BUSSQ

When will I get my statement?
As a member of BUSS(Q) you will receive a Member Statement showing your account details as at 30 June, 30 September, 31st December, and 31st March each year including any transactions that have taken place during the quarter, ie. investment earnings and insurance cover. Your 30 June Member Statement will also give more details regarding entitlements as at 30 June. You can phone, fax or email BUSS(Q) or call personally to get information about your account.

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 BUSS(Q) on Freecall 1800 657 216 for more information.

If the Australian Prudential Regulation Authority (APRA) and the Trustee agree, a benefit may be paid to offset expenses you have incurred (on behalf of either yourself or a dependant) due to severe ill health, palliative care, death or burial. A benefit may also be paid to enable you to make loan repayments on your principal place of residence when failure to make the payments would result in foreclosure of the loan. This is called - Claiming your super on compassionate grounds. Please contact BUSS(Q) on FREECALL 1800 657 216 or APRA on 1300 131 060 if you require more information.

What happens if I get divorced?
On 28th December 2002, changes to the Family Law legislation came into effect. On the breakdown of your marriage, your super account is now subject to splitting between you and your spouse.

Family Law only applies to marriages. Therefore, if you are in a de-facto or same sex relationship the law does not apply and your super account cannot be split. In addition, the law is not retrospective, which means if you have already finalised your property settlement as a result of a marriage breakdown your superannuation cannot be split.

Family law affects superannuation in three key areas:

Request for information - a member, their spouse or fiance' entering a pre-nuptial agreement is able to request certain information about the member's account.
Payment 'flag' - a non-member spouse by agreement with the member or through a Court Order, is able to have a 'Payment Flag' applied to the member's account which will generally prevent the member from being paid a benefit until the 'flag' is lifted or the account is split (with some limited exceptions), and
Splitting super - the parties are able to split a member's account through an agreeement or Court Order.

Can I split my contribution with my spouse?
BUSS(Q) allows you to split certain superannuation contributions made to your account on or after 1 January 2006 to your spouses account. For more information, call BUSS(Q) on FREECALL 1800 657 216.

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 have accumulated. You are unable to apply for your benefit until after you have permanently departed Australia. Tax will be deducted before payment of your benefit.

If you do not claim your monies within six months of leaving Australia or expiry of your visa, we are required to transfer the monies to the Australian Taxation Office. The Australian Taxation Office will not pay interest on these monies.

Australian citizens who permanently depart Australia are not eligible to claim their benefits under this condition. New Zealand citizens who have been working temporarily in Australia are also not eligible when they leave Australia.

Further information regarding this can be found on the ATO website.

What are Preservation Requirements?
Your benefits in BUSS(Q) are classifed as:

Preserved,
Restricted non-preserved, and
Unrestricted non-preserved.

The following is a summary of what benefits are covered by each classification.

Preservation
From 1 July 1999 all contributions paid into a super fund are classified as preserved, including the investment earnings credited to your member account on those contributions. You can access preserved benefits subject to specific cashing restrictions in certain cases as outlined below.
All preserved benefits transferred between BUSS(Q) and other super funds will continue to be preserved benefits. Eligible spouse contributions are also preserved.
Restricted non-preserved
Access to these benefits is restricted in the same way as preserved benefits. However, if you or your employer (if applicable) made a contribution on your behalf prior to 1 July 1999 and you cease working for that employer, then these benefits may become unrestricted non-preserved benefits and be able to be accessed.
Unrestricted non-preserved
These benefits may be accessed at any time without a change in employment status.

An exit fee is applicable for every withdrawal that is not a retirement benefit.

Once you have reached preservation age you may:

Leave your money in your BUSS(Q) account
Take draw downs from your account when you need them
Transfer to a BUSS(Q) Pension account
Take a lump sum.

Will someone visit me onsite?
Dallas Ezzy, BUSS(Q)'s member representative, frequently visits sites and work places to bring you up to date on the benefits provided by BUSS(Q).

If you want to know more about your insurance cover, claims, investment choice or Member Access, Dallas can help you with your queries. If you would like to organise one of our representatives to visit your work site, please call Dallas on 0419 759 997.

