What are personal contributions?
At RBF, personal contributions are contributions made by you or on your behalf to your superannuation account from after-tax salary.
Personal contributions include:
- After-tax salary deductions
- Lump sum deposits
- Contributions received from another person including your partner
- Regular bank account deductions
Personal contributions are credited to your RBF Investment Account.
Any personal contributions made throughout the financial year will count towards your Non-concessional Contribution Limit.
Who can make personal contributions?
To make personal contributions you must advise RBF of your Tax File Number. Unless you have provided your Tax File Number, RBF is required to return your personal contribution to you.
You can make personal contributions to the RBF Investment Account if you are:
- under age 65, regardless of whether you are in paid employment; or
- aged 65 but less than 75 and were employed for at least 40 hours in any period of not more than 30 consecutive days in the financial year in which the contribution is to be made.
Note:
Once you reach age 70, personal contributions have to be made by you. They can't be made on your behalf by others.
If you are aged 75 or over you cannot make personal contributions.
Can my partner make contributions to RBF?
If you are a member of RBF, your partner can open an RBF Investment Account.
Contributing to an RBF Investment Account may have the following advantages:
- Your partner can increase the amount of his or her tax-free retirement benefit.
- You and your partner can increase the amount of your retirement benefits at reduced tax rates.
You may be entitled to a tax offset (rebate). As an example, if your spouse earns less than $10,800 pa, you can make a $3,000 personal contribution to their super account. This may qualify you for a tax rebate of $540. This strategy can be used each financial year.
- Your partner can become a member of RBF and gain access to the many advantages that RBF offers.
- Your partner has the opportunity to secure his or her own retirement income.
Your partner is defined as one of the following:
- your husband or wife; or
- a person of the same or different sex with whom you share a significant relationship which is registered under a State or Territory law; or
- a person of the same or different sex who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.
For partner contribution purposes, you and your partner must be Australian residents and must be living together at the time of the contribution.
The RBF Investment Account page and the Spouse Account page contain further details. Alternatively, you and your partner can contact us to arrange an interview to discuss opening an RBF Investment Account for your partner.
What are the advantages of making personal contributions?
- With the effect of compound interest over time you may significantly increase your super. This will increase your retirement benefit.
- Earnings from your super are generally taxed at the relatively low rate of 15%.
Tell me more about the RBF Investment Account.
The RBF Investment Account features:
- Member Investment Choice, which gives you the flexibility to choose an investment profile to suit your needs. Members are able to choose from a range of investment options.
- No entry or exit fees.
- No commissions paid to financial advisers.
- Access to RBF's investment performance, which has been consistently ranked among the top performing funds in Australia.
Note:
Past performance is not an indicator of future performance.
When can I access my personal contributions?
Under legislation, preserved superannuation entitlements generally cannot be accessed unless a member satisfies a condition of release, such as retirement at preservation age.
Preserved funds can generally only be accessed before preservation age in the case of death, permanent incapacity, and, in limited amounts, in the case of severe financial hardship or on compassionate grounds. If amounts are accessed before preservation age, they may be taxed at a higher rate.
How do I make personal contributions or increase my personal contributions?
As an RBF member you can make personal contributions to your RBF Investment Account in any of the following ways:
- individual payments;
- direct debit;
- regular salary deductions from your after-tax pay.
To make payments or commence regular deductions, please complete the appropriate form using the links below.
To increase your contributions complete the Election to Pay Contributions into the RBF Investment Account and return it to your employer.
If you would prefer to make your regular contributions by direct debit from your bank or credit union account, complete the Direct Debit Application Form and return to RBF using the address at the top of the form.
If you are already making contributions to your RBF Investment Account using direct debit and would like to vary the amount you contribute, complete the Direct Debit Variation Form and return it to RBF using the address at the top of the form.
To increase your contributions to the RBF Contributory Scheme, complete the RBF Contributory Scheme Election to Vary Contributions form and return it to RBF using the address at the top of the form.
Individual payments can be made directly to RBF by cheque (or cash at our Hobart office). RBF will notify you in writing when your payment is received.
You can make one-off deposits from bank or credit union account. Complete a step-by-step Deposit form and return it to RBF using the address at the top of the form. RBF will notify you in writing when your payment is received.
Alternatively, you can contact us to arrange an interview to discuss how making voluntary contributions will improve your super.
How much can I contribute?
