When you move your AustralianSuper super account or TTR Income account to a Choice Income account (account based pension), you could be eligible to receive an additional credit to your account balance – a Balance Booster.
During March 2020 to June 2020, negative market conditions resulted in the Balance Booster being reduced to zero for all investment options.
As investment markets recover a Balance Booster will begin to be credited to some investment options for Choice Income accounts opened after 3 June 2020. Not all investment options will receive credits at the same time. Existing eligibility criteria will continue to apply.
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.
When you have a super account or TTR Income account, AustralianSuper sets money aside to pay for future capital gains tax when investment assets are sold.
When you move from a super or TTR Income account to a Choice Income account (account based pension), your balance is transferred to a tax free environment. Assets sold in retirement phase are not taxed, so the amount set aside in your super or TTR Income to cover a future capital gains tax liability can be passed to you as a credit – your Balance Booster payment.