Fees and taxes

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 fee1Aggressive 0.49%, Growth 0.44%, Balanced 0.35%, Stable 0.29%, Australian Shares 0.30%, International Shares 0.34%, Property 0.08%, Bonds 0.17%, Cash 0.10%, Term Deposit 0.00%We generally calculate and deduct this fee daily when unit prices are determined.
Administration fee1$2 per week + 0.16%. Percentage fee is zero for Term Deposit.
We generally deduct the dollar-based administration fee on the last day of the month from your super account balance. We generally calculate and deduct the percentage based administration fee when unit prices are determined.
Buy-sell spreadNil 
Switching feeNil 
Advice feesWe offer a complimentary appointment with a financial adviser for all members and personal advice fees are up to a maximum of $2,750.You pay or, for the portion of the advice that is super related, you can choose to have it deducted from your super account.
Other fees and costs2Nil 
Indirect cost ratio1

Aggressive 0.38%, Growth 0.45%, Balanced 0.55%, Stable 0.46%, Australian Shares 0.00%, International Shares 0.00%, Property 0.09%, Bonds 0.11%, Cash 0.04%, Term Deposit 0.00%

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 when each unit price is determined.

1If your account balance for a product offered by the superannuation entity is less than $6,000 at the end of the entity’s income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.

2We may apply other fees and costs which relate to family law splits, answering subpoenas, advice fees for personal advice, insurance fees and term deposit early withdrawal fees. See the Fees information factsheet at mine.com.au/super-pds for further information.

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 $250,000 and 30% if you earn over $250,000. If you earn $37,000 or less pa you may be eligible for a low income superannuation tax offset.

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 up to a maximum of 15%.
 

You may pay extra tax if you:

Withdrawal tax

Tax law requires us to deduct tax before paying your super to you. Your super is divided into a tax free component, which mainly consists of any after-tax contributions you’ve made, and a taxable component, which is the rest of your account. Your super fund calculates these components when you make the withdrawal. You can't choose to simply withdraw the tax-free component on its own.

The table below shows what tax applies depending on your age and tax components. You won’t have to pay any tax if you’re accessing your super within 24 months of being certified as suffering from a terminal illness. 
 

What tax you pay on withdrawing your super

Your ageTaxable componentTax-free component
Age 60+0%. You don’t need to include this in your tax return.0%
Preservation age to age 590% up to a maximum lifetime low rate cap of $210,000 for 2019-20. Withdrawals above this threshold are taxed at your marginal tax rate or 17%, whichever is lower, which includes the Medicare Levy. This money is treated as assessable income and therefore could affect your HELP debt payments and Medicare Levy surcharge.
0%, including any benefit withdrawn due to terminal illness.
Under preservation ageTaxed at your marginal tax rate or 22%, whichever is lower, which includes the Medicare Levy. This money is treated as assessable income and therefore could affect your HELP debt payments and Medicare Levy surcharge.
0%, including any benefit withdrawn due to terminal illness.
If you die*0% if paid to a tax dependant of any age. *Complex rules apply to death benefit payments to non-tax dependants. A death benefit can be paid as a lump sum or, for some types of dependants, as a death benefit income stream.
0%

 

 

*Under super law, children are considered dependants and can receive a death benefit. However, tax law doesn’t treat adult children as dependants unless certain criteria are met. For more information about this criteria, you can call the Australian Taxation Office infoline on 13 10 20.