Fees, taxes and premiums

Fees

We’ll deduct some money from your account to cover the cost of looking after and investing your super. Because we’re a profits-to-member fund, our fees are set to cover our costs only. We don’t pay dividends to shareholders or commissions to financial advisers. This means we return more to you through lower fees and charges.

Type of fee

Amount

How and when paid

Investment fee  Nil   
Administration fee Direct - $2 per week ($104 pa)
Deducted from your account weekly.
Buy-sell spread Nil  
Switching fee Nil
Exit fee Nil*  
Advice fees See the Mine Wealth + Wellbeing Financial Advice - Our fees page for details  
Other fees and costs Nil  
Indirect cost ratio

Aggressive                0.86%
Growth                      0.82%
Balanced                   0.73%
Stable                        0.62%
Australian Shares      0.55%
International Shares  0.75%
Property                     0.70%
Bonds                        0.43%
Cash                          0.22%
Term Deposit             0.20%

This is an estimate of the annual indirect cost ratio for each investment option. The actual costs are deducted from the return paid to the Fund before each unit price is determined.

Includes 0.16% for administration irrespective of the investment option, plus investment costs.

* If you invest in the Term Deposit investment option, the financial institution that issues your term deposit might charge early exit or termination fees if you terminate your term deposit before the expiry of the fixed term. Details of these fees will be available at the time you make an investment and vary across financial institutions. These fees aren't charged by Mine Wealth + Wellbeing.

Tax

Your super is taxed when you put money in, on your investment earnings and in some cases, when you take it out if you’re under age 60.

Tax on the money you put into super

Before-tax contributions, which include the compulsory 9.5% contributions your employer makes for you, are taxed at 15% if you earn less than $300,000 and 30% if you earn over $300,000. If you earn less than $37,000 pa you may be eligible for a low income super contribution.

Any after-tax contributions you make aren’t taxed when you put them into super as you have already paid tax on that money.

Tax on your investment earnings

Investment earnings within your super are taxed at 15%.

Tax when you take your super out

If you’re under age 60 and you withdraw all or part of your super you may need to pay tax. For details about how withdrawals are taxed see the Withdrawal tax page.

If you’re age 60 or over all your withdrawals are tax free.

Insurance premiums

If you have insurance with us, your premiums are also deducted from your account.