Take a moment to check in on your mental health and wellbeing.
Some Australians are spending early access to super money on repaying debts or on alcohol and gambling, instead of household essentials. Learn why this could have a long-term effect on retirement nest eggs.
You’re not alone during these uncertain times. The team at EISS Super are here to help. The health and financial wellbeing of our members, employees and the community is our number one priority.
We understand you want to stay up to date on the latest developments, so we’ve created this dedicated Information Hub which we’ll regularly update to give you easy access to news and resources.
If you have any questions or would like to speak to a Financial Planner or Customer Relationship Manager, please call us on 1300 369 901 or visit our contact us page.
In this webinar, EISS Super’s Brand Ambassador Brett Kimmorley and our Head of Advice Daniel Cheung will take you through our top 5 tips for making an investment choice that’s right for you.
Some Australians who took advantage of the Federal Government’s new laws allowing them to access their super early, are spending the money they withdrew on repaying debts or on alcohol and gambling, instead of household essentials. Learn why this could have a long-term effect on retirement nest eggs.
The ATO is continuing to build on efforts to uncover fraud in relation to the early release scheme, with penalties for those found to have intentionally provided false or misleading applications.
It’s important to look after your ‘whole self’ during this time of self-isolation, so we’ve put together some easy ways to keep yourself mentally, financially and physically healthy.
Cyber crime isn’t one of the industries in lockdown. In fact, cyber criminals have been very active using the Covid-19 theme to scam people. Here’s some things to look out for to protect you and your family.
Watch this webinar to hear from our Chief Investment Officer and our Head of advice about market volatility and strategies for managing your super during a downturn in markets.
When share markets become volatile a common response is to be concerned about your super. Here are 10 things to remember about investing and your super during a downturn.
The Federal Government has introduced new laws that allow people whose employment has been affected by Covid-19 to access some of their super early to assist with financial distress.
Take control and help grow your super and retirement savings. Try one of our 3 simple interactive calculators today:
While superannuation helps people save for retirement, the Federal Government recognises that some people are significantly affected by the global pandemic and accessing some of their super today may be necessary to help alleviate short-term financial hardship.
Therefore, the Government is now allowing eligible people who are financially affected by Covid-19 to access up to $10,000 of their super1 in the 2019/20 financial year, and a further $10,000 in the 2020/21 financial year.
1Please note, if you’re a member of the EISS Retirement Scheme or Defined Benefit Scheme, only certain parts of your benefit can be accessed under early release.
If you’re eligible, you can access up to $10,000 of your super in the 2019/20 financial year and a further $10,000 in the 2020/21 financial year.
Before you apply, we encourage you not to see this measure as a quick fix, as accessing your super early will impact how much super you’ll have in the future. Instead, consider whether you actually need the money, whether you need to access the full amount allowed and what other financial support options are available to you.
For further information about what steps you should take before accessing your super early please visit moneysmart.gov.au
To qualify for early release, you must satisfy one or more of the following requirements:
For more information, please visit the ATO website.
If you’re eligible for early release of super due to Covid-19, you will need to apply directly to the ATO through the myGov website. As part of the application process you will also need to certify that you meet the eligibility criteria. If you cannot apply via the myGov website, please contact the ATO Helpline.
Please note, we cannot accept an application for early release of your super due to Covid-19. All applications must go directly to the ATO via the myGov website.
You will be able to apply for early release of your super due to Covid-19 from 20 April 2020.
If you want to access your super early due to Covid-19 you will need to apply:
After the ATO has processed your application, they will advise you of the outcome. This letter will be available through your myGov inbox within 2–3 days.
The ATO will also advise us of the outcome and provide us with a copy of the determination. You do not need to apply to us to arrange payment. Once we are notified by the ATO that your application has been approved we can then start arranging for a payment to be made to the bank account you nominate on your application to the ATO.
The payment to your bank account should be made within 5 business days of us receiving the notice from the ATO. Please note, it may then take your bank some additional time to clear the payment before it appears in your account.
For more information please visit the ATO website.
This will be determined by the ATO.
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF). Further information is available on the ATO website.
Yes, this is available to all Australian citizens and permanent residents. New Zealand citizens, with Australian held super, are also eligible. Temporary residents are not eligible.
No, there is no tax on the special Covid-19 releases. Any other release applications already in progress will be processed under the standard rules, including the tax payable.
The ATO will require your bank details. It will be requested when you lodge your application. The ATO will also ask for your permission to pass on your bank details, so we can release the money into your account.
No, you will only need to supply your bank account details to the ATO on your application form and declare they are correct.
If you have applied and not received a determination letter from the ATO, you will need to contact the ATO to follow up.
If you have applied and received a determination letter from the ATO, but we haven’t received a request to pay you, then you will need to contact the ATO to follow up. We will be receiving these determinations electronically directly from the ATO.
If your application is rejected, then you will be notified via your MyGov account in 2-3 working days. We will have no visibility of rejections.
If a nominated super fund holds less than the amount nominated in a determination, we are required to pay the amount available, which will be less than the release amount you applied for. This payment may cause your account to be closed, ceasing any additional benefits you may have such as insurance. You will be notified following your account closure.
Only one Covid-19 application is allowed per financial year. If you apply for less than $10,000 you cannot apply for more funds in the same year, even if the total does not exceed the $10,000 maximum.