Will crediting rates always be positive?
The nature of investment markets means that crediting rates will not always be positive. BUSS(Q) provides a Financial Planning Service that will help to choose the best investment for you.

Can someone else access my account information?
Due to privacy legislation, we are restricted to whom we provide member information. If you want someone other than yourself (eg, your spouse or mother) to access information concerning your account, complete the Authority to Release Information Form and fax to our Administration on 07 3013 8855.

When are investment earnings applied to my account?
Investment earnings are applied to your BUSS(Q) account at 30 June each year. The actual credtiing rate for each investment option is calculated each month. For example, the actual crediting rate for March is calculated in April, April in May, May in June and so one. These actual crediting rates are then used for the calculation of investment earnings to 30 June each year.

Investment earnings calculations are based on the daily balance of your account.

What happens when I retire?
When it comes to retiring, BUSS(Q) has a product to suit your needs. Whether you are nearing retirement and want to ease into it or you are about to retire and want to take uncertainty out of paying the bills by using a BUSS(Q) allocated pension product. Either way you can continue to remain in BUSS(Q) and enjoy the low fees, great returns and other benefits that membership provides.

Easing into it - If you are over age 55 and would like to start to move towards retirement without actually retiring, you can use a BUSS(Q) allocated pension to supplement your income. The only restriction is that you cannot make a lump sum withdrawal until you have retired.
Taking an allocated pension - BUSS(Q) has two pension products to choose from so you can tailor your retirement income to best suit your needs - a Standard Allocated Pension or a Term Allocated Pension. And you can mix them up.

Both the Standard Allocated Pension and the Term Allocated Pension have tax and Centrelink benefits.

Before deciding which pension or mix of pensions will give you the best retirement outcome you should contact BUSS(Q) and talk to one of our Money Coaches or Financial Planners. They can assist you to make the most out of your BUSS(Q) pension.

FAQS ON INSURANCE

Can I increase my insurance cover?
You may apply for an increase at any time during your membership by completing an Application to Adjust Insurance Cover, which includes a Personal Health Statement. Additional cover only commences on written confirmation from ING. Should cover cease for any reason, BUSS(Q) may request a personal statement before cover recomences.

Can I decrease my insurance cover?
You may apply in writing to reduce your cover to a lower level. The minimum level of cover available to employer sponsored members is one unit of Death only insurance cover.

Self employed members or unemployed member are not required to maintian any type of minimum level of cover. To maintain TTD cover you must keep at least six units of TPD cover. Should you wish to increase your cover at late date health evidence will be required.

When does my cover cease?
Cover ceases for each benefit when one or more of the following happens. However, if cover ceases and premiums stop being deducted from your account, BUSS(Q) will provide six months death cover free of charge in the following circumstances:

You are being transferred to the BUSS(Q)'s Eligible Rollover fund or,
There are insufficient funds in your account to pay premiunms or,
Where cancellation of cover is due to your request, when you have had 12 months continuous paid cover at the date of cancellation, and
You are not a spouse member.

Death cover ceases when:

You elect to cease cover, or
A benefit payment is payable or paid, or
You attain the age of 70, or
Your account balance is insufficient to pay premiums, or
Your account falls below $1,000 and you are no longer employed by a BUSS(Q) employer, or
You are no longer a member of BUSS(Q), or
You are transferred to BUSS(Q)'s eligible rollover fund, or
Six months from the date you depart Australia unless ING and BUSS(Q) give prior written approval and subject to the terms of that approval and for as long as premiums continue to be paid, or
On the date you commence active duty with the Armed Forces of any country.

TPD cover ceases when:

You elect to cease cover, or
A benefit payment is payable or paid, or
You attain the age of 65, or
Twelve months following the last on-time employer payment, or
Your account balance is insufficient to pay premiums, or
You are no longer a member of BUSS(Q), or
You are transferred to BUSS(Q)'s eligible rollover fund, or
Six months from the date you depart Australia unless ING and BUSS(Q) give prior written approval and subject to the terms of that approval and for as long as premiums continue to be paid, or
On the date you commence active duty with the Armed Forces of any country.

