QSuper Factsheet
1
Salary Amendment for Accumulation
Account Members
Your super contributions
How can I change my contribution rate?
Contributions to your super are either concessional contributions
(before income tax is paid) or non-concessional contributions
(after you’ve paid income tax). If you work for the Queensland
Government you’re generally required to make standard
contributions of between 2-5 per cent to your super. Additionally
if you work for the Queensland Government and make standard
contributions your employer will contribute up to 12.75 per cent to
your super depending on how much you contribute. You should
know there are limits to how much you can add to your super each
financial year for both types of contributions before you may be
charged extra tax.
If you have an Accumulation account and the contributions you’re
required to make mean you exceed the concessional (before tax)
contributions cap, you have a couple of options to reduce what
counts towards the cap.
Before tax (concessional) contributions cap
If you’re making before tax (concessional) contributions, you can
contribute up to $30,0001 (or $35,0001 if you’re 49 or over on or
before 30 June 2016) in a financial year before you exceed the
cap. Concessional contributions are generally taxed at 15 per cent,
unless your income is over $300,000 (including concessional
contributions), in which case contributions over the $300,000
threshold are taxed at an additional 15 per cent. This means that
contributions in excess of $300,000 are taxed at 30 per cent in total.
These contributions include employer contributions, salary sacrifice
contributions and contributions you’ve claimed a tax deduction for.
After tax (non-concessional) contributions cap
If you’re making after-tax (non-concessional) contributions, you can
contribute up to $180,0001 in a financial year before you exceed the
cap. However if you’re under 65 at any time during the financial year
you can contribute up to three times your non-concessional cap
(which is $540,000) without incurring excess contributions tax. Just
remember that as you’re essentially bringing forward contributions,
you couldn’t contribute any more for the next two years after tax
without exceeding the cap.
The Tax Explanation factsheet explains how tax is applied to any
excess contributions you make and the options that apply.
After reducing your rate of contributions to the lowest available
rate, your options include:
1.If you salary sacrifice, you could make after tax (non-concessional)
contributions.
2.If you wish to continue salary sacrificing or your employer
contributions are in excess of the concessional contributions cap,
you might be able to nominate a lower salary for superannuation
purposes, making your employer contributions (including
standard salary sacrifice contributions) equal to the concessional
contributions cap.
Reducing your salary for concessional
contributions cap purposes
It’s important you know that you can only enter into an agreement
to nominate a lower salary if your current contribution rate is the
lowest rate available to you, and the corresponding employer
contribution will result in you exceeding the concessional
contributions cap. For example:
• You make standard contributions of 2 per cent and your
employer contributes 9.75 per cent.
• You’re a police officer making standard contributions of 3 per
cent and your employer contributes 12 per cent.
• Your employer contributes 9.5 per cent.
An agreement is valid for one financial year
Keep in mind that if you want to enter into an agreement to
nominate a reduced salary for super purposes, the salary you
agree on needs to result in concessional contributions from your
employer that are equal to the concessional contributions cap for
the financial year. You and your employer should complete the
Salary for Superannuation Purposes Agreement form (at this back of
this factsheet) and send a copy to us within the first four months of
the financial year the agreement applies to.
If you send us the form after the financial year has started but within
the first four months that the agreement applies to, you might need
to consider any concessional contributions already made to your
super when you’re working out your nominated salary.
You should also bear in mind that if you are currently making
after-tax (non-concessional) contributions and you decide to salary
sacrifice these contributions, you might still exceed the concessional
contributions cap, even if you’ve nominated a reduced salary.
1 Current rate for the 2016/2017 financial year.
2
Salary Amendment for Accumulation Account Members
Income protection
If you have income protection cover, you might be eligible to
receive a regular income payment of up to 87.75 per cent (including
a contribution replacement benefit of 12.75 per cent of your insured
salary) if you’re temporarily unable to work due to an illness or
injury. It’s important you know that if you nominate a lower salary
for superannuation purposes, we’ll use this as your insured salary
when we determine your income protection benefit if you make a
claim.
We’re here to help you
To help you get the most out of your super, you might want to get
some personal financial advice. QInvest offers personal financial
advice services including ‘one-off’ specific advice about your
QSuper benefit, through to comprehensive advice about your
financial situation. Just call 1800 643 893 or visit qinvest.com.au
Member Centres 70 Eagle Street Brisbane and 63 George Street Brisbane
Telephone 1300 360 750 (+61 7 3239 1004 if overseas)
Monday – Friday 8.30am to 5.00pm Queensland time
Postal address GPO Box 200 Brisbane Qld 4001
Fax 1300 241 602
Website qsuper.qld.gov.au
ABN: 60 905 115 063
SFN: 2610 419 41
9970 01/07/16 FF08
And so you know, this information is provided by QInvest Limited (ABN 35 063 511 580 AFSL and Australian Credit Licence Number 238274) which is ultimately owned by the QSuper Board (ABN 32 125 059 006) as
trustee for the QSuper Fund (ABN 60 905 115 063). All products are issued by the QSuper Board as trustee for the QSuper Fund. When we say ‘QSuper’, we’re talking about the QSuper Board, the QSuper Fund, QSuper
Limited or QInvest Limited, unless the context we’re using it in suggests otherwise. We’ve put this information together as general information only so keep in mind that it doesn’t take into account your personal
objectives, financial situation or needs, it shouldn’t be relied on as legal or taxation advice and doesn’t take the place of this type of advice. What we say about law or proposals is based on our interpretation of the
law or proposals at the time we printed this document. You should consider whether the product is appropriate for you by reading a copy of the product disclosure statement before making a decision – you can
do this by downloading a copy from our website at qsuper.qld.gov.au or call us on 1300 360 750. © QSuper Board of Trustees 2016
QSuper Form
Please complete in block letters, in blue or black ink.
