Annual report to members 2009 - QSuper - Queensland Government

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More important informationSalary sacrificeThe Commonwealth Government hasexpanded the definition of income sothat from 1 July 2009, salary sacrificecontributions will now be includedwhen calculating your income for superco‐contribution purposes.Preservation cashing conditionsPreservation cashing conditions pertainingto the Defined Benefit and Accumulationaccounts provide for the release ofbenefits upon persons becoming totallyand permanently disabled (TPD). Onceassessed as TPD, persons must first ceaseemployment prior to claiming a benefit.Consistent with amendments toCommonwealth superannuation legislation,QSuper now provides for persons to accesstheir accrued superannuation benefitswhere they have been certified as sufferingfrom a terminal medical condition. Wherea member meets this condition of release,benefits which have accrued up to thattime and any benefits which accrue duringthe certification period (twelve months)may be accessed (conditions apply).Income protectionIn some circumstances, members maybecome entitled to an income protectionbenefit if they are temporarily disabled andhave been on sick leave without salary fora continuous period of 14 calendar days.QSuper’s rules now provide that membersmust exhaust all paid sick leave prior tobecoming entitled to an income protectionbenefit.Contributions for membersaged over 65Members aged between 65 and 75 arerequired to meet a minimum work test inorder to make contributions. QSuper returnscontributions, within 30 days of receipt, inrespect of members who do not meet thework test, consistent with Commonwealthsuperannuation legislation.14 | QSuper Annual report to membersMember identificationrequirementsThe Anti-Money Laundering andCounter‐Terrorism Financing Act 2006(the AML/CTF Act) was introduced bythe Commonwealth Government in 2006to combat money laundering and thefinancing of terrorism.The AML/CTF Act requires superannuationfunds to comply with certain obligationswhen providing services. This includes‘know your customer’ obligations, whichverify the identification of a member orthe agent of a member.QSuper has changed all forms affectedby the AML/CTF Act to help membersmeet the new identification requirements.Members can download the latest formsfrom the QSuper website.In addition, QSuper is continuing toimplement due diligence and monitoring,in line with the AML/CTF Act, to ensurethat our members and their fundsare protected.Family law and same-sexlegislation changesThe Commonwealth Government passedlegislation in late 2008 to eliminatediscrimination against same-sex couplesand children of same-sex relationships.The Commonwealth Government hasamended legislation to allow:• the splitting of a superannuationinterest between de facto couples(including same-sex couples) as part ofa family law property settlement;• same-sex couples to make spousecontributions (and claim a taxdeduction if within prescribed limits);• the same-sex partner of a deceasedperson to receive a superannuationdeath benefit; removing the needto demonstrate an interdependentrelationship or financial dependence onthe deceased;• superannuation contributions splittingbetween same-sex couples; and• the children of each partner in ade facto relationship (includingsame-sex) to receive a death benefit,removing the need to demonstrate aninterdependent relationship.The QSuper Deed has been amended toallow for contribution splitting betweensame-sex couples. Changes to the QSuperDeed providing for the extension ofchildren’s pensions to include the childof each partner in a de facto relationship(including same-sex relationships) will takeeffect in the 2009/2010 financial year.SurchargeThe superannuation surcharge wasabolished from 1 July 2005. Any existingsurcharge liabilities remain payable tothe ATO and will generally be deducedfrom your entitlements when you claim abenefit from QSuper or if you roll over toanother complying superannuation fund.To find out if you have a surcharge liabilityrecorded for your account, please see yourbenefit statement.Enquiries and complaintsQSuper has procedures in place to ensureany enquiries or complaints are dealtwith fairly and promptly. The Fund has90 days to deal with complaints. You candownload QSuper’s Enquiry and complaintsprocedure fact sheet from the QSuperwebsite, or call us and we’ll send you one.If you have a complaint about QSuper,write to the Enquiries and ComplaintsOfficer, QSuper, GPO Box 200, BrisbaneQld 4001, and mark your letter ‘Notice ofenquiry or complaint’.If you are not satisfied with the outcome ofyour complaint, you can take the matter tothe Superannuation Complaints Tribunal(SCT), an independent body set up by theCommonwealth Government to assistmembers only after they have made useof their superannuation fund’s internalcomplaints procedure.If you want to find out whether the SCTis able to deal with your complaint, youshould contact them on 1300 780 808, orvisit their website at www.sct.gov.au.
Financial statementsThe QSuper Fund’s abridged financial statements have been prepared before the audit of the accounts,using information available at the time of publication. The audited financial statements and auditor’sreport will be available on the QSuper website in November 2009.Statement of net assetsas at 30 June2009$’0002008$’000Statement of changes in net assetsfor the year ended 30 June2009$’0002008$’000ASSETSCash 53,869 44,503ReceivablesEmployer contributions receivable 22,270 20,381Member contributions receivable 3,367 3,205GST receivable 2,341 2,077Interest receivable 145 198Sundry receivables and prepayments 3,199 2,19231,322 28,053InvestmentsInvestment in unit trusts 22,900,826 24,741,485Investment in QSuper Limitedand Q Invest Limited 37,529 30,05322,938,355 24,771,538Deferred tax asset 611,318 173,674TOTAL ASSETS 23,634,864 25,017,768LIABILITIESPayablesBenefits payable 8,155 15,562Administration and investmentmanagement fees payable 14,085 15,170Sundry payables 628 74422,868 31,476Tax liabilitiesCurrent tax liabilities (33,868) 244,958Deferred tax liability 152,102 48,867Provision for superannuationcontributions surcharge 74,832 77,734193,066 371,559TOTAL LIABILITIES 215,934 403,035NET ASSETS AVAILABLETO PAY BENEFITS 23,418,930 24,614,733Represented by:Reserves 330,553 575,571Accumulated funds 23,088,377 24,039,162NET ASSETS AVAILABLETO PAY BENEFITS 23,418,930 24,614,733NET ASSETS AVAILABLETO PAY BENEFITSat the beginning of the financial year 24,614,733 22,698,230Investment revenueDistributions from unit trusts 340,798 2,097,721Change in net market value of investments (3,399,048) (3,002,416)Investment management fees (61,281) (38,054)Interest revenue 1,898 1,971(3,117,633) (940,778)Contribution revenueEmployer contributions 2,653,399 3,075,303Member contributions 729,932 1,112,419Transfers from other funds 346,190 512,6583,729,521 4,700,380Other revenueSundry revenue 436 1,069Gain from net assets transferred in – 78,200436 79,269Total revenue 612,324 3,838,871Less:Benefits paid 1,745,774 2,027,051General administration expensesAdministration fee 69,238 54,527Financial planning fee 13,744 12,684Superannuation contributions surcharge 5,044 5,135Insurance premiums 3,977 1,65692,003 74,002Total expenses 1,837,777 2,101,053Total change in net assetsbefore income tax (1,225,453) 1,737,818Income tax expense (29,650) (178,685)Total change in net assetsafter income tax (1,195,803) 1,916,503NET ASSETS AVAILABLETO PAY BENEFITSat the end of the financial year 23,418,930 24,614,733QSuper Annual report to members | 15
Page 1 and 2: 2009 Annual report to members Impor
Page 3 and 4: Chairman’s reportby Bob ScheuberC
Page 6 and 7: The Commonwealth Governmentbudget a
Page 8 and 9: Changes to your investment optionsC
Page 10 and 11: QSuper investment optionsDefault op
Page 12 and 13: QSuper investment optionsYour Choic
Page 16: 2009 Annual report to membersMajor

Annual report to members 2009 - QSuper - Queensland Government

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