** The new administration (admin) fee comes into effect on 3 September 2022 for super members and 1 September 2022 for Choice Income and TTR Income members.
†† The widget calculates the admin fee only per annum. The fees are calculated and disclosed gross of tax to comply with the new government requirements (Regulatory Guidance 97 Disclosing fees and costs in Product Disclosure Statements (PDS) and periodic statements). The gross fees of $1 a week (flat fee) and 0.10% pa (asset-based fee) capped at $350 pa for super accounts and $600 pa for Choice Income and TTR Income accounts, will both be charged and deducted monthly from your account balance. We will pass on and credit the tax deduction the Fund claims for expenses it incurs to administer the Fund, which reduces your admin fee amount by 15%. This applies to super and TTR Income accounts only, not Choice Income accounts (because investment returns on Choice Income accounts are not subject to income tax and so the Trustee is unable to claim a tax deduction for the expenses incurred for the administration of the Fund for Choice Income accounts). The new admin fee will appear in your transaction history from October 2022 and you can view it by logging into your account or via the mobile app.
In financial year 22/23 the new admin fee will only be applied for part of the financial year from 1 September 2022 for Choice Income and TTR Income accounts and 3 September 2022 for super accounts.
- For super accounts the current net of tax admin fee of $2.25 per week plus up to 0.04% pa of your account balance will apply from 1 July 2022 to 2 September 2022. This means that the new gross of tax admin fee of $1 a week plus 0.10% pa of your account balance (capped at $350 pa) will only be applied for part of the financial year.
- For Choice income and TTR Income accounts the previous net of tax admin fee of $2.25 per week plus 0.11% pa of your account balance (capped at $750 pa) applied from 1 July 2022 to 31 August 2022. This means that the new gross of tax admin fee of $1 a week plus 0.10% pa of your account balance (capped at $600) will only be applied for part of the financial year.
Refer to the current PDS for information on fees and costs.
The account balance you enter into the widget today may be different to your account balance when the new admin fee comes into effect. The admin fee amount deducted monthly depends on your actual account balance at the end of each month and will be different to the yearly admin fee displayed on this widget today.
This widget calculates the new admin fee only. Indicative admin fees shown do not include investment fees, insurance costs and other fees that may apply. Refer to the PDS for all current applicable fees. The PDS released on (3 September 2022 for super accounts and 1 September 2022 for Choice Income and TTR Income accounts) will display all fees and costs gross of tax.
The Federal Government’s Protecting Your Super (PYS) Package legislation (introduced 1 July 2019) imposes a limit on admin and investment fees and costs to protect Australians’ super savings from unnecessary erosion by fees. This means that for super, TTR Income and Choice Income accounts with balances below $6,000 at the end of 30 June each year, there is a 3% cap on total annual admin and investment fees and costs. If your account balance is below $6,000 this widget does not take into account the 3% (PYS) fee cap that applies. Therefore, the widget cannot be used to calculate your new yearly admin fee amount.