Frequently Asked Questions
Can I view my account over the Internet?
The Tasplan website has a feature called Member Access which enables members to view and change account details at any time. For information on how to register for Member Access go to the Tasplan homepage.
How can I notify a change in personal details?
Call Tasplan on 1800 005 166 to notify of a change in your personal details. If you are registered for Member Access, you can also make the change yourself via the Tasplan website.
Why do I have to supply a Tax File Number? (TFN)
You don't! But if you don't the Government may impose a higher rate of tax on money coming in and out of your super account. The TFN is an important identifier which, when authorised, can be used by Tasplan to find any lost super you may have. Please note that our privacy policy prohibits Tasplan using your TFN for any unauthorised purpose.
How much and when is an employer supposed to pay?
Superannuation Guarantee legislation requires every Australian employer to contribute a minimum of 9% of salary and wages to a superannuation fund on behalf of most employees earning more than $450 per month. Whilst many industrial awards specify monthly contributions, at the very least, employers are required to make superannuation contributions on a quarterly basis. Any voluntary or personal contributions deducted from an employee's pay must be forwarded to the fund within 28 days of the end of the month in which they were deducted.
How can I check that contributions have been made?
Members registered for Member Access can check their account details at any time. Generally within 10 days of receipt, an employer contribution can be viewed on the Tasplan website using Member Access. A record of the last six contributions are held there. Alternately, a member may contact Tasplan by telephone 1800 005 166 for details of the contributions which have been received.
What if my employer hasn't been making contributions?
Employers must make super contributions according to the provisions of the Superannuation Guarantee or relevant award. ( Enforcement of the Super Guarantee rests with the Australian Taxation Office. (ATO) Where contributions have not been paid you can advise the ATO on 13 10 20 ) Contribution returns forwarded by Tasplan to employers notify them where we believe there may be contribution arrears and include a request for immediate payment.
Can my employer contribute to my existing Tasplan account?
Tasplan is a complying superannuation fund nominated in many State and Federal awards. There would be very few situations where an employer would not be able to make contributions to Tasplan. ( once they had registered as a participating employer.)
Can two employers contribute to the one Tasplan Account?
Yes – your annual member statement will separately detail the contributions received from each employer.
What is the tax rate on contributions made to super?
To encourage Australians to save for their retirement, the Government levies a reduced rate of taxation (15%) on employer contributions such as Superannuation Guarantee (SG), Salary Sacrifice and Employer contributions greater than the SG.
How do I make personal contributions to Tasplan?
Simply ask your employer to make deductions from your pay and forward to Tasplan, or contact the fund to arrange for a book of contribution slips to be forwarded for you to include with payments. A direct debit facility is also available.
What is Salary Sacrifice?
Salary sacrifice is a formal arrangement with between an employer and employee to take super contributions out of an employee's pay before they pay income tax. In effect, the employer super contribution increases and the employee's salary decreases by the same amount. This money is classified in the same way as employer contributions and is subject to the Government's contributions tax of 15%. Salary sacrifice may be tax effective because the tax rate on contributions is generally well below the rate of income tax that would have otherwise applied. Salary Sacrifice contributions must remain in the superannuation system in accordance with preservation rules.
What is the Government's Co-contribution?
The Federal Government will make a contribution of $1.50 for every dollar made in personal ( after tax ) contributions to super to a maximum of $1500 for those whose income is $28,000 or less. Even for those with income up to $58,000 per annum, a pro-rata cocontribution may be available from the Government. It's a great deal! Refer to the Hot Topics section of the web-site for further information about the Government's Co-contribution Scheme including eligibility criteria.
What is Employer Access?
There are a number of electronic methods that employers can use to make super payments to Tasplan. Employer Access is a web-based method by which employers can make contributions.
Is my money safe?
Tasplan is the largest Tasmanian based multi-industry super fund with over $800 million in funds under management. It complies with all relevant laws and meets the requirements of all other regulations governing superannuation funds.
How is interest calculated?
The Tasplan Trustee determines an interest rate for each investment option based on its performance each month. At the end of the financial year, once all of the Fund’s income, tax accruals and expenses for the period are known, the trustee reviews and confirms the monthly crediting rates for each of the investment options.
How is my money invested?
Tasplan offers members a choice of investment options with each having a different level of risk and return. Each investment option comprises different assets or groups of assets including Australian and international shares, fixed interest, property and cash. The actual asset allocation for investment options and a list of investment managers is provided in the Trustee Report or on the Tasplan website.
Can I choose how my money is invested?
Tasplan offers 5 investment options and enables members to invest in any one of these or alternately, in a combination of any two of the options.
Can Tasplan accept Rollovers/transfers from other funds?
Tasplan is able to accept a ‘roll-over' or transfer from any other complying super fund in Australia. The fund may also be able to accept Rollovers from overseas, however please contact the fund prior to requesting the roll-over to ensure acceptance.
What insurance cover does Tasplan provide?
Tasplan offers insurance cover to all of its employed members. Death only cover or death and total and permanent disability insurance is available. A weekly premium is deducted from accounts to cover insurance costs.
Why can't I access my super until I retire?
In the future there will be fewer Australians working and a larger proportion of people of retirement age. To protect future generations from having to shoulder the burden of providing social services to such a large number of people, the Government has encouraged people to save for their own retirement by providing tax concessions for money put into superannuation funds. If it allowed people to access that money prior to retirement, it would be undermining its own policy and providing one group of Australians with a lower rate of tax than the rest.
What is member Benefit protection?
Commonwealth Government legislation limits the fees and charges that can be deducted from a member's account if the account balance is less than $1000. In any one year, fees and charges deducted directly from a members account cannot exceed the interest earned on the account. In years where the operating expenses of the fund exceed the interest earned from investments, a minimum fee of $10 may apply.
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