10. It’s important to
provide your tax file number
Make sure we know your Tax File Number (TFN) to avoid penalty tax and ensure you can make contributions.
- Why we need your TFN
- What happens when we don’t have your TFN
- How to provide your TFN
Why we need your TFN
Knowing your TFN allows us to deduct the appropriate tax before we make a payment to you.
We will not be able to accept any personal after-tax contributions from you if we don’t have your TFN.
In addition, if we don’t have your TFN, you may be required to pay up to 46.5% tax (instead of the normal 15%) on your before-tax contributions. Contributions will attract this tax if the total amount paid to super, by your employer or that you salary sacrifice, exceeds $1,0001 for the year.
1 The $1,000 relief does not apply to new super accounts from 1 July 2007.
What happens if we don't have your TFN?
If we don’t have your TFN, the following will apply:
- you won’t be able to make personal after-tax contributions;
- we will need to deduct the extra tax if employer or salary sacrifice contributions exceed $1,0002 for the year. The additional tax will be refunded if you provide your TFN within four years, although you may not receive any interest for the time the money was missing from your account; and
- if you are under age 60, your withdrawals may be taxed up to the top Marginal Rate (plus the Medicare levy).
How to provide your TFN
Questions?
If you have any questions about this change call our Helpline on 1800 555 667.
Check if your TFN is on file
Take a look at your most recent Russell SuperSolution Master Trust (Russell SuperSolution) annual statement or call our Helpline to see if we have your TFN. If your TFN has been supplied you don’t need to do anything.
Notify Russell SuperSolution of your TFN
If your TFN has not been supplied you can let us know what it is by:
- completing Your tax file number notification form.
- logging onto SuperSolution (you will need your Member Number and PIN); or
- calling our Helpline.
Issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790, RSE L0000260, (“TRM”). This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. The information has been compiled from sources considered to be reliable, but is not guaranteed. Any examples have been included for demonstrational purposes only and should not be relied upon for the purpose of making an investment decision. Past performance is not a reliable indicator of future performance. An invitation to apply to join the Russell SuperSolution Master Trust is made by TRM in a Product Disclosure Statement (“PDS”). Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in Russell SuperSolution. The PDS is currently available by phoning 1800 555 667 or by visiting www.russell.com.au. TRM is part of the Russell Investment Group (“Russell”). Russell or its associates, officers or employees may have interests in the financial products referred to in this document by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, Russell or its associates, officers or employees may buy or sell the financial products as principal or agent.