TTD cover ceases when:

You elect to cease cover, or
You cease to be at work other than by reason of Total and Temporary Disablement, or
A benefit is payable or paid,
You attain the age of 56, or
Your account balance is insufficient to pay premiums, or
You are no longer a member of BUSS(Q), or
You are transferred to BUSS(Q)'s eligible rollover fund, or
Six months from the date you depart Australia unless ING and BUSS(Q) give prior written approval and subject to the terms of the approval and for as long as premiums continue to be paid, or
On the date you commence active duty with the Armed Forces of any country, or
You have less than six units of TPD cover.

What happens if I become self employed?
To continue your existing Death and TPD cover you must notify BUSS(Q) in writing within 60 days of ceasing employement with your BUSS(Q) employer. If you do not meet this requirement, you will need to complete a Personal Health Statement and be assessed by ING. You may retain Death cover at a previous level if you apply within 26 weeks of ceasing employement with a BUSS(Q) employer.

You may also transfer your cover to the Buidling Super Personal Plan if BUSS(Q) is advised of your change in status within the stated times.

Will my cover recommence if I get re-employed?
If your 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 receipt of your first 'on time' contribution from your new employer.

What cover will I have during paid and unpaid leave?
Your cover can continue if your are on paid leave, including sick leave, bereavement leave, annual leave or long service leave.

If you commence leave without pay to travel, undertake full time study, or for maternity/paternity or other extended leave, you may continue to be covered under this Policy for a period of up to 12 months, subject to the conditions outlined below.

Maternity/Paternity Leave
This type of leave must be approved by your employer and cover will continue automatically, unless ING or BUSS(Q) advise otherwise.
Your employer must hold an appropriate leave record which includes:

The date leave is to commence, and
The date you are expected to return to work.

Prior notification is not required for maternity/paternity leave.

Other types of unpaid leave (less than six months)

This type of leave must be approved by your employer and cover will continue automatically, unless ING or BUSS(Q) advise otherwise.

Your employer must hold an appropriate leave record which includes:

The date leave is to commence, and
The date you are expected to return to work.

Prior notification is not required for unpaid leave (where the period of leave is less than six months)

Other types of unpaid leave (greeter than six months)
Before unpaid leave begins, you must request in writing for BUSS(Q) to continue your cover, and we must agree in writing. There may be restrictions or special conditions in relation to the cover while you are away or we may decline to continue cover. The request must include:

The date leave is to commence, and
The date you are expected to return to work, and
Details of any leave involving travel.

You must continue to have premiums deducted from your account during all paid and unpaid leave.

What cover will I have during overseas employment?
If you are an Australian resident who is temporarily employed overseas you may be provided cover under this Policy for a period of up to three years.

Cover will be subject to you residing in a country that is not the subject of a Commonwealth Department of Foreign Affairs and Trade travel advice advising against travel.

You should contact BUSS(Q) should you intend to reside outside Australia.

How do I nominate a beneficiary for my insurance benefit?
If you die while you are a member of BUSS(Q) the Death Benefit may provide valuable finanical assistance to your dependents. The Trustee has the discretion to pay your benefits to your dependants and/or your legal personal representative.

The Trustee allows you to specify how you wish your Death Benefit to be paid by making a nomination which can be either non-binding or binding. You should nominate your preferred beneficiaries when you join BUSS(Q) and you are encouraged to review your nominations as your circumstances change.

Non-binding nomination
When you make a non-binding nomination, your wishes about who should receive your benefits when you die are a guide only and are not binding on the Trustee. The trustee will take your nomination into consideration but it is the Trustee who makes the final decision. The Death Benefit can be paid to you or your dependants or your legal personal representative of your estate.

Your dependants are:

Your spouse (including de-facto)
Your children (including step, adopted or ex-nuptial),
Anyone who is in an interdependent relationship with you,
Any person who, in the opinion of the Trustee, is or was at the date of your death wholly or partly dependent on you.

