Super charge your savings FAQs
Find answers to your super-related questions.
There are 2 types of contributions you (or others) can make into your super fund:
Concessional contributions - these contributions come from income that has not yet been taxed and are also called 'before tax contributions', like employer superannuation guarantee and salary sacrifice contributions. These contributions are generally taxed at a rate of 15% once received into your super account.
Non-concessional contributions - come from income that has already been taxed and are also called 'after-tax contributions', like personal and spouse contributions. These contributions are not taxed once received into your super account.
You may need to pay extra tax if you exceed the concessional and non-concessional contribution caps.
You may benefit from salary sacrifice even if you have a (Higher Education Contribution Scheme (HECS) or a Higher Education Loan Program (HELP) debt. When you salary sacrifice, you are using money before it gets taxed. This could reduce your taxable income, and increase your disposable income.
You may need to adjust your HECS or HELP repayments when you salary package. This is because your HECS or HELP repayments are calculated based on your ‘HECS-HELP Repayment Income’. In most cases, this will be your annual taxable income plus your total reportable fringe benefits amount shown on your PAYG Payment Summary.
Although salary packaging can reduce your taxable income, it can increase the gross value of your salary. This is referred to as your 'adjusted taxable income'. The ATO assesses you on your 'adjusted taxable income' when working out how much you should pay in HELP or HECS repayments.
Your adjusted taxable income equals your salary plus the gross value of your fringe benefits (e.g. $40,900 + $17,000 = $57,900).
Before you start salary packaging, please tell your payroll department to take additional HELP or HECS repayments from your salary.
If you still need some guidance here, you should consider seeking advice. As part of your membership, you have access to financial advice* over the phone. To speak with a planner, simply book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
It's worth taking the time to check your options and decide what's right for you. The options you choose can make a big difference to how your super grows. From Managed to Asset class options, plus our Direct Investment option – you can mix and match to make a choice that best suits your stage in life and retirement goals.
How to choose the right investment option
When choosing your investment option, you’ll need to consider:
- Your age and how far away from retirement you are
- How comfortable you are with investment risk
- How long before you will be able to access your funds.
Your risk comfort level
Think about how much investment risk you're comfortable with. A higher growth option will have higher risk and experience more volatile returns over the short term. But it will usually achieve higher returns over the long term. A conservative option will offer lower risk but lower returns over the long term.
When you'll access your funds
Some people choose to be more conservative with their investments as they approach retirement to reduce the risk of their balance going down. Others choose to keep their investments in growth options seeking higher returns.
Remember, super investments are about the future, so long-term thinking is key. Generally, you should avoid constantly switching options to chase short-term returns, because you risk locking in your losses and may wind up with less overall.
Unsure if you are in the right investment option? As part of your membership, you have access to financial advice* over the phone. To speak with a planner, simply book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
If you’re thinking about or recently changed jobs, your CareSuper account can follow you from job to job.
Under the ‘super stapling’ legislation introduced by the government, employers are required to make super guarantee (SG) contributions to your existing super fund unless otherwise instructed. Super stapling is designed to reduce the number of super accounts you have over your working life — and that’s a good thing!
You won’t be paying more fees than you need to, because you won’t have a new super account opened every time you change jobs. But if you have more than one super account, your super contributions might not be going where you want them to. When you change jobs, if you don’t tell your employer where you want your super to be paid, your employer will need to request the details of your stapled fund from the Australian Taxation Office. The fund you’re stapled to is established through a set of rules — which means your super may not be paid to your preferred fund. If your stapled fund is underperforming, it could cost you thousands by the time you reach retirement.
Tell your employer to pay your super to CareSuper
When joining a new employer, be sure you complete the Choice of Fund form electing CareSuper as your preferred fund. If you’re completing online onboarding with your employer, you’ll find our important details (such as ABN, USI and Letter of Compliance) at caresuper.com.au/changingjobs.
We insure our car, house and health but often forget one of our most important assets — our ability to earn an income. Insurance in super can be an affordable and tax-effective way to protect you and your family should anything happen to you.
As a CareSuper member you have access to group rates with fees deducted from your super account, and our age and gender-based pricing model helps us deliver value for you. Through our insurance provider, MetLife, we offer death cover (otherwise known as life insurance), total and permanent disablement cover and income protection insurance.
