Frequently Asked Questions - BUSSQ

Frequently Asked Questions

Frequently asked questions for super, retirement, employers and insurance.

When will I get my statement?
As a member of BUSSQ you will receive a Member Statement showing your account details as at 30 June each year including any transactions that have taken place during the year, ie. investment earnings ...
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How does Total and Temporary Disablement (TTD) work?
Total and Temporary Disablement cover is part of default TPD cover for BUSSQ MySuper members who have at least four units of TPD cover. It provides a payment of $350 a week for a maximum of twelve (12 ...
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Can I split my contribution with my spouse?
BUSSQ allows you to split certain superannuation contributions made to your account on or after 1 January 2006 to your spouses account.
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What is SuperStream?
Superstream is a package of reforms the Government has introduced to improve the processing of everyday superannuation transactions.
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Will someone visit me on site?
Member representatives frequently visit sites and work places to bring you up to date on the benefits provided by BUSSQ.
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How long will it take for my TPD claim to be paid?
Assessing your TPD claim has no set time limit.
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How are investment earnings applied to my account?
When you invest in BUSSQ, you buy a number of units in the investment option(s) of your choice.
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Why do I have to wait 6 months before I can put in a TPD claim?
In the initial 6 months of an illness/injury, you will be undergoing treatment for your condition and may not have a final diagnosis.
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Why do I need to complete forms for my TPD claim?
We many require some forms to understand why you are unable to work, what treatment you have or will undertake, your work history and qualifications, if you are too unwell to speak with OnePath over t ...
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If my cover lapses, can I recommence cover?
How this works depends on what BUSSQ product you are a member of.
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When will cover cease?
Death & TPD cover ceases on the earliest of the following:
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Why is a benefit reduced or refused to be paid?
The insurer may reduce or refuse to pay a benefit in the following circumstances:
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What is not covered?
Refer to the Insurance Handbook.
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Is there a partial disablement benefit payable on Income Protection?
You will be paid a proportion of the monthly benefit when you are partially disabled at the expiry of the waiting period (30 to 60 days as selected by you when you apply for cover).
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If I am self-employed how do I work out my salary for insurance purposes?
Salary means the total monthly value of salary received by you from your occupation, averaged over the most recent 12 month period prior to the commencement of the waiting period.
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How do I know if I am a white collar, light blue or heavy blue for insurance?
The premium you pay for your insurance depends on whether you are classified as being a ‘white collar’, ‘light blue collar’ or a ‘heavy blue collar’ worker, the amount of cover you choose, your age an ...
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What exclusions will apply to my insurance?
The exclusions that apply are dependent on the type of cover you have.
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How do I nominate a beneficiary for my insurance benefit?
If you die while you are a member of BUSSQ, the Death Benefit may provide valuable financial assistance to your dependents.
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What cover will I have during overseas employment?
If you are an Australian resident who is residing overseas you are, in most cases, still covered by your BUSSQ insurance.
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Will my cover recommence if I get re-employed?
If your default insurance cover has ceased, you will be provided with the default level of Death and TPD cover, or a lesser amount if agreed previously, provided that you are "at work" and upon receip ...
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What happens if I become self-employed or work for a non BUSSQ employer?
Your death and disablement premiums will continue to be deducted from your account. However you will be required to supply evidence of employment at the time of any disablement claim.
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When does my cover cease?
Cover ceases for each benefit when one or more of the following happens.
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Does BUSSQ offer Binding Death Benefit Nominations?
Yes. Binding Death Benefit Nominations means that you can request BUSSQ, in the event of your death, to be bound by the nomination you make on your form when they are paying out your death benefit.
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What happens to my pension account if I die?
You have two options as to how your BUSSQ pension will be paid if you die before your account balance runs out:
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What happens when I make withdrawals from my account?
When payments are made from your pension, you are really withdrawing a number of units.
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How is the unit price determined?
The unit price is determined by taking into account the overall change in value of investments within the relevant investment option and deducting the investment management charges and tax (where appl ...
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Can I switch investment options?
BUSSQ gives you the flexibility to switch your investment option or mix of options at no extra cost.
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How are my earnings applied to my account?
When you invest in a BUSSQ Retirement, Transition to Retirement Pension or Term Allocated Pension, you buy a number of units in the investment option of your choice.
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How is my money invested?
An Investment Committee, appointed by the Trustee, makes recommendations to the Board about where the Fund’s monies should be invested.
