Legislation & Taxation

The following is general information on the current rules and regulations governing superannuation and related legislation.

.

Seek Financial Advice

We strongly recommend you obtain independent financial advice before making any decision to ensure you are fully aware of tax and other implications.

How Can Catholic Super Help?

Catholic Super offers financial and retirement planning services to all members through its wholly owned subsidiary, CSF Financial Services Pty Limited (AFSL 298046). Our professionally trained staff are able to provide these services to all Catholic Super members.

You can find out more about CSF Financial Services Pty Limited in the Fund Features section of this website or you can contact us .

----------------------------------------------------------------------------------

Preservation

To help ensure that your superannuation benefits are available for you to use when you eventually retire from the workforce, the Government generally requires that the preserved portion of your superannuation benefits (if greater than $200) will not be payable until you:

• permanently retire from the workforce after age 55 (being progressively increased to age 60 as per the Table below); or
• set up a pre-retirement pension after age 55 while still working (conditions apply); or
• leave your Employer on or after age 60 irrespective of whether or not you are retiring permanently from the workforce; or
• reach age 65; or
• retire due to permanent disability; or
• suffer financial hardship and obtain required approval; or
• qualify under compassionate grounds; or
• permanently depart from Australia, having been an eligible temporary resident; or
• die (it will be paid to your estate or your dependants).
  
  

Special consideration may be given in cases of severe financial hardship and on compassionate grounds, but these are subject to Government conditions. Contact us for more details.

Those persons who have entered Australia temporarily on particular classes of visas and are departing permanently from Australia may access their preserved superannuation benefit. The payment of this benefit is subject to special rates of taxation. If you are a temporary resident of Australia and you will be leaving permanently, please contact us when completing the Benefit Payment Form.

On leaving the service of a participating employer you can arrange with us to have the portion of your benefit requiring preservation retained in this Fund, transferred to your new Employer's superannuation fund, or to another approved arrangement which can accept preserved benefits.

Following Government Legislation, effective from 1 July 1999 all future increases in superannuation benefits, including personal and employer contributions and all investment returns credited, will be preserved. The amount of your benefit not preserved as at 1 July 1999 will remain non-preserved, but any future investment returns on that benefit will be preserved.

For further information on the options available, contact your financial planner.

----------------------------------------------------------------------------------

Age Pension Changes For Women

The Commonwealth Government is phasing in changes as to when women qualify for the age pension. Use the following table to find out when you might qualify. To be entitled to a pension you must also satisfy a number of Government requirements, including appropriate means tests on income and assets.

Please contact Centrelink for more details.

----------------------------------------------------------------------------------

Age Pension Deferral Bonus Scheme

Effective 1 July 1998, the Government introduced the payment of a lump sum bonus for those who defer taking the age pension and continue to work. The bonus, which is calculated as a percentage of the pension, is payable when the pension eventually commences and will be exempt from tax. You must register for the Scheme.

Please contact Centrelink for more details.