Common queries lodged with Accountants Super

Accounting superBased on common queries lodged with Accountants Super, we have compiled a list of frequently asked questions and their corresponding answers to help you find the answers you need with Abeveda Bookkeeper. If you require further information, clarification or need to lodge an enquiry not covered below, contact Accountants Super directly.

Review the list of questions provided below then click to advance to the full question and answer provided in document below.

I am a registered employer with Accountants Super and I have a new employee for whom I wish to contribute. What do I do?
How can I update my address, surname, beneficiary or employer details?
I am leaving my employment and setting up my own business. Can I still contribute to Accountants Super?
How do I switch my investment options and how often can I make a switch?
I have left my employer. Can I leave my super in Accountants Super?
I have left my employer. Can I transfer my super to my new fund?
As a member of Accountants Super, do I have to have life insurance cover?
How often do Superannuation Guarantee contributions need to be sent to Accountants Super?
Is there a withdrawal fee charged if I leave Accountants Super?
As my account balance is less than $200, can I receive the benefit as cash?
I am a registered employer with Accountants Super and I have a new employee for whom I wish to contribute. What do I do?

An Information Guide for Members should be given to the new staff member and the staff member requested to complete the relevant forms contained within the Guide. Alternatively if you are using the “bulk” enrollment method to register new members, a New Member Enrollment form should be completed by you. Once the relevant forms are completed they should be sent to Accountants Super. The completed forms can be sent in prior to or at the same time as the first contribution is made for the new employee. If you are using the pre-printed monthly contribution return forms to remit contributions (these are issued to you by Accountants Super) and your new employee is not yet listed on the form, write the employee’s name and date of birth on the form so that we can match the member’s application form with the contribution remittance.

How can I update my address, surname, beneficiary or employer details?

You can make changes to some of your personal details by using our online electronic access facility – eSuper. Alternatively a Change of Member Details form can be completed and forwarded to us. If you are not able to download the form you can contact us to request a form to be mailed to you. Any changes made to your superannuation records will be confirmed in writing by Accountants Super.

I am leaving my employment and setting up my own business. Can I still contribute to Accountants Super?

Yes. There is a category in Accountants Super specifically for self-employed people. Existing members who are changing employment status from employed to self-employed should advise Accountants Super in writing. Changes will then be made to your superannuation records to reflect your new status. New members wishing to join as self-employed members should read the Information Guide for Members (Product Disclosure Statement) and complete the relevant forms contained in the Guide.

How do I switch my investment option and how often can I make a switch?

To switch your Investment Options you should complete an Investment Choice form and return the form to Accountants Super. You can also process an investment switch using our online electronic access facility – eSuper. If you need information on the choices available to you before you make a switch, you can download the PDS (which includes investment information) from the web site or contact us to mail a new Guide to you. Investment options can be switched at any time. There are no charges for switching options.

I have left my employer. Can I leave my super in Accountants Super?

Yes. Just because you have left your employer does not mean you have to transfer your money out of Accountants Super. If you have another job, your new employer, if not already registered in Accountants Super, can register so that they can continue to pay contributions to your account. Alternatively if your new employer does not wish to register, your contributions can continue to be made by your employer drawing a cheque and posting it to Accountants Super. If you are not continuing in employment and your account balance is greater than $1,500 you can leave your money in Accountants Super without the need for regular contributions to be made. If you have left your employer your death and total and permanent disablement insurance cover will automatically continue in Accountants Super until:

you advise Accountants Super that you do not require your insurance to continue; or
your account balance is not sufficient to meet the premium costs.
When you notify Accountants Super of your termination of employment, the options available to you will be explained in writing.

I have left my employer. Can I transfer my super to my new Fund?

Accountants Super offers full portability of superannuation benefits. To transfer your benefit to another superannuation fund your employer should complete an Employer’s Notification of Cessation of Member Employment form formally notifying Accountants Super of your termination and you should complete a Benefit Payment Advice form advising your rollover instructions. Once the information from both you and your employer has been received and final contributions have been paid to Accountants Super for you by your employer, your benefit payment will be processed.

As a member of Accountants Super, do I have to have life insurance cover?

If you are an employee member of the Accountants Super, one unit of death and total and permanent disablement cover will be automatically applied to your membership. This is the default level of cover providing your employer has certified your eligibility and your attendance at work on the day you join. However, you can apply in writing to opt-out of the insurance coverage.

One unit of cover is worth $54,000 up to age 35, decreasing to zero at age 65. You can apply for additional units as required by completing an Insurance Application form.

Self-employed members do not have a default level of cover applied to their account but can apply for insurance benefits by completing the Insurance Application form.

How often do Superannuation Guarantee contributions need to be sent to Accountants Super? (This question is often asked by both employers and employees.)

Employers are required to calculate their SG contributions quarterly and pay them by the 28th day of the month following the quarter end (quarters end on 31 March, 30 June, 30 September and 31 December). It is desirable however to pay contributions to Accountants Super on a monthly basis to ensure members receive interest on contributions received on a regular basis. It is important to note that there may be additional obligations arising out of an Industrial Award or similar document requiring contributions to be remitted more frequently.

Is there a withdrawal fee charged if I leave Accountants Super?

On leaving Accountants Super an exit fee of $42.50 will apply.

As my account balance is less than $200, can I receive the benefit as cash?

No. The governing rules of the Accountants Super do not allow cash payments to be made except on permanent retirement from the workforce after your preservation age, or under special circumstances, for example permanent departure overseas (providing you hold the appropriate type of visa), death or total and permanent disablement, severe financial hardship, or on compassionate grounds.