Member Information Booklet - REI Super

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tax on death and disablement benefits A lump sum payment made upon your death directly to a dependant (as defined for tax purposes) will be tax-free. A non-dependant will be taxed at special rates (ranging from 15% to 30%, plus Medicare levy) on the taxable component; no tax is payable on any tax-free component. Similarly, if a lump sum payment is made upon your death to your estate for distribution in accordance with your Will or the administration laws, the amount given to a dependant by the estate will be tax-free in the estate and to the dependant. A payment by the estate to a non-dependant will be taxed at special rates on the taxable component; no tax is payable on any tax-free component. tax on total and Permanent disablement Insurance benefits are taxed at different rates depending on your age when you are disabled. For example, when you are young, the level of tax rate is very low; when you are near retirement, the level of tax will be similar to tax on the Retirement benefit. For more information, contact the ATO on 13 10 20. Salary Continuance insurance benefits are generally taxed in the same way as salary or wages. page 26 tax on investment earnings Generally, the Trustee is liable to pay tax at a maximum rate of 15% on: > investment income > realised capital gains from assets held for less than twelve months, and > two-thirds of realised capital gains from assets held for more than twelve months. The actual tax rate may be reduced below 15%, due to the effect of various tax credits and rebates, such as imputation credits on Australian shares investments. Any tax on investment earnings are paid by the Fund prior to the net earnings being credited to your account. tax on money transferred into or out of a fund There is no tax payable if you transfer money from one super fund to another, unless the amount transferred contains an untaxed component (for example, a termination payment direct from an employer, or a payment from certain superannuation funds for government employees). An untaxed component attracts a 15% tax. tax on rollovers No tax is payable when you transfer your super into a pension, except for any of the following components of your transfer: 1. the taxable component of certain lump sum payments made by your employer to you when your employment is terminated; and 2. any ‘untaxed element’ from a super fund (e.g. an unfunded public sector scheme).
8 Insurance in your super Automatic cover and options to increase... 8 insurance in your super Most of us insure our car, our house and our health, but not our life. With <strong>REI</strong> <strong>Super</strong> Elite, you get the peace of mind that comes with knowing that your loved ones will be provided for if you die or become temporarily or permanently disabled. page 27
Page 1 and 2: ei Super elite member information b
Page 3 and 4: 1 About REI Super & REI Super Elite
Page 5 and 6: 2 How super works 2 How super works
Page 7 and 8: merge your super accounts with rei
Page 9 and 10: estrictions on cash payments Genera
Page 11 and 12: what are the benefits of being a me
Page 13 and 14: investment options REI Super Elite
Page 15 and 16: 5 How we invest your money 5 How we
Page 17 and 18: investment managers The investment
Page 19 and 20: ei Super elite diversified investme
Page 21 and 22: 6 Fees and costs 6 fees and costs I
Page 23 and 24: example of annual fees and costs fo
Page 25 and 26: 7 How super is taxed 7 How super is
Page 27: tax on contributions From 1 July 20
Page 31 and 32: Additional cover The maximum amount
Page 33 and 34: ‘dependant’ means a spouse and
Page 35 and 36: elite members fixed Cover rate of P
Page 37 and 38: when does cover end? Your insurance

Member Information Booklet - REI Super

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