It is not compulsory to provide your TFN, however if you choose not to do so, higher tax will apply to your concessional contributions, and we cannot accept personal contributions from you. Also, the tax on super benefits may be higher and it may not be possible to locate any lost super benefits or to combine your superannuation accounts or transfer your super benefits to another complying fund.

We are authorised to collect your TFN under the Superannuation (Supervision) Act 1993, Australian Taxation Act 1997, in compliance with the Australian Privacy Principles. TFNs are used for legal purposes only. This includes finding or identifying your super benefits where other information is not sufficient, calculating tax on super payments and providing information to the ATO. These purposes may change in line with legislation.

If you provide your TFN, we may provide it to another super fund or retirement savings account provider that receives any of your transferred super benefits in the future, unless you notify us in writing not to forward your TFN. Your TFN may also be given to the ATO.

Generally, you can claim a tax deduction for personal contributions you make. The personal contributions that you claim a deduction on will count towards your concessional contribution cap.

To claim a deduction, you must complete and submit to us a Notice of intent to claim or vary a deduction for personal super contributions form (Notice of Intent), available at ato.gov.au, and receive an acknowledgment from us that your Notice of Intent is valid.

The other eligibility requirements are that you must lodge your completed Notice of Intent by the earlier of:

• the date you lodge your income tax return for the financial year in which you make the contribution, or
• 30 June of the next financial year.

You also need to lodge the Notice of Intent before you request any rollovers out of your Superhero Super account.

Tax on superannuation depends on the type of contributions made or income received and what stage of life you’re in. 

Depending on your situation you can find more information in the ‘How Super is taxed’ section of the Additional Information Guide or ‘How Retirement Super is taxed’ section of the Retirement Product Disclosure Statement.

More information can also be found on the Australian Government’s Money Smart website.

If you’re 60 or over, your pension payments (and any lump sum withdrawals) are generally tax-free and don’t need to be declared as assessable income when you lodge a tax return.

If you’re under 60, your pension payments and lump sum withdrawals may be taxable and will need to be declared as assessable income when you lodge a tax return.

Please refer to the section ‘How super is taxed’ in the Superhero Retirement PDS for full details.

Net earnings relating to accumulation accounts are generally taxed at subject to a tax rate of up to 15%, however the rate may be less due to tax credits or other rebates. Tax is deducted from investment earnings before unit prices are determined and investment returns are applied to your account. 

Please refer to the ‘How Super is taxed’ section in the Additional Information Guide for full details.

Net earnings related to Transition to Retirement accounts are generally taxed at 15%, with no tax applicable if you have a Retirement Account. You may be eligible for tax credits or other rebates. 

Tax is deducted from investment earnings before unit prices are determined and investment returns are applied to your account.

Please refer to the section ‘How super is taxed’ in the Superhero Retirement PDS for full details.

Earnings on investments within your super fund are taxed at 15%. These include dividend payments, capital gains and interest, less any tax deductions or credits.

Capital gains are taxed at 10% if the asset is held for longer than 12 months and 15% if held for less than 12 months.

Tax may be deducted on super contributions, investment earnings (such as dividends), and withdrawals.

Depending on your situation, you can find comprehensive information about how super is taxed in the Additional Information Guide or the Retirement Product Disclosure Statement.