Everyone's insurance needs are different. How much insurance cover you need will depend on your own individual circumstances. It’s a good idea to review your insurance any time you experience a significant life change such as getting married, having a child, or buying a home. This will ensure you have the right level of insurance cover to meet your needs.
Use our Insurance calculator to help you find out how much insurance cover you need.
If you’re still not sure you should consider seeking advice. As part of your membership, you have access to financial advice* over the phone. To speak with a planner, simply book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
CareSuper is committed to being a responsible investor. This means that we integrate environmental, social and governance (ESG) factors into our investment processes and decision-making. We believe that this is an important part of ensuring that our members’ long-term financial interests are protected and enhanced. As part of this commitment, CareSuper has set the goal to achieve net zero carbon emissions across the investment portfolio* by 2050. Influence is important in responsible investment, and we engage with companies and policy-makers on ESG issues through our memberships of the Australian Council of Superannuation Investors, the Investor Group on Climate Change and Climate Action 100+.
We also offer a dedicated investment option that seeks to respond to social and environmental concerns while delivering strong long-term returns. Our award-winning Sustainable Balanced option is managed by specialist investment managers who apply both negative screens and positive themes to the investment selection process. We manage risk while actively searching for investments that we believe will perform well financially while at the same time making a positive difference in the world.
Within our Sustainable Balanced option, our negative screens include avoiding investing in areas considered harmful, such as tobacco manufacturing, child labour and controversial weapons, and we also avoid investing in companies that have material exposure to thermal coal production and animal testing. As for positive themes, we actively seek out investments we believe will have a positive impact and provide strong long-term results. For example, we invest in companies that offer climate change solutions, help reduce waste, address financial inequality or lead to greater healthcare outcomes. In our view, investments that exhibit these positive characteristics are likely to provide strong growth in the future, which, importantly, means we can invest in these assets in our members’ best financial interests.
* Investment portfolio excludes the Direct Investment Option (DIO) available to members.
Contributing more to your super ‘locks your money away’ in super - providing you with that helping hand to build your retirement savings for life after work. You’ll also be able to take advantage of the magic of compound interest (and, potentially, some tax breaks as well). If you'll need the money before you retire, paying off your mortgage may be worth considering because you may be able to redraw the money or access the equity in your home.
There's a number of options and strategies depending on your stage of life and recommend seeking financial advice to assist in your decision. As part of your membership, you have access to financial advice* over the phone. To speak with a planner, simply book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
CareSuper Pension
The CareSuper Pension lets you turn your super into a regular income account while making the most of investment returns. You can control your income and investments without the stress of managing your money on your own. Once you reach 60, you pay no tax on the income you receive from your account.
Transition to retirement
Still working but want to start winding down your hours? You could use a transition to retirement (TTR) strategy to reduce your working hours and keep the same cash flow and lifestyle.
Guaranteed Income product
Our Guaranteed Income product offers the security of a fixed income, no matter how the market performs or what happens with inflation. You can choose guaranteed payments for a fixed period, for your lifetime or both you and your partner’s.
It's never too soon to start planning for life after work. The amount of super you'll need when you retire will depend on:
- your big costs in retirement (paying off your mortgage/rent, food, medical costs) and
- the lifestyle you want (travel, entertainment, eating out)
To help estimate the superannuation balance you will require, the ASFA Retirement Standard provides a comprehensive breakdown of expenses for a comfortable and modest lifestyle, for couples and singles to maintain a healthy, vital and connected lifestyle in retirement.
By answering a few simple question, our Retirement income calculator can determine how your super is tracking and what you can do to create the lifestyle you want.
Keep in mind you have access to financial advice* over the phone as part of your membership. To speak with a planner, simply book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
To help you achieve your financial goals we have a range of financial advice options for you to choose from at any stage of your life. Our financial advice model aligns with our profit for members philosophy, meaning our planners receive no incentives to sell you advice.
Advice over the phone*
As a CareSuper member you have access to financial advice over the phone as part of your membership.
Comprehensive advice^
If your concerns are broader than super or your financial situation is more complex, you may benefit from meeting with a planner for comprehensive advice.
Complex advice#
In some circumstances, such as when you need holistic advice or you’re dealing with intricate financial arrangements, your comprehensive planner can recommend complex advice.
Learn more or book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
^Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.
#If you require more complex personal financial advice, our financial planners, in the course of their initial appointment with you, may refer you to an external advice service provided by Australian Unity Personal Financial Services Limited (ABN 26 098 725 145, AFSL 234459).