Your super is taxed at three stages, while you’re a member of the Scheme:
Tax is deducted from employer contributions and any salary sacrifice contributions you make to your super at the concessional rate of 15%.
Tax on investment earnings
Investment earnings, including capital gains of super funds, are taxed at 15%. The actual rate at which the Trustee pays tax may be reduced below 15% due to the effect of various tax deductions, credits and rebates. The unit price allows for tax on investment earnings.
Tax on entitlements
The entitlement you receive when you claim your super is known as a superannuation lump sum. It's made up of a number of components that are taxed differently.
Supplying your Tax File Number
There are good reasons why you should make sure you’ve provided Super SA with your Tax File Number (TFN):
- to ensure your entitlement is taxed at concessional rates. If you don’t, you may be taxed at a higher rate.
- to process any co-contribution you may be entitled to.
If you’ve already given us your TFN your Annual Statement will note that we have it on file.
If you haven’t provided your TFN, you can download the Tax File Number Notification form and post it to us, or simply send us a letter signed by you, with your full personal details. Your personal details are strictly confidential.
There are limits on the maximum amount employers and members can contribute each year, before further tax is imposed. These limits are called the concessional and non-concessional contributions caps.
The 1.5% Medicare levy is also deducted when tax is payable if you take your SA Ambulance Service Superannuation Scheme entitlement in cash.