find out more, visit our website or call the Customer Service Centre.
Super made easy for you
At AESuper we offer superannuation seminars covering a range of topics, from 'how to get your super in order', to 'how much super is enough', and provide these services at no cost to you or your employees. Our Consultants are flexible and can arrange a session time to suit the needs of your business. Whether to two or two hundred staff, we deliver meaningful presentations which add value for your employees. To take advantage of this offer please email us at rwilson@aesuper.com.au with your details and one of our Consultants will contact you.
Tax-free for terminally ill
Individuals who are terminally ill and still working now have unrestricted access to their superannuation benefits. Moreover, if the person takes the benefit as a lump-sum, it is tax-free. Previously, the amount accessible to those who were still working and terminally ill was restricted.
Individuals can now access the full value of their super as a pension or lump-sum, and if the benefit is taken as a lumpsum, the benefit payment is tax-free. This tax concession applies to lump sum benefits paid (on or after 1 July 2007). Details on how to access benefits are available via our website.
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Public holiday – operating hours
Our Customer Service Centre will be closed on Anzac Day, 25 April 2008. The Centre will then return to normal operating hours, 8.00am to 10.00pm (AEST) weekdays.
UK Pension transfers
Professional Associations Superannuation Fund, of which AESuper is a division, is now a Qualifying Recognised Overseas Pension Scheme (QROPS). This means no extra UK tax will apply for members wanting to transfer their UK pensions into their AESuper account, provided certain conditions are met.
As transfers can involve complex taxation and financial planning issues, members intending to transfer UK Pension Funds should seek independent financial advice to determine whether it is in their best interest to do so. For more information please contact the Customer Service Centre on 1800 555 024.
Late SG Contributions now count
The Government is set to amend existing SG contribution rules, providing leniency to those employers who make late SG contributions.
Currently, employers failing to make required contributions within 28 days of the due date must make the payments directly to the Australian Taxation Office (ATO). Late payments made directly to a super fund do not qualify against the ATO's (penalty) SG charge.
Once the change comes into effect (receives Royal Assent), all late SG contributions, regardless of whether it is paid through the ATO or the super fund, will count towards satisfying the required superannuation guarantee (SG) obligations for employers.
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