Your superannuation account with Tasplan works a little like a bank account. The diagram below shows how money goes in and out of your account.

What goes into your account?

Employer contributions
Federal Government legislation means your employer is generally required to pay superannuation on your behalf. Compulsory employer contributions are known as Superannuation Guarantee (SG) contributions, and are calculated as a percentage of your annual salary (ordinary times earnings).

The SG requirement for recent years is set as follows:

Some employment agreements allow for more than the SG rate to be contributed. Check with your employer how much super will be paid for you.

Personal contributions
You can make personal contributions to your super at any time. This can be any amount you choose - even a small amount like $5 a week can make a big difference over time. There are several easy ways to make personal contributions and there can be many benefits for you, including some tax advantages. For more information about making personal contributions, click here. Some conditions may apply to your eligibility to make contributions, refer to page 5 of the PDS, or contact us on Freecall 1800 005 166 for clarification.

Transfers from other funds
If you have more than one super fund, it is usually a good idea to consolidate them into one account so you pay less fees. You can transfer any old super accounts into Tasplan easily. For more information, go to Rolling over old funds.

Investment earnings
All the money received by Tasplan is invested by professional investment managers. Earnings from these investments are credited to your account at the end of each financial year as our annual interest rate. Go to Investment performance for information on how Tasplan has performed in the past.

Insurance proceeds
In the event of your disablement or death, you or your beneficiary may be entitled to an insurance benefit.

What goes out of your account?

Administration fees
Tasplan charges some fees to cover the cost of administering your account. Members pay $1.60 per week in administration fees (a maximum of up to $83.20 per year). Some other fees may apply depending on your account activity, for instance a Benefit Payment Fee if you withdraw your account.

Insurance premiums
Tasplan members automatically receive insurance cover, 24 hours a day, 7 days a week. More information about insurance cover and premiums, go to Insurance cover.

Federal Government taxes
The Federal Government charges some taxes that apply to all super funds in Australia. Some of these taxes cover all superannuation fund members, and some are targeted to specific members if they meet certain criteria.

Go to Fees & taxes for a full explanation of all the fees and government taxes that may apply to you.

Tasplan protects low account balances
While the interest rate applied to your account will generally exceed fees, if your account balance is particularly low, this may not be the case. If your account balance is under $1,000, Tasplan will not charge you more in administration fees than you earned in interest on your account (unless the Plan's administration expenses are higher than the overall investment returns it receives). See our explanation on Member Benefit Protection in section Member Services.

Note that all accounts are subject to deductions such as Federal Government taxes and insurance premiums, which may cause small accounts to reduce.