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 0.39%, Growth 0.37%, Balanced 0.32%, Stable 0.29%, Australian Shares 0.22%, International Shares 0.33%, Property 0.07%, Bonds 0.18%, Cash 0.10%, Term Deposit 0.00%We generally calculate and deduct this fee daily when unit prices are determined.
Administration fee$2 per week ($104 pa) + 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 
Exit fee2Nil 
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 costs3Nil 
Indirect cost ratio1

Aggressive 0.43%, Growth 0.48%, Balanced 0.51%, Stable 0.47%, Australian Shares 0.00%, International Shares 0.00%, Property 0.05%, Bonds 0.11%, Cash 0.01%, 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.

1The investment fees and indirect costs shown are estimated by reference to investment related fees and costs, including underlying investment manager costs, incurred for the 12 month period to 30 June 2018. Accordingly, actual investment and indirect costs over the current period of the PDS will vary based on actual fees and costs incurred in that period.

2If 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 Super.

3We may apply other fees and costs which relate to family law splits, answering subpoenas, advice fees for personal advice and insurance fees. See the 'Fees information' factsheet for further details.

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 at 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. Different tax rates may apply if you're accessing your super due to 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 $205,000 for 2018-19. 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 dependent or if paid to a non-dependent, taxed at your marginal tax rate or 17%, whichever is lower, which includes the Medicare Levy.
0%

 

Note: If we don’t have your Tax File Number your withdrawal may be taxed at the top marginal rate of 47%, including Medicare Levy. 

*Adult children who aren’t financially dependent or in an interdependency relationship with their mum or dad are considered dependants under super law but non-dependants under the Tax Act. Therefore, if they receive a death benefit they would need to pay tax.