1
Salary for Superannuation
Purposes Agreement
When should I use this form?
Complete this form if you:
• have an Accumulation account
• expect to exceed the concessional contributions cap
• want to let us know you’ve entered into an agreement with your Queensland Government or related entity employer to reduce your salary
for super purposes.
Make sure you send us a copy of this form within the first four months of the financial year your agreement applies to. Be sure to read the Salary
Amendment for Accumulation Account Members factsheet that’s with this form for more info on reducing your salary for super purposes.
Be sure to check out the Additional info about this form on the back page to make sure you have all the info you need to complete this form.
Your Accumulation account details
1
Account number
3
Your employer’s details
Name of employer
Your Accumulation account number can be found on your
annual statement.
Employee payroll number
Name of employer representative (who’ll complete the employer
declaration in section 6)
2
Personal details
Title
Postal address of employer
Given names
Surname
State
Previous name1 (if we know you by another name)
Postcode
Phone number
Email address
Date of birth (dd/mm/yyyy)
Home phone number
Mobile phone number
Email address
4
Salary details
What’s your current salary for super purposes?
$
Residential address
What’s your nominated salary for super purposes?
$
State
Postal address
per year
Postcode
As above
State
Postcode
per year
For the 2016/2017 financial year, the concessional
contributions cap is $30,000 (or $35,000 if you’re 49
or over on 30 June 2016). If you were to enter into an
agreement with your employer to reduce your salary for
superannuation purposes, you would need to elect a
salary that will make the concessional contributions paid
by you and/or on your behalf equal to the concessional
contributions cap for the 2016/2017 financial year.
1 If your name has changed and you work for the Queensland Government or related
entity employer, let your payroll office know and they’ll then let us know.
2
Salary for Superannuation Purposes Agreement
5
Employee’s declaration
6
I’ve received financial advice about this matter.
I’ve chosen not to get financial advice about this matter.
• I’ve exceeded, or expect to exceed, the concessional
contributions cap for the financial year ending
30 June
(yyyy)
Employer’s declaration
• I agree that the employee (noted in section 2 of this form) will
exceed (or they’re likely to exceed) the concessional contributions
cap for the financial year mentioned in section 5.
• I’ve agreed with the employee that their salary for super
purposes will be the salary nominated in section 4 and this is the
maximum salary before the employee exceeds the concessional
contributions cap.
• I’ve agreed with my employer that my salary for super purposes
will be the salary nominated in section 4 and the salary is the
maximum salary before my employer’s contributions exceed the
concessional contributions cap.
Signature
• I understand both my standard and employer contributions will
be based on my nominated salary for super purposes during the
financial year I’ve noted above, and this could result in reduced
contributions to my super.
Date (dd/mm/yyyy)
• I understand my employer and I need to send a copy of this
completed form to QSuper within the first four months of the
financial year that the agreement applies to.
Additional info about this form
• I understand that any other employer or salary sacrificed
contributions might exceed the concessional contributions cap.
• I understand any income protection benefit will be 87.75%
(including a contribution replacement benefit of 12.75%) of
my insured salary.
Keep in mind you can’t enter into this agreement if your
current standard contributions rate isn’t the lowest rate
available to you (read the factsheet for more info).
It’s important you know that if you nominate a salary for
superannuation purposes it might affect your super and insurance
benefits, so it’s a good idea to get personal financial advice before
you decide to do this.
Where do I send the form?
Send your completed form to QSuper Technical Advice, GPO Box
200, Brisbane QLD 4001.
Signature
Date (dd/mm/yyyy)
Member Centres 70 Eagle Street Brisbane and 63 George Street Brisbane
Telephone 1300 360 750 (+617 3239 1004 if overseas)
Monday – Friday 8.30am to 5.00pm Queensland time
Postal address GPO Box 200 Brisbane Qld 4001
Fax 1300 241 602
Website qsuper.qld.gov.au
ABN 60 905 115 063
SFN 261041941
9970 01/07/16 FF08
Just quickly, we need to let you know that this form is issued by the QSuper Board (ABN 32 125 059 006). All QSuper products are issued by the QSuper Board as trustee for the QSuper Fund (ABN 60 905 115 063).
We take the privacy of your personal information very seriously. We’re collecting this information to administer your superannuation account and are authorised to do this under the Superannuation (State
Public Sector) Act 1990. We may pass your information on to your employer, authorised service providers (e.g. external insurers), other superannuation funds and government departments or agencies. We
may also disclose this information to third parties if we need to, if you’ve given consent to the disclosure, or if we’re required to by law. If you want to know more about our privacy policy, you can download
QSuper’s Your Privacy factsheet from our website or call us on 1300 360 750 and ask for a copy. We’ve put this information together as general information only so keep in mind that it doesn’t take into account
your personal objectives, financial situation, or needs, shouldn’t be relied on as legal or taxation advice, and doesn’t take the place of this type of advice. Before you make any decision to acquire a product,
or to keep hold of one you already have you should consider the PDS, which you can download at qsuper.qld.gov.au, or call us on 1300 360 750 for a copy. © QSuper Board of Trustees 2015