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.
Types of super contributions
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.
Other super transactions
Investment return
You’ll see your investment return for each year on your transaction history at the end of that financial year. They will be shown on your Rest transaction as ‘Investment Returns’.
Your super fund invests the money in your super account with the goal of making a positive return. However various external factors can result in a positive or negative return.
More about why your super balance can go up and down.
*Preservation rules prevent a person from accessing their super until they meet a condition of release (i.e. reach your preservation age and retire). It’s important to remember that you should consider your circumstances and objectives before adding to your (or your spouse’s) super. We recommend you seek advice from a licensed financial adviser.
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Tax treatment of super is complex and may change. Rest is not a qualified tax relevant provider under relevant laws. Any tax related information in this document is general information only. You should seek advice from a registered tax professional if you intend to rely on the information in this document.
