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A series of factsheets to make the most of your super.
Ways to contribute to your super
Managing your super
Leaving your employer - through job change or redundancy
2012 Federal Budget
Insurance and claims
Transition to Retirement
New or temporary residents to Australia
Pensions and payments
In the May 2012 Budget, Treasurer Swan announced that a “temporary SuperStream Levy” would be imposed on APRA regulated funds to meet the regulatory costs of implementing the Government’s SuperStream reforms (a component of the Government’s plan to overhaul the superannuation system). The Government said the levy would be collected by APRA within its existing supervisory levy process (in other words, APRA would get super funds to collect the levy from members on its behalf). The temporary levy is expected to raise $467.1 million over seven years, and commenced 1 July 2012.
What this means for you
The Russell SuperSolution Master Trust is an APRA-regulated fund, which means the temporary APRA levy will apply to your account. The levy will be collected over time. From January 2013 we will deduct $20 from each member’s account, which will cover this financial year. We will keep you updated about future deductions (if any).
Please note: We don’t keep this money; rather we are merely collecting it on behalf of the Government and will forward it to APRA each year. Much like you pay 10% GST on goods and services and then the shopkeeper or service provider sends the 10% GST to the government.