Super SA Select gives members with an adjusted taxable income of $37,000 or less the option of accessing the Low Income Superannuation Contribution (LISC), a payment from the Commonwealth Government designed to help low income earners save for their retirement.
Consider your situation
Below are two tables to help you compare Super SA Select with Triple S. For the full picture you should read the Product Disclosure Statement.
Table 1 Comparison of Super SA Select and Triple S features
|Super SA Select||Triple S|
Choice of 2
(can invest in only 1)
Choice of 8
(can invest in 1 or 2)
|Personal contributions||Yes - after tax/salary sacrifice||Yes - after tax/salary sacrifice|
|Concessional contribution caps1||
Yes - capped at $30,000 pa (age 48 and under)
capped at $35,000 pa (age 49 and over)
|Insurance||Members maintain insurance through Triple S||
Death and Total & Permanent Disablement
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 Accessing Your Super fact sheet.
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 Accessing Your Super fact sheet.
ie tax is deducted from concessional super contributions upon receipt.
Some tax may be payable on exit2.
Tax deferred scheme
ie all tax is deducted on exit2.
1 Under current legislation, the LISC is payable for financial years from 1 July 2012 through to 30 June 2017. From 1 July 2017, the LISC will be replaced with the Low Income Super Tax Offset (LISTO) and will remain at a maximum of $500 per year.2 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 will incur the highest marginal rate plus Medicare levy and 2% Temporary Budget Repair Levy on the excess amount. The concessional contribution cap is $30,000 each financial year (age 48 and under) and $35,000 each financial year (age 49 and over) and includes contributions made by your employer and any salary sacrifice contributions.
Budget proposal: From 1 July 2017, the threshold will be lowered to $25,000 for all individuals.
Super SA Select and Triple S are taxed differently. All members pay tax - just at different stages.
Super SA Select is a taxed fund . . . 15% contributions tax is deducted from concessional super contributions (employer and salary sacrifice contributions) as they are received. Tax of up to to 15% is deducted from investment earnings.
Table 2 Comparison of tax in Super SA Select and Triple S
|Super SA Select and tax||Triple S and tax2|
|Concessional contributions||15% tax on receipt||No tax on receipt|
|Tax on investment earnings||Up to 15% tax||Tax on withdrawal|
|Withdrawal at age 60||Tax free3||15% tax on untaxed element & Medicare levy3|
2If you roll over your Triple S balance to Super SA Select, 15% contributions tax will be deducted from the untaxed element of the Triple S balance when it is received in Super SA Select.
If you join Super SA Select your membership is irrevocable (subject to your cooling off rights) and you will no longer be able to direct employer and member contributions to Triple S. Instead all future employer and member contributions will be directed to Super SA Select. See Super SA Select PDS and the FAQs for full details.