What you need to check
The Australian Securities & Information Commission's (ASIC) Fido website recommends the following for members when reading their statement.
When you get your statement, check that each item makes sense:
- What you had at the start of the financial-year
- Your employer's payments during the financial-year
- Any amounts you paid into your account
- Fees deducted from your account
- Cost of insurance cover (if applicable)
- How much was taken out for government taxes
- How much the fund credited to your account from its investments
- What you now have at the end of the year.
If you require more information regarding your statement, you can download the Understanding your Member Benefit Statement guide or contact us on 1300 300 273.
You may also wish to access and update your account details using MemberOnline. To start using MemberOnline, call us on 1300 300 273 weekdays 8am-8pm (EST) to obtain your PIN.
Don't forget to have your member number handy (located in the top right-hand corner of your statement), as you will be asked for this as well some other questions for security purposes.
Do we have your Tax File Number (TFN)?
Existing members have until 30 June 2008 to quote their TFN to their super fund; otherwise all concessional (Superannuation Guarantee and salary sacrifice) contributions received after 1 July 2007 will be taxed at 46.5% (the top tax rate plus Medicare levy) if the total annual concessional contributions received for the member exceed $1,000.
As of 1 July 2007, new members must provide their TFN at the time of opening a super account, or be subject to the top tax rate.
Furthermore, AustralianSuper cannot accept voluntary (after-tax) contributions from a member if the Fund does not have their TFN.
Update your TFN online now...