Super SA Select
Super SA Select
Super SA Select was launched in 2013 and is the South Australian Government’s newest super scheme. It is more closely aligned with the Commonwealth Government’s tax rules.
Super SA Select is a taxed scheme, meaning that a 15% contributions tax is deducted from concessional contributions (employer or salary sacrifice contributions) upon receipt and investment earnings.
Some advantages of Super SA Select
As a taxed scheme, Super SA Select offers your clients ways of growing super that are unavailable to Super SA’s other tax deferred options.
Super SA Select, gives your clients access to —
Low Income Superannuation Tax Offset (LISTO)
The LISTO is available to those earning less than $37,000 each financial year. It 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.
First Home Super Saver (FHSS) Scheme
The FHSS Scheme becomes available to help your clients boost their savings for their first home by letting them build their home deposit within Super SA Select.
The Government Co-Contribution scheme rewards your clients with a contribution of up to $500 if they make a voluntary after-tax contribution. The main prerequisite is that they earn less than $58,444 in the 2023/24 financial year.
Opening a Super SA Select account — insurance and future contributions
If your client is currently in the Triple S Scheme but wishes to open a Super SA Select account, their Triple S Scheme account will remain active after they do so.
As a result, they will continue to receive access to a variety of insurances including Income Protection Insurance as well as Death and TPD Insurance (subject to eligibility).
They will no longer be able to direct future contributions to the Triple S Scheme.
Investment options through Super SA Select
Your clients can choose between two investment options, Balanced and Cash.