Contributions

Once established, your Fund is able to accept contributions and rollovers. Contributions may be made by cash, cheque, or transfer of assets into the Fund, according to the law. You must provide us with full details of all contributions made to your Fund so that we can ensure they receive the correct tax treatment.

Contributions are required to be allocated and fully vested by the trustee for the benefit of the relevant member. There are restrictions on the amount of contributions that can be made into your Fund. These limits are often referred to as the ‘contribution caps’ or simply ‘caps’. As trustees of your Fund you are responsible for monitoring your contributions against the caps (both concessional and non-concessional), and we recommend that you obtain appropriate professional financial and/or tax advice so that you understand the contribution limits for each member of your Fund.

Benefits and Preservation

We recommend that you discuss your superannuation benefit payments with your financial and/or tax adviser as there are a number of tax implications that impact on these payments, especially if you are under age 60.

As trustee of your Fund you are required to understand your responsibilities and ensure they are properly discharged. We provide all the administration support required by you, as trustee, to ensure benefits are correctly accrued, calculated, preserved, and paid.

Superannuation Benefit Payments

If you satisfy a condition of release, and wish to have your superannuation benefit paid in the form of a lump sum, the trustees should write to us detailing the condition of release you have satisfied and providing us with an authority for the amount to be paid to you.

You can receive your superannuation benefit payment, excluding pension payments, as cash or in specie (actual assets). If you choose to take your benefit payment as assets, transfer costs such as stamp duties and CGT may be included in the calculation of fund earnings allocated to your member account in the Fund.

Transfers and Rollovers

Any partial transfer or rollover of benefits to another fund that you may request will be made proportionately from the taxable and tax-free components of your total benefit.

Pension Benefits

Rather than having your entire superannuation benefit paid as a lump sum, you may wish to receive all or part of your entitlement as a pension benefit payment.

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