You can contribute as much as you want to your super each year up to the Contribution Limits. There is a limit on personal contributions of $150,000 each year and a limit on Salary Sacrifice contributions of $50,000 each year. If you exceed these limits, you may be subject to penalty tax on those contributions.
Most members making regular fortnightly contributions will not have to worry about exceeding the limits. Remember that the limits apply to each individual so both members and their partner may make contributions up to the limits.
Members who invest a large sum of money into super by a one-off contribution or through regular payments will need to be aware of the limits. For example, Contributory Scheme members who are purchasing service or upgrading past rates of contribution should ensure they do not exceed the limits. Penalty tax will be payable on any contributions above the limits.
Members who contribute to more than one account will need to ensure their total contributions, across all their super accounts, do not exceed the limit.
How do I increase my contributions - I am a Contributory Scheme member?
Increasing your contribution rate to the Contributory Scheme will increase your overall Contributory Scheme benefit.
If you are a Contributory Scheme member you can contribute between 5% and 15% of your salary to the scheme. You can increase the minimum contribution of 5% in multiples of 1% up to 15%.
You can choose to make these contributions as personal contributions or by Salary Sacrifice.
In addition to increasing your contributions to the Contributory scheme, you can also make personal contributions or Salary Sacrifice into the RBF Investment Account.
If you are eligible to receive the Super Co-contribution, personal contributions to both the Contributory Scheme and the Investment Account will count towards your entitlement.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
To increase your contributions, complete the RBF Contributory Scheme Election to Vary Contributions form and return it to RBF using the address at the top of the form.
Please note, if you would like to use direct debit to increase your contributions, the money will be paid into your RBF Investment Account. If you choose to set up direct debit, complete the Direct Debit Application Form and return to RBF using the address at the top of the form.
How do I increase my contributions - I am a member of TAS?
Increasing how much you contribute to your super may increase your overall retirement benefit. It is important to establish a regular savings program, even if you can only afford a small amount each pay.
Additional contributions are made into the RBF Investment Account and you can choose to make personal contributions or Salary Sacrifice contributions.
You may also be eligible to receive the Super Co-contribution.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
To increase your contributions complete the Election to Pay Contributions into the RBF Investment Account and return it to your employer.
If you would prefer to make your contributions by direct debit, complete the Direct Debit Application Form and return to RBF using the address at the top of the form.
If you are already making contributions to you RBF Investment Account using direct debit and would like to vary the amount you contribute, complete the Direct Debit Variation Form and return it to RBF using the address at the top of the form.
How do I increase my contributions - I am a SFCSS member?
If you are a SFCSS member you are required to contribute at a flat rate of 5% of salary. These contributions are personal contributions. However, you can now make these contributions by Salary Sacrifice.
You can also make additional contributions into the RBF Investment Account by personal contributions or by Salary Sacrifice.
You may also be eligible to receive the Super Co-contribution, depending on your salary. Personal contributions to both the SFCSS and the RBF Investment Account will count towards the amount of the Super Co-contribution that you are entitled to.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
To increase your contributions complete the Election to Pay Contributions into the RBF Investment Account and return it to your employer.
If you would prefer to make your contributions by direct debit, complete the Direct Debit Application Form and return to RBF using the address at the top of the form.
If you are already making contributions to your RBF Investment Account using direct debit and would like to vary the amount you contribute, complete the Direct Debit Variation Form and return to RBF using the address at the top of the form.
How do I increase my contributions - I am a TASSS member?
Increasing your contribution rate to TASSS will increase your overall Contributory Scheme benefit.
If you are a TASSS member you can contribute between 5% and 11% of your salary to the scheme. You can increase the minimum contribution of 5% in multiples of 1% up to 11%.
These contributions are personal contributions. However, you can now make these contributions by Salary Sacrifice.
You also can make additional contributions into the RBF Investment Account by personal contributions or by Salary Sacrifice.
You may also be eligible to receive the Super Co-contribution, depending on your salary. Personal contributions to both the TASSS and the RBF Investment Account will count towards the amount of the Super Co-contribution that you are entitled to.
To assist you in deciding which option is best for you, TASSS members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
To increase your contributions complete the Election to Pay Contributions into the RBF Investment Account and return it to your employer.
If you would prefer to make your contributions by direct debit, complete the Direct Debit Application Form and return to RBF using the address at the top of the form.
If you are already making contributions to your RBF Investment Account using direct debit and would like to vary the amount you contribute, complete the Direct Debit Variation Form and return it to RBF using the address at the top of the form.
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