ID & Security
A generic 3-point security check must contain.
1 Unique data point
2 security questions
When is 32% tax applied to a concessional contribution?
When no TFN is provided before the end of the FY.
Name 3 contributions that affect the before tax cap.
Emp cont.
Emp additional
Emp Award
Salary Sacrifice
Personal cont. claimed as tax deduction
Contribution split
Apart from retirement, financial hardship and compassionate grounds, name 3 other ways a person can access their super.
DASP
Trans-Tasman
Death
Terminal Illness
Total & Permanent Disablement
What was the first incident/event that led to the requirement of a unique data point?
Optus data breach
When exceeding the non-concessional cap, the 47% tax applied to the excess is made up of what?
45% is the sum of the highest marginal tax
2% from medicare levy
What is the difference between the Bring forward rule & Carry forward rule.
Bring Forward - 3 years cap including current, spread across the 3 years.
Carry Forward - Any unused caps from the past 5 years including the current FY, used from the oldest year.
I am 62 years old, can I withdraw my money?
Yes, if you are not working at the time of the claim or after ceasing at least 1 employment arrangement after turning 60.
Who can update or change details on a member's account?
Member
Authorised person such as POA or Guardianship
What is the additional 15% tax on those earning above $250k called?
Div 293 Tax
What does OTE stand for?
Ordinary Time Earnings
How long must you be on centrelink payments to be eligible for Financial Hardship?
26 consecutive weeks
Who can you give account specific information to?
Member
Employer
Authorised Third Party
How much tax is applied to tax on earnings?
Up to 15% on all earnings
What is the current cap for CC and NCC?
$27,500 & $110,000
I was born on 04/08/1962, what is my preservation age?
58
What can we do if a member requests enhanced security or is worried about their account?
Reassure member and follow protection steps
Explain the Proportioning Rule.
When any part payment of a superannuation benefit is made, the benefits will be considered to include both tax free and taxable components with the relevant portions of each reflecting the proportions such components makeup of the total benefit.
Explain the difference between contribution splitting, family law splitting & spouse contribution.
Good answer.
Who provides approval for CG?