The main requirements to establish an interdependent relationship are:

To live together
To have a close personal relationship
For one or each person to be committed to the financial and domestic support of the other.

Binding Nomination
A binding nomination instructs the Trustee to be bound by the nomination(s) you make on your form when paying your Death Benefit.

For your binding nomination form to be valid, certain conditions must be met, including:

Nominations can only be made on a Binding Death Benefit Nomination form.
The only beneficiaries that can be nominated are your dependants or your legal personal representative (that is the executor or administrator of your estate).
Your Binding Death Benefit Nomination form must be signed by you and two witnesses, both of whom must be at least 18 years old and not nominated as beneficiaries.

If you nominate on your form someone other than those people listed above, your nomination will be invalid.

Your binding nomination will only remain valid for 3 years. After three years, you will need to re-confirm the nomination or provide a new one. In the event that your nomination becomes invalid, the conditions applying to non-binding nominations will apply.

Are there any Exclusions on my Insurance?
In the event of war involving Australia, New Zealand or your country of residence, the insurer may:

Increase premium rates,
Exclude benefit payments if the event giving rise to the claim is caused directly or indirectly from war.

What happens if I, or my dependants need to make a claim?
Before making a claim please check:

That you a member of BUSS(Q)
That insurance premiums that cover you for the benefit you wish to claim are being deducted from your account
That if you are claiming a disability benefit that you meet the definition of Total and Permanent or Temporary Disablement as described in the PDS.

If you have any questions regarding your eligibility, please contact BUSS(Q) on FREECALL 1800 657 216.

The claims process:

When you advise us of your claim BUSS(Q) will send you the relevant forms to complete,
You may be required to obtain information from your medical practitioner(s) or your employer (if applicable),
BUSS(Q) will forward all relevant information to the Insurer once it is received,
The Insurer will then pay the claim, ask for further information, or decline the claim,
The Insurer may decline the claim for any of the following reasons:
You were not insured or a member at the time of the claim,
You did not meet the definition of total and permanent disablement,
You gave false information of your Membership Application or Insurance Application forms or Personal Health Statement.

In the case of a Death Benefit, your dependants will need to contact BUSS(Q).

FAQS ON TAX

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.

Personal and spouse contributions that are not claimed as tax deduction are not taxed.

If you roll over an Eligible Termination payment (ETP) into BUSS(Q) that has an untaxed post June 1983 component 15% tax is payable on the untaxed component.

Tax on contributions is deducted from your account monthly (where contributions are made monthly).

The deductions and rebates available on the different types of contributions that can be made to BUSS(Q) are discussed below:

Employer and salary sacrifice contributions
Employer contributions are taxed at 15%. All employer contributions are fully tax-deductible by an employer up to the age-based limits. These limits are set out in the following table:

Age	Maximum Deductible Contributions
Under 35 years	$15,260*
35-39 years	$42,385*
50 years & over	$105,113*

*These figures apply from1 July 2006 to 30 June 2007.

Please note: From 1 July 2007, it is intended that the age-based contribution limits be removed and replaced by a flat $50,000 (to be indexed). Under transitional arrangements until 30 June 2012, if you are over 50 you will be able to contribute up to $100,000. Contributions in excess of these amounts will be taxed at the top marginal rate.

Personal Contributions
Generally, you cannot claim a tax deduction for personal contributions if your employer makes super contributions on your behalf.

Personal contributions from your after tax income will not be taxed when contributed. These contributions are limited to $150,000 (to be indexed). If you are under 65 you will be able to bring forward two years contributions and contriubte $450,000 (to be indexed).

Please note: Transitional agreements apply between 10 May 2006 and 1 July 2007. Contact BUSS(Q) on FREECALL 1800 657 216 if you wish to contribute amounts in excess of the above.

Tax deductibility for self-employed contributions - If you are self employed or substantially self employed, you may be able to claim a tax deduction in respect of your super contributions.

You may clain the full deduction on the first $5,000 of contributions per year, plus 75% of any further contributions, up to the age-based limits as shown in the table below above.

