How your account works
First State Super provides a simple to understand accumulation style benefit where all contributions or rollovers made by you, or on your behalf, are paid to an account for you within the Fund. Your account is unit based, which means that every contribution "buys" units in an investment strategy in First State Super. For information about investment strategy choices click here.
Amounts added to your account
- Employer contributions
- Your own contributions from your pay or a lump sum
- Any other super money you roll into First State Super from another super fund
- Any Federal Government co-contributions sent to your First State Super account
These additions increase the number of units you hold in First State Super. Transactions will usually be processed and units allocated within 5 working days of receiving both the money and the necessary contribution details. The number of units allocated is calculated by dividing the transaction amount by the unit price applicable for the appropriate date.
For example, if you make an after tax contribution of $1,000 and the unit price is $1.25, you have an additional 800 units added to your account.
Once you have established an income stream account you are not able to add to it. Click here to find out more
Amounts taken out of your account
- A provision for tax of 15% is deducted from concessional contributions made by your employer on receipt of your contribution or, where they are made by you, after you notify us that you will claim a tax deduction for the contributions
- A provision for additional tax on concessional contributions if you have not provided your TFN by the end of the financial year
- Insurance premiums (if applicable), deducted each month
- Administration fees, deducted each month
- Any pension payments or lump sum benefits paid or transferred out of a First State Super pension account.
- Any switching fees from changing investment strategy
- Any withdrawal fees deducted in respect of any part or full payment of a benefit (including contribution splitting) or taxation liability
- Any benefits paid, including payment splits arising from a Family Law arrangement
These transactions decrease the number of units you hold in First State Super. Benefit payments will usually be processed and units redeemed within 5 working days of receiving the completed benefit payment application. The number of units redeemed is calculated by dividing the transaction amount by the unit price applicable to the appropriate date.
Value of your investment
The value of your investment at any time is determined by multiplying the number of units you hold by the current unit price.
How can I see the amounts going into or taken out of my account?
Every year, you will receive an annual statement and a half yearly statement which shows the transactions which happened during a certain period of time.
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