Glossary

Medicare levy

Is the 1.5% of taxable income paid by most Australian individuals, on top of normal income tax, to help pay for the public health system.

Net contributions

Contributions after any contributions tax has been deducted.

Options

A contract that gives the holder the right (but not an obligation) to buy or sell a security during a given timeframe.

Personal Health Statement

A questionnaire that seeks information about the health of the insurance applicant.

Pooled Investment

Any form of investment in which a number of individuals, e.g. members of a superannuation fund, place their money with a professional investment manager to manage the total fund on their behalf but produce a return to them individually. Pooled investments may also comprise unit trusts, cash management trusts, friendly society bonds and shares.

Portfolio

The total basket of investments in a particular option or as chosen by a member. For example, one investment option may not have all the same asset classes in its portfolio as others.

Preservation

The regulatory requirement that certain superannuation benefits be maintained either in a superannuation fund or RSA until permanent retirement on or after the member reaches a certain age, the preservation age. Early release of preserved amounts may occur if the person dies, becomes disabled or gains APRA or trustee approval for early release.

Preservation age

The age at which a member can (after retirement) gain access to preserved benefits that have built up in a super fund, approved deposit fund or retirement savings account.

Preserved benefit

The regulatory requirement that certain super benefits be maintained either in a super fund, approved deposit fund or retirement savings account until permanent retirement after a person reaches preservation age.

Reasonable Benefit Limits (RBLs)

Are the maximum amounts of super benefit that attract special tax treatment.

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