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.
Due to the current market conditions and the Fund’s tax position, the Balance Booster has reduced to zero and will not be credited after March 2020. We will continue to monitor the situation – for updates please visit this page.
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.