Please note: From 1 July 2007, it is intended that the deduction will be 100% contributions up to $50,000 (to be indexed). Under transitional arrangements until 30 June 2012 if you are over 50 you will be able to contribute up to $100,000. Contributions in excess of this amount will be taxed at the top marginal tax rate.

If you intend to claim a personal tax deduction, BUSS(Q) will ask you to complete a form (Section 82AAT Notice) indicating the amount you intend to claim. BUSS(Q) will acknowledge receipt of this notice in writing so that you can claim your deduction. It is your responsibility to ensure you are eligible to claim the personal tax deduction.

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%. This tax may be offset by deductions available to BUSS(Q) such as franking credits.

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 a payment from certain super funds for Government employees). An untaxed component attracts 15% tax on rolling over.

How are lump sum benefits taxed?
The withdrawal of a lump sum benefit from BUSS(Q) 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.

Lump sum benefits are made up of a number of different components that are subject to different tax treatments as outlined in the table below. The tax that BUSS(Q) deducts will only apply to the post 30 June 1983 component. Any other tax payable will be assessed in your tax return following the payment of the benefit.

Component	Age at date of lump sum benefit
	Under 55 55 years and Older
Undeducted contributions	Tax Free	Tax Free
Concessional Component	5% is included in your taxable income and taxed at your marginal tax rate.	5% is included in your taxable income and taxed at your marginal tax rate.
CGT Expempt Component	Tax Free	Tax Free
Pre 30 June 1983 component	5% is included in your taxable income and taxed at your marginal tax rate.	5% is included in your taxable income and taxed at your marginal tax rate.
Post 30 June 1983 taxed element	20% tax up to the lump sum RBL*** + Medicare Levy.*	Up to $135,596 tax free, balance taxed at 15% up to the lump sum RBL * + Medicare Levy
Post 30 June 1983 untaxed element	30% tax up to the lump sum RBL*** + Medicare Levy.*	15% of first $135,596. Balance taxed at 30% up to the lump sum RBL* + Medicare Levy*.
Post 30 June 1983 invalidity component	Tax Free	Tax Free
Excessive component (over RBL)	100% is included in your taxable income and taxed at the top marginal rate.	100% is included in our taxable income and taxed at the top marginal rate.

* Medicare Levy is currently 1.5%
** The $135,596 threshold is for the 2006/2007 year of income. These figures are indexed annually by the ATO
*** Reasonable Benefit Level

Proposed taxation of lump sum benefits after 1 July 2007

Component Age at date of lump benefits
Under 55 years 55-59 years 60 years and over
Undeducted contributions Tax free Tax free Tax free
Concessional component Tax free Tax free Tax free
GCT Exempt component Tax free Tax free Tax free
Pre 30 June 1983 component Tax free Tax free Tax free
Post 30 June 1983 taxed element 20% tax + Medicare Levy Up to $140,000** tax free, Balance taxed at 15% + Medicare Levy*. Tax free
Post 30 June 1983 invalidity component Tax free Tax free Tax free

* Medicare Levy is currently 1.5%.
** The $140,000 threshold is for the 2007/08 year of income. These figures are indexed annually by the ATO.

What is the tax on death and TPD benefits?
Death and TPD cover is treated as a benefit through BUSS(Q) and so, for taxation purposes, any insurance benefits payable are treated as superannuation death or permanent disablement benefits.

As such, death benefits paid to your financial dependants or spouse will be tax free to the extent that they are within your pension Reasonable Benefit Limit (RBL). Any part of the Death benefit amount that exceeds your pension RBL, will be taxed at the top marginal tax rate.

If a Death benefit is paid to someone other than a financial dependant or spouse, the entire benefit (if under the RBL), will concessionally taxed as an Eligible Termination Payment.

The tax payable on TPD benefits will vary due to a number of factors such as the age, length of service and the amount of the benefit. However the benefit is generally tax free.

Please note: These statements in relation to taxation are based on interpretation of present Australian tax law, which may change at any time. Contact a professional tax adviser for a full explanation and advice on individual circumstances.