Super SA Select

Super SA Select

Launched in 2013, Super SA Select is the South Australian Government’s newest super scheme.

Super SA Select is more closely aligned with the Commonwealth Government’s tax rules. As a taxed fund, it can provide South Australian Government employees with a few extra ways of growing super, which are unavailable in the Triple S scheme.

Some of Super SA Select’s benefits include:

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Access to Insurance via Triple S

Your Triple S account remains active after joining Super SA Select. With your Triple S account, you can access Income Protection Insurance and Death and Total and Permanent Disablement Insurance.1


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Access to the Low Income Superannuation Tax Offset (LISTO)

If you have an adjusted taxable income of $37,000 or less, you may be eligible for the LISTO. The LISTO is a payment of up to $500 per annum from the Commonwealth Government.

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Access to the First Home Super Saver (FHSS) Scheme

If you’ve made voluntary contributions into your Super SA Select account, you may be eligible for the First Home Super Saver (FHSS) scheme.

Super SA Select’s investment options

Super SA Select offers two investment options.

You can choose to invest your super in either the Balanced or Cash option. You can also choose to invest your current account balance and future contributions in different options or a combination of options, and switch at any time.

Competitive fees and costs 

As members serving members, we aim to keep our fees low so you may be able to benefit as much as possible over the long run.

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Administration fees and costs

$1.35 a week Plus an asset-based fee of 0.05%p.a. of your SA Select balance, capped at $325 p.a. Based on account balanced at the end of each month.

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Investment fees and costs

0.84%p.a.

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Transaction costs

0.06%p.a.


The above fees and costs are for the default investment option, Balanced. 
For a complete overview of fees and charges, please refer to Super SA Select Product Disclosure Statement


Great ways to grow your super with Super SA Select

As Triple S is an untaxed (or tax-deferred) scheme, Triple S members are ineligible to receive the Commonwealth Government’s Low Income Superannuation Tax Offset (LISTO) or Co-Contribution.

However, as a Super SA Select member, these extra options of boosting your super balance may be available to you.

  • Earning $37,000 or less each financial year?

    If your concessional (before-tax) contributions are being paid to your Super SA Select account, you may be able to boost your super with a Low Income Super Tax Offset (LISTO).

    The LISTO 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.

    These concessional contributions can include employer contributions and/or salary sacrifice.

    The LISTO is calculated as 15% of the concessional contributions your employer makes with a maximum of $500 payable.

  • With Super SA Select, the Commonwealth Government’s First Home Super Saver Scheme (FHSS) Scheme may be available to you!

    The FHSS Scheme helps you boost your savings for your first home — by letting you build your home deposit within your Super SA Select account.

    To build your deposit, you can make voluntary super contributions of up to $15,000 per financial year and contribute a maximum lifetime limit of $30,000 (existing contribution caps and taxes may apply to these contributions4) over time.  



Some frequently asked questions about Super SA Select

  • The main difference is Super SA Select is a taxed scheme. Triple S is an untaxed, or tax-deferred scheme.4

    This means that with Super SA Select, 15% contributions tax is deducted from concessional contributions (employer or salary sacrifice contributions) when they are received.

    With Triple S, there’s no tax on the receipt of contributions, the tax is deducted only when you withdraw from the fund.

    If you would like to discuss the differences between Triple S and Super SA Select, get in touch with one of our Member Services team members.



    Super SA Select

     


    Triple S


    LISTO eligibility:
    Yes2

     
    LISTO eligibility:
    No

    Investment options:

    Two available options
     
    Investment options:

    Seven available options


    Personal contributions:

    Yes 

     


    Personal contributions:

    Yes 

    Concessional contribution caps3:

    Yes - capped at $27,500 pa
     

    Concessional contribution caps3:
    No, however contributions made to Triple S also count towards the cap if contributions are made to a taxed fund (such as Super SA Select)
     
    Subject to a lifetime untaxed plan cap of $1,615,000


    Insurance:
    Members maintain insurance through Triple S
     


    Insurance:
    Income Protection

    Death and Total & Permanent Disablement


    Preservation:

    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 Reference Guide

     


    Preservation:

    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 Reference Guide.


    Taxed status:
    Taxed fund

    I.e. tax is deducted from concessional super contributions and investment earnings upon receipt.

    Some tax may be payable on exit.4

     


    Taxed status:

    Tax deferred scheme

    I.e. tax is deducted on exit.4


     

  • No, you can’t.

    As a member of Super SA Select all your future contributions must be directed to your Super SA Select account.

    If you would like more information about contributions to Super SA Select, get in touch with our Member Services team.  
    Alternatively, sign up for one of our free webinars.

  • This won’t be possible.

    Once you choose to become a member of Super SA Select this decision cannot be reversed (subject to the cooling off period or leaving the public sector).

    If you would like more information about switching to Super SA Select, get in touch with our Member Services team.

  • Yes, 15% tax will be deducted from the untaxed portion of the Triple S balance when it is rolled into Super SA Select.4

    This isn’t additional tax as contributions are taxed on entry in Super SA Select rather than on exit as in Triple S.4

    If funds are withdrawn from Super SA Select before age 60 they may be subject to additional tax.4

    If you would like more information about switching to Super SA Select, get in touch with our Member Services team.

  • When you become a member of Super SA Select, your Triple S account is maintained for insurance purposes as it will provide access to a variety of insurance options you may need.1

    You will not be charged administration fees for Triple S when you are a Super SA Select member.4

    If you would like more information about switching to Super SA Select, get in touch with our Member Services team.

  • In response to the Commonwealth’s Protecting Your Superannuation (PYS) Package, Super SA has introduced a number of measures aimed at protecting low-balance accounts from being eroded by fees, and helping you keep track of any inactive or lost super. 

    To learn more about Super SA's response to the Commonwealth’s Protecting Your Superannuation (PYS) Package, please click here.

Everything about your super - all in one place

Here you’ll find all the information you need to develop a better understanding about how you can grow, consolidate and access your super.

1 Subject to eligibility. For more information on insurance, see the Triple S PDS,
2 Low Income Super Tax Offset (LISTO) is subject to eligibility. 
3 For the 2021-2022 financial year, 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 may result in additional tax being payable. The concessional contribution cap is each financial year and includes contributions made by your employer and any salary sacrifice contributions.
4 For more information on fees and taxes see the Super SA Select Reference guide and Triple S Reference guide

The information shown on this website is general information only. We haven’t considered your needs or objectives when providing the information. You should assess your own financial situation and needs and read the relevant Product Disclosure Statement before deciding about products on this website.

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