It depends how your details have been changed. The most common request is changing a surname due to marriage, which you can do with a certified copy of your marriage certificate, and a Vision Super “Change of Personal Details form” found here: view form
If you have changed your name another way, we recommend you contact us first on 1300 300 820 so we can outline what documents we need to change your details without issue.
If you want to change your address, you can do this by logging onto the secure member portal online, or calling our Member Services team on 1300 300 820.
Here’s how it works. You may be able to receive a tax-free contribution from the Government when you make a non-concessional (after-tax) contribution to your super account. The maximum entitlement that can be received is $500 where your total income is $39,837 or less in the 2020/21 year. This reduces on a sliding scale and cuts out if your total income is above $54,837 in the 2020/21 year.
This is, of course, provided you satisfy work, income and age tests.
Please note that the income threshold test for the co-contribution is your total income, which is calculated as follows:
Total income (assessable income + reportable fringe benefits + reportable employer super contributions – allowable business deductions).
In very basic terms, ‘salary sacrificing’, or ‘salary packaging’ means using some of your before-tax salary to pay for something. In superannuation terms, it is usually an arrangement between you and your employer to contribute some of your before-tax salary into your superannuation account.
In the 2020/2021 financial year, the maximum that can be contributed as before-tax payments is $25,000, this includes your employer SG payments of 9.5%.
If you’re contributing by BPAY, it can take Vision Super up to two business days to receive your contribution, then up to three business days to process, although most are done the same day they are received. This will depend upon your financial institution’s processing times.
If you’re contributing by cheque, you will need to allow enough time for your chosen postage method to reach us. Once it has arrived, it can take up to five working days to process.
We can also process contributions by EFT, however, this may take up to three business days.
Best Doctors can help you if you are dealing with an illness, or a chronic or serious condition.
Through your insurance, you and your family get access to Best Doctors which connects you with a network of 50,000 leading medical specialists from around the world. It offers a second opinion when you need it most, to make sure you received the right diagnosis and are on the best treatment plan. You can use Best Doctors at anytime, anywhere, as often as you need for no extra cost, and it’s completely confidential.
Ethical investment (or responsible investment) in a super fund is when an investment is selected to complement views on moral, environmental or political matters. There are ethical super funds dedicated to these specific investment options and funds that offer normal and ethical investment options.
Generally, any before-tax money that you pay into your superannuation fund (for example, your super guarantee payment, or salary sacrifice payments) is taxed at 15%.
The earnings that your fund makes are also taxed (but not the pension untaxed products). And, when you retire and apply to draw an income from your super fund (an account based pension) this is tax-free if you are over 60 years. For more information, please refer to our additional guide on how super is taxed.
It’s important that you provide your tax file number to your super fund or you could be inadvertently paying too much tax.
By calling 1300 300 820, Vision Super members have access to free, one-off advice with one of our financial planners about their options and benefits. This includes insurance options, investment choices, Vision Super products, and other basic information.
We also offer in-depth personal advice by appointment, to discuss at length different topics super and non-super related depending upon your personal financial needs.
We are required by law to charge for this advice. Advice about superannuation and retirement products may be deducted directly from your Vision Super accumulation account. Set fees apply each time we provide you with advice about:
Unlike financial advisers who work for banks or other retail organisations, your Vision Super financial planners don’t receive commissions or bonuses for financial advice and are only paid a salary.
Their advice is always in your best interests, and you never need to worry whether they’re recommending a product because they want the commission or they’re trying to earn a bonus.
Yes. If you have existing death, death and total and permanent disability (TPD), and/or Income protection (IP) cover through another superannuation fund, you can apply to transfer this cover to your Vision Personal account.
To transfer your cover, you need to meet certain conditions – for further information, please read the Vision Personal insurance guide.
Remember to check your current insurance arrangements including benefits and fees (different insurance arrangements have different terms and conditions, e.g., exclusions). If you are transferring your insurance cover from another super fund, make sure your application to transfer to Vision Super is accepted before you transfer your money from or cancel the insurance cover you have in the other fund.
In most cases, changing jobs doesn’t mean you have to change super funds. To take Vision Super with you when you change jobs, simply complete the Choice of fund form and hand it to your new employer.
By choosing to stay with Vision Super, you can avoid ending up with multiple funds, multiple sets of fees and excess paperwork.
Compound interest is the interest that is earned on money that was previously earned as interest.
For example, if you have an investment of $100 that pays interest of 5% every year, then in the first year you will be paid interest of $5 over the year (5% of $100).
What happens in the next year? That’s where compounding comes in. You will not only earn interest on your initial $100 deposit, you will also earn interest on the $5 interest that you earned in the first year.
That means you will earn $5.25 in the second next year because your account balance is now $105, even though you didn’t make any deposits. This may not seem like much of an increase, but the effects of compounding becomes more dramatic over long periods of time. After 30 years, your initial $100 investment would be worth $432.19, and that year you would be paid $21.61 in interest.
Each year your interest earnings will accelerate even more due to compound interest. This cycle leads to interest and account balances going up at an increasing rate, which is sometimes known as exponential growth.
Of course, if you’re borrowing money, compounding works against you. You owe interest on the money you have borrowed, and so your loan balance can then increase over time, even if you don’t borrow any more money.