Understanding your super transactions

Contributions, deductions, returns and taxes – there’s a lot of useful information in your Rest transaction history but only if you know what it all means! We’re here to break it down.

Here’s a look at the transaction types you’ll see on the Rest App, which is an easy way to view your recent transactions. If you don’t have the app set up yet, download it now. You can also view your transactions online via MemberAccess.

Contributions vs deductions

A contribution shown on your transaction history is generally money that’s added to your super account other than an amount that is received as return on investment. A deduction is money that’s removed. You can sort your transactions to view just your contributions or deductions, or all your contributions and deductions at once.

Contributions tax

Your super contribution may be taxed by the government. Rest will pay the tax applying to your account directly to the ATO and this will be shown in your transaction history as Contributions Tax.

Contributions which haven’t already been taxed (like SG and salary sacrifice contributions) are generally subject to 15% tax. There might also be additional tax for high-income earners that earn over $250,000 per year in combined income and super.

Rest will not tax any voluntary contributions that were made with after-tax money, unless you tell us that you plan to claim a personal tax deduction on that contribution.

Administration fee

Generally, Rest’s administration fees relate to the administration and operation of Rest, and cover certain costs associated with managing your account. This fee is made up of two parts – a flat fee of $1.50 per week ($78 per annum), plus an asset-based fee of 0.10% of your account balance per annum.

The flat fee component that is deducted from your account is shown on your transaction account as ‘Administration fee’.

The asset-based (percentage) fee is based on how much money you have in your account. There’s usually a cap on how much you’ll be charged each year. Deduction of this fee from your account is shown as ‘Administration fee (%)’.

Insurance premiums

There are different ways you can receive insurance cover when you join Rest Super or Rest Corporate.

If you have an insurance cover through your super, insurance premiums will be deducted from your account balance each month. Depending on which insurance products you have (for example income protection, total and permanent disability and/or death cover) these deductions will be shown as 'Insurance premium' followed by the type of insurance cover on your transaction history.