Super SA Select
Super SA Select
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Launched in 2013, Super SA Select is the South Australian Government’s newest super scheme.
Super SA Select is more closely aligned with the Commonwealth Government’s tax rules. As a taxed fund, it provides South Australian Government employees with ways of growing super that are unavailable in the Triple S scheme.
Some of Super SA Select’s benefits include:
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Competitive administration fees
At just $1.35 a week plus an asset-based fee of 0.05% of your Super SA Select balance (to a maximum of $325 per year), our administration fee is one of Australia’s most competitive.Access to the Low Income Superannuation Tax Offset (LISTO)
If you happen to have an adjusted taxable income of $37,000 or less, you may be eligible for the LISTO. The LISTO is a payment of up to $500 per annum from the Commonwealth Government.Access to the First Home Super Saver (FHSS) Scheme
If you’ve made voluntary contributions into your Super SA Select account, you may be eligible for the First Home Super Saver (FHSS) scheme.Access to Insurance via Triple S
Your Triple S account remains active after joining Super SA Select. With your Triple S account, you can access Income Protection Insurance and Death and Total and Permanent Disablement Insurance.1Early Access to Super (EATS) while you work
If you’ve reached your Commonwealth Government preservation age and your account balance is $36,500 or above, you may be able to access your super via EATS while you’re still working.A choice of investment options
You can choose to have your super invested in a Balanced pre-mixed investment option, cash or both at the same time.Section Heading
Fees and costs for Super SA Select
Super SA Select’s investment options
Super SA Select offers two investment options: cash and balance.
You can choose to invest your super in either the Balanced or Cash option or invest whole percentages across a combination of both options. You can switch at any time and you can also choose to invest your current account balance and future contributions in different options or a combination of options.
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Great ways to grow your super with Super SA Select
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Low Income Superannuation Tax OffsetEarning $37,000 or less each financial year?
If your concessional (before-tax) contributions are being paid to your Super SA Select account, you may be able to boost your super with a Low Income Super Tax Offset (LISTO).
The LISTO sees the Commonwealth Government refund up to a maximum of $500 of the tax deducted on concessional contributions made to Super SA Select throughout the year. These concessional contributions can include employer contributions and/or salary sacrifice.
The LISTO is calculated as 15 percent of the concessional contributions your employer makes. -
First Home Super Saver (FHSS) SchemeWith Super SA Select, the Commonwealth Government’s First Home Super Saver Scheme (FHSS) becomes available to you!.
The FHSS Scheme helps you boost your savings for your first home — by letting you build your home deposit within your Super SA Select account. In doing so, you may be able to reduce your PAYG taxes through concessional contributions. You may also get a better return on investment with your money in your Super SA Select account than in a savings account.
To build your deposit, you can make voluntary super contributions of up to $15,000 per financial year and contribute a maximum lifetime limit of $30,000 (existing contribution caps apply to these contributions) over time.
When you’ve built up the deposit you want, under the FHSS Scheme you can withdraw up to $30,000 and put it towards your first home.
If you have a partner, you could put up to $60,000 towards your deposit from both your super accounts.
Some frequently asked questions about Super SA Select
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What are the main differences between Triple S and Super SA Select?
The main difference is Super SA Select is a taxed scheme. Triple S is an untaxed, or tax-deferred scheme.
This means that with Super SA Select, a 15% contributions tax is deducted from concessional contributions (employer or salary sacrifice contributions) when they are received.
With Triple S, there’s no tax on receipt, only on when you withdraw from the fund.
If you would like to discuss the differences between Triple S and Super SA Select, get in touch with one of our Member Services team members.
Alternatively, here’s some more information —
Super SA Select
Triple SLISTO eligibility Yes2 No
Investment options
Two available options
Seven available options
Personal contributions
Yes - after tax/salary sacrifice
Yes - after tax/salary sacrificeConcessional contribution caps2 Yes - capped at $27,500 pa
No, however contributions made to Triple S also count towards the cap if contributions are made to a taxed fund (such as Super SA Select)
Insurance
Members maintain insurance through Triple S
Death and Total & Permanent Disablement
Income ProtectionPreservation Subject to Commonwealth Preservation rules: able to access super from 55 to 60 depending on year of birth and permanently ceasing employment.
For more details go to the Super SA Select Reference Guide
Apart from rollovers, not subject to Commonwealth Preservation rules: able to access super from age 55 (subject to applicable tax rates which are determined by your Commonwealth Government preservation age) and ceasing SA public sector employment.For more details go to the Triple S Reference Gide.
Taxed status
Taxed fundie tax is deducted from concessional super contributions and investment earnings upon receipt. Some tax may be payable on exit.3
Tax deferred scheme
ie tax is deducted on exit.3 -
Once I become a Super SA Select member can I have my contributions directed to Triple S again?No, you can’t. As a member of Super SA Select all your future contributions must be directed to your Super SA Select account.
If you would like more information about contributions to Super SA Select, get in touch with our Member Services team. Alternatively, sign up for one of our webinars. -
If I join Super SA Select can I switch back employer contributions to Triple S once my income exceeds $37,000?This won’t be possible.
Once you choose to become a member of Super SA Select this decision cannot be reversed (subject to the cooling off period or leaving the public sector). -
Will my Triple S balance be taxed if it’s rolled over to Super SA Select?Yes, 15% tax will be deducted from the untaxed portion of the Triple S balance when it is received in Super SA Select.
This isn’t additional tax ascontributions are taxed on entry in Super SA Select rather than on exit as in Triple S.
If funds are withdrawn from Super SA Select before age 60 they may be subject to additional tax. -
Why will I still have a Triple S account even after I’ve rolled over my balance into Super SA Select?When you become a member of Super SA Select, your Triple S account is maintained for insurance purposes as it will provide access to a variety of insurance options you may need.
You will not be charged administration fees for Triple S when you are a Super SA Select member.
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1 Subject to eligibility.
2 Low Income Super Tax Offset (LISTO) remains at a maximum of $500 per year.
3 The Commonwealth Government has set certain caps on the annual concessional contributions that can be made into super before additional tax is applied. Exceeding the cap may result in additional tax being payable. The concessional contribution cap is $27,500 each financial year and includes contributions made by your employer and any salary sacrifice contributions.
For more information on tax see the Super SA Select Reference Guide and Triple S Reference Guide.
Everything about your super - all in the one place
Here you’ll find all the information you need to develop a better understanding about how you can grow, consolidate and access your super.
