Federal Budget 2018-19 Q&As

What insurance is included as part of my employees' 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 employees' Income Protection may also be affected and we will provide an update when the Government releases further information about this proposal.

What do my employees need to do to ensure they keep their insurance cover with Rest?

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

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

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

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

They will need to give us the completed 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 they don’t notify Rest or make an ‘up front’ declaration in their tax return?

Their personal contributions will not be tax deductible.

Do my employees 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 and your employees 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.

Are my employees a ‘lost’ or ‘inactive’ member?

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

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

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