Superannuation FAQs - BUSSQ

Superannuation FAQs

Have you got a question about superannuation? Find the answer on this page or contact us on 1800 MY BUSSQ (1800 692 877).

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 and 31 December each year including any transactions that have taken place during the year, ie. inve ...
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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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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 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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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 is treated as an Eligible Termination Payment and will be subject to tax unless it is transferred or 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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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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