Federal Budget FAQs 2019

What insurance is included as part of my super with Rest and is it impacted by the Government’s proposal?

Rest automatically provides Death and Total and Permanent Disablement (TPD) insurance which will be affected by this proposal. Your Income Protection may also be affected and we will provide an update when the Government releases further information about this proposal.

What do I need to do to ensure I keep my insurance cover with Rest?

You can check your insurance cover on the Rest App or go to MemberAccess. We’ll let you know about the proposals included in this year’s Federal Budget when the Government releases further details.

Can I get my insurance cover reinstated if it’s removed from 1 July 2019?

Yes. However, you will need to provide medical evidence and may need to see a doctor. You will also need to be assessed by our insurer.

What do I need to provide to Rest to receive a tax deduction on my personal superannuation contributions?

You will need to give us the ATO Notice of Intent to Claim Form. This needs to be provided by the end of the following financial year however conditions apply.

What happens if I don’t notify Rest or make an ‘up front’ declaration in my tax return?

Your personal contributions will not be tax deductible.

Do I need less than $300,000 in total or just in one superannuation account without needing to meet the work test?

The proposed measures indicate this applies to a total superannuation balance. We will provide you with further information when it becomes available from the Government.

Do the voluntary contribution concessions apply to all retirees?

No. The proposal only applies to retirees aged between 65 to 74 in the first financial year after their retirement and who have less than $300,000 in superannuation.

Do the contribution caps still apply?

Yes, both concessional and non-concessional contributions caps apply.

Am I a ‘lost’ or ‘inactive’ member?

You may be a lost or inactive member if you have recently moved and haven’t updated your address with us or we haven’t received a contribution for some time. You can update your personal details and check your recent contributions in the Rest App or in MemberAccess.

How will the ATO help if I have an inactive superannuation account?

We will provide you with further information when it becomes available from the Government.