What is superannuation?
Superannuation is an important mechanism for long term saving for retirement.
If you are age 18 and over (or under 18 and working more than 30 hours per week), your employer is required by law to pay Superannuation Guarantee (SG) contributions (currently 11% of your salary) into your super fund.
What is Superhero’s Unique Superannuation Identifier (USI)?
Superhero Super’s USI is 43 905 581 638 018. You can also find it in the Profile section of your Superhero Super account.
How does the First Home Super Saver Scheme work?
The First Home Super Saver Scheme (FHSS) scheme allows you to make voluntary concessional and/or non-concessional contributions up to $15,000 p.a. (and up to $30,000 across all years) into your super fund to save for your first home. You can start making contributions at any age.
However, to be eligible for this scheme you must:
- be 18 years or older;
- apply for and receive an FHSS determination from the ATO before signing a contract for your first home or applying for release of your FHSS amounts;
- have never owned property in Australia; and
- not previously requested the Commissioner to issue an FHSS release authority in relation to the scheme.
More information about the FHSS scheme and how to release your savings is available via the ATO website.
Changes are being made to the First home super saver (FHSS) scheme and will start on 20 September 2024.
Learn more about the changes to the FHSS scheme.
How is Superhero Super different from an SMSF?
Superhero Super operates as an APRA-regulated retail super fund, where your retirement funds, taxation and administration are managed by Superhero on your behalf, whereas with a self-managed super fund this responsibility sits with you and other members of your self-managed super fund. Self-managed super funds provide you with direct control over where your super is invested, but there are additional costs and administration requirements.
For example, a member of Superhero Super on 15 May 2024 with a balance of $50,000 – half of which in the Growth option and the other half held in Direct Investments – would have annual fees of just $356.50 plus any brokerage fees or transaction costs incurred through buying and selling investments throughout the year as well as any management fees for ETFs or LICs held as Direct Investments.
Superhero Super offers some of the flexibility of an SMSF but doesn’t offer the same pool of investments available. You should consider your personal circumstances before investing or making a decision and if unsure seek help from a professional.
Superhero Super allows you to invest up to 75% of your super in Direct Investment options including ASX 300 shares, and a select range of ETFs, LICs and Hybrids without the need for an SMSF. You can find the full list of available investment options and holding limits in our Direct Investment Menu and Direct Investment Guide.
If you already have an SMSF, you can set up a Superhero account to invest with your SMSF with Superhero. You can do this by logging into your individual Superhero account, going to your Profile and clicking ‘Add New Account’.
Superannuation eligibility
If you are under age 67, you are eligible for both employer and voluntary contributions to super.
If you are aged between 67-74, you must satisfy the work test before contributions can be accepted. To satisfy the work test, you must have worked at least 40 hours within 30 consecutive days in the financial year or meet the work test exemption. To meet the work test exemption criteria, you must have:
- satisfied the work test in the income year preceding the year in which you made the contribution;
- a total super balance of less than $300,000 at the end of the previous income year; and
- not relied on the work test exemption in a previous financial year.
You can also make downsizer contributions if you are 55 or over.
If you are age 75 and over, you are eligible for superannuation Guarantee contributions if you are working and downsizer contributions. You can make a voluntary member contribution if it is received by the Fund within 28 days after the end of the month in which you turn 75 years old.Â
Please see eligibility for Superhero’s Retirement and Transition to Retirement accounts for more information about accessing your super.
How do I rollover my super with Superhero?
New Members
The easiest way to move your super to Superhero Super is to:
- Create a trading account at www.superhero.com.au.
- Select ‘Add Super Account’ on the Dashboard.
- Follow the Superhero Super registration steps.
- You will be required to provide your Tax File Number to create a Superhero Super account.
- You will have the ability to transfer your existing super to Superhero Super using the ATO’s SuperMatch service and if appropriate, request for a transfer over to your Superhero Super account. Alternatively, you can transfer your super by logging into your my.gov.au account.
Current Members
If you are already a Superhero Super member, you will be able to find your existing super using the ATO’s SuperMatch service and if appropriate, request for a transfer over to your Superhero Super account. Head over to the Profile section of your account on the Superhero Super Member Portal. You are also able to rollover your balance from another superfund via myGov which you can find more details about here.
How do I transfer my super using myGov?
To transfer your super to Superhero using myGov, see below steps:
If you’re not a Superhero Super member yet, you can create your account here. Once your account is created, your Superhero Super account will show in your myGov account. This can take up to 5 days to appear.
Once complete, follow the below steps:
- Create or log into your myGov account and ensure you have linked your account to the ATO.
- Go to the ‘Super’ tab, which will show your existing superannuation accounts.
- Choose the fund/s you want to transfer to Superhero Super.
- Select your Superhero Super as the fund you wish to transfer to.
- Confirm your selection and your funds should arrive in your Superhero Super account in 3-7 business days.
For more information go to my.gov.au or https://www.ato.gov.au/general/online-services/.
Before transferring your super, consider the effect it may have on things like insurance. See a professional if you’re unsure what is best for your circumstances.
Can I partially rollover my super to Superhero Super?
Yes! Partial rollovers in or out of Superhero are accepted but there may be some conditions.
Partial rollovers can be selected during the setup process for Superhero Super. You can also select a partial rollover at any time after setting up your Superhero Super account from your Profile tab using the ATO’s SuperMatch service by selecting the ‘Find More Super’ search button.
How long will my rollover take?
Super funds have a legal obligation to process rollovers within 3 business days of having all the required information to enable them to do so.
Where there is a delay, you should refer to your previous fund. Some funds can take up to 30 days to transfer your super.
How do I take my super out of Superhero?
If you wish to transfer or roll out your super to another fund, you will need to complete a rollover via another fund or via the My Gov website. You can also use the withdrawal form on our website to rollover your super.
