Balance Booster

When you move your AustralianSuper super account or TTR Income account to Choice Income, you could be eligible to receive an additional credit to your retirement balance, a ‘Balance Booster’.

What’s Balance Booster?

Balance Booster is actually a tax saving. If you meet the eligibility requirements we’ll pass this tax saving on to you.

Who’s eligible for the Balance Booster?

diagram showing who is eligible for balance booster

You’ll be eligible for a Balance Booster payment if:

  • you move your existing AustralianSuper super account or TTR Income account to Choice Income, and
  • you’ve been a super or TTR Income member for a full calendar month or more, and
  • you’re invested in one of these investment options:
investment options

You don’t need to apply for the Balance Booster – if you’re eligible you will receive it. If you’re moving from a super account, the Balance Booster amount will be credited to your new Choice Income account the day it’s opened. If you’re moving from TTR Income to Choice Income, the Balance Booster amount will be credited to your Choice Income account the day we change the name of your account.

How is the Balance Booster calculated

The Balance Booster is calculated monthly and is based on:

  • AustralianSuper’s tax position,
  • your balance,
  • your chosen investment option/s, and
  • the amount of time you’ve been invested in the investment option/s.

Ready for the cherry on top?

Estimate your Balance Booster using our online tool.

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Important things to know about Balance Booster

  • How does it work?

    When you have a super account or TTR Income account, AustralianSuper sets money aside to pay for future capital gains tax that would be applicable when the investment assets are sold. The balance booster occurs if you move from a super or TTR income accounts to choice income account, as your balance is transferred to a tax free-environment. As tax isn’t required to be paid when assets are sold in retirement phase, the amount that was set aside in super or TTR Income to cover a future capital gains tax liability can be passed to you as a credit.

  • What can impact on the value of a Balance Booster payment?

    One of the factors that may influence the value of a potential balance booster payment is the amount of time you have been invested in the option in a super or TTR income account, as this may impact the capital gains made and also the money set aside for applicable capital gains tax.

    If you change investment options prior to moving to Choice Income, your accrued Balance Booster amount may be reduced to zero as some of the money that was set aside is now used to pay the applicable capital gains tax for the assets sold during the switch.

    Once you’ve moved to Choice Income, if you withdraw 50% (or more) of your starting account balance within the first financial year there will be a clawback of the entire Balance Booster. The 50% withdrawal threshold could be made up of income payments or additional withdrawals or both. Similarly if you move your Choice Income account back to a super account or to another superannuation fund within the first financial year of the start date, there will be a clawback of the entire Balance Booster.

  • Will my Balance Booster be counted towards the 1.6 million cap?

    Yes, your Balance Booster will count toward the Transfer Balance cap of $1.6 million. This is the limit on the total amount of superannuation that can be transferred into the retirement phase. You’ll need to make sure that the amount you transfer from your super or TTR Income account, plus your Balance Booster and any other money you hold in other retirement income accounts doesn’t exceed this cap.

  • Terms and Conditions

    1. We reserve the right to stop offering the Balance Booster at any time, without notice.
    2. A Balance Booster may be added to your opening balance at the discretion of the Trustee (the test will be regarding the member’s balance, the options invested in, the duration with the fund and the tax position of the fund).
    3. A Balance Booster may apply to some investment options and not others.
    4. The Trustee calculates the Balance Booster:
      • it may not match the online calculator’s estimate
      • it can be zero at any time
      • we will not disclose how the Balance Booster is calculated.
    5. Claw back
      • If a member redeems more than 50% of the opening balance in the first financial year, a claw back will apply to the total Balance Booster.
      • If a member closes their account in the first financial year, the Balance Booster will be deducted from the balance before the remainder is paid to the member.
    6. These terms and conditions may change at the trustee’s discretion.

    This information may be general financial advice and it doesn’t take into account your personal objectives, situation or needs. Before you make a decision about AustralianSuper and about different investment options you should think about your financial requirements and refer to the relevant Product Disclosure Statement. Remember that investment returns are not guaranteed and past performance is not a reliable indicator of future performance.

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