For example, if you apply for release of $6,000 in 2019/20 then you cannot later apply for release of a further $4,000 for the year. You will need to make a new application from 1 July to 24 September 2020.
A release amount can be split across a number of super accounts. You will be able to specify on your myGov application which fund (or funds) you want the release amount drawn from.
No, you don’t need to pay tax on the money released and it will not affect Centrelink or Veterans’ Affairs payments.
You can make a member contribution back into your super account. This would count towards your relevant contribution cap.
The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 financial years.
This measure will benefit retirees with account-based pensions and similar products by reducing the need to sell investment assets to fund minimum drawdown requirements. The reduction applies for the 2019-20 and 2020-21 financial years.
If you decide not to take any action, your pension payments will remain as they are. Your payments will not change unless you advise us.
You can ask us to reduce your pension payment to the new temporary minimum by:
When making a change to your pension payments, please consider your payments to 25 March 2020 as you may have already exceeded the reduced minimum drawdown amount. If you have, and you select ‘Minimum annual amount permitted’ we will defer your next payment until the 2020/21 financial year.
If you’ve already exceeded the reduced minimum drawdown amount and want to continue to receive income payments for the remainder of 2019/20, please select ‘Nominated amount’ and confirm the annual amount you wish to receive.
We will endeavour to process requests as soon as they are received, but due to high demand, this may take a little longer than normal.
If you’ve already exceeded the reduced minimum drawdown amount, you can elect not to receive any further payments from your pension account this financial year. However, please note you cannot put any funds you have already been paid above the new minimum back into your pension account.
If you don’t want to change your minimum drawdown amount, you don’t need to do anything. Your pension payments will continue at their current amount for the rest of this financial year.
It’s important to remember that super is a long-term investment and is designed to weather short-term investment market changes. Covid-19 is causing market volatility which may prompt you to reconsider your investment strategy. However, switching investment options at a time when markets are low may not be in your best interest.
If you are considering an investment switch, please speak to one of our Customer Relationship Managers (CRM) or Financial Planners first.
If you are considering changing your investment strategy, you can do this by logging into your online account and updating your investment strategy on the Investment page.
There are separate sections online to update your Current Investment and/or Your Future Contributions*. You must update these separately by clicking the edit button for each investment and following the prompts.
*Future Contributions only apply for EISS Super members.
Your current investments are how your super balance is invested today, and your future investments refers to how any future contributions will be invested.
For example, your current investment is how your super balance is currently being invested and if your employer pays your super quarterly you may not see your future investments change for three months.
Your investment switch is effective from the day you submit your request. However, it takes up to 3 business days after receipt for your request for it to be processed and reflected in your online account.
Your online account balance doesn’t reflect that day’s unit price, unit prices are not calculated until after the end of the business day.
When you submit a request to change investment option(s), we apply the unit price set for the day the request is received. If unit prices fall or rise before the change is made, the price fluctuation does not affect your request. You receive the declared unit price for the day your request is lodged.
Your investment switch is effective from the day you lodge it. However, it can take up to 3 business days for your request to be processed.
Your change will only appear in your online account once it’s processed, it doesn’t appear immediately. Please avoid submitting multiple requests, as this will slow down the process.
If you have submitted more than one request to change your investments before 4pm on the same day, we will process the last request you make. However, if we receive a request for another investment switch after 4pm, that request will be processed the following day.
Covid-19 has no impact on the existing Death or Total Permanent Disablement insurance or Income Protection cover within your EISS Super account. If you make a claim it will be assessed and, if successful, paid in the same way it always is.
Covid-19 has no impact on the existing Death or Total Permanent Disablement insurance or Income Protection cover you already hold through your EISS Super account. If you need to make a claim related to Covid-19, like any other claim, you will be assessed and need to meet the eligibility requirements.
Income Protection insurance only covers you if you can’t work due to illness or injury, and you meet the usual terms of your policy. If you are stood down, but you have not had an accident or are not ill, then you cannot make an Income Protection insurance claim.
To help alleviate the impact of the low interest rates on savings, the Government is reducing social security deeming rates from 1 May 2020.
The ‘deeming rate’ is used by the Government to assess a person’s income from financial investments such as account-based pensions, bank accounts and direct shares, amongst others for social security pensions and allowances. It assumes that financial assets are earning a certain rate of income, regardless of the amount of income a person is actually earning or drawing down from some income streams.
Deeming rates are used to determine your income from financial assets. Your ‘deemed income’ is then included as income under the income test that is conducted when you are being assessed for a variety of social security payments including the Government Age Pension. Different deeming rate threshold amounts apply depending of your circumstances, but the deeming rates remain the same.
There are two bands of deeming rates: referred to as lower and upper thresholds. The new deeming rates for financial investments will take effect from 1 May 2020, as follows:
The first $51,800 of your financial assets use the lower deeming rate to assess your income from those assets. Anything over $51,800 uses the upper deeming rate.
The first $86,200 of your combined financial assets use the lower deeming rate to assess your income from those assets. Anything over $86,200 uses the upper deeming rate.
The first $43,100 of each of your own and your share of joint financial assets use the lower deeming rate to assess your income from those assets. Anything over $43,100 uses the upper deeming rate.
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