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What happens if I do not make an investment choice?
If you do not wish to make a choice, the Trustee will invest your funds in the BUSSQ Balanced Growth Investment Option, known as the default option.
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Is there a cost to move from my BUSSQ account into a pension account?
There is no fee to transfer to a BUSSQ pension product.
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How often is my Term Allocated Pension payment made?
Payments need to be made at least annually.
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Can I withdraw extra money from my Term Allocated Pension (TAP)?
Generally, lump sum withdrawals cannot be made from a TAP.
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How much will I receive from a Term Allocated Pension?
Annual payments will depend upon your life expectancy.
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How is my payment taxed?
If you are age 60 or over you will not pay tax on your pension payments. If you are under 60, some tax may apply.
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How often is my Retirement or Transition to Retirement pension paid?
You can have your Pension payments deposited directly into your bank, building society or credit union account twice monthly, monthly, quarterly, half yearly or yearly.
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What is the tax on death and TPD benefits?
Death and TPD cover is treated as a benefit through BUSSQ and so, for taxation purposes, any insurance benefits payable are treated as superannuation death or permanent disablement benefits.
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How are lump sum benefits taxed?
The withdrawal of a lump sum benefit from BUSSQ will be subject to tax based on your age, and the amount being withdrawn. No tax is payable on amounts rolled over into another complying super fund.
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What tax is paid on benefits rolled in and out?
There is no tax payable if you rollover benefits from one super fund to another, unless the amount rolled over contains an untaxed component (this is a termination payment direct from an employer, or ...
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What tax is paid on investment earnings?
Superannuation investment earnings are taxed at a lower rate than most other forms of savings. The maximum rate is 15%.
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What tax will I pay on contributions?
All employer contributions to your account, and contributions for which a tax deduction is claimed, are subject to 15% Federal Government contributions tax.
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What happens when I retire?
When it comes to retiring, BUSSQ has a product to suit your needs.
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Can someone else access my account information?
Due to privacy legislation, we are restricted to whom we provide member information.
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Will unit prices always go up?
The nature of investment markets means that the value of units can rise or fall.
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What are preservation requirements?
Your benefits in BUSSQ are classified as: Preserved, Restricted non-preserved, and Unrestricted non-preserved. The following is a summary of what benefits are covered by each classification.
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I am a temporary resident departing Australian, can I get my super?
From 1 July 2002, if you entered Australia on an eligible temporary resident's visa and have subsequently permanently departed Australia, you are able to claim payment of any superannuation you may ha ...
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What happens if I get divorced?
Under Family Law legislation, if your marriage breaks down, your BUSSQ super account can be subject to splitting between you and your spouse or de facto.
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What records should I keep?
You need to keep the following records regarding superannuation contributions:
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How do I choose a default fund for Choice of Fund?
Before you nominate a fund as an employer default fund, you need to check that it:
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How do I pay my contributions to BUSSQ?
You have numerous options for paying your super contributions to BUSSQ.
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Can I pay quarterly?
Yes, you can pay quarterly as long as your employees do not work under an EBA or Workplace Agreement which requires you to pay monthly.
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When do I pay my contributions?
Contributions to BUSSQ are due and payable on a monthly basis.
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How do I know who to pay super for?
The Australian Taxation Office (http://www.ato.gov.au/) has an excellent decision tool that helps employers in the building and construction industry determine whether a worker is engaged as an employ ...
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Can I pay my contributions online?
Yes, BUSSQ allows contributions to be paid online.
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Can I decrease my insurance cover?
You can apply to reduce or cancel your cover.
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Can I increase my insurance cover?
You can apply for an increase at any time during your membership.
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Can I claim on financial hardship?
If you have been receiving Centrelink benefits for a period of more than 26 continuous weeks, and you have a Q230 form from Centrelink, you may be able to access some of your account. Contact BUSSQ on ...
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Which of my employees can join BUSSQ?
All your employees whether onsite, management, office, full-time, part-time or casual can join BUSSQ.
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How much can I receive from my Retirement or Transition to Retirement pension?
The Federal Government has set annual minimum income levels for Retirement and Transition to Retirement Pension payments, and a maximum level for Transition to Retirement Pensions.
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How do I know which pension product is right for me?
BUSSQ provides a Financial Planning Service to help you make these decisions.
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What happens if I miss the SG (Superannuation Guarantee) deadlines?
You should contact your accountant and discuss the situation with them.
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