Frequently asked questions on member statements include:
- My statement shows I have a surcharge debt; is this correct?
- What is my SIS Upper Limit?
- My statement shows ‘N’ for tax file number; but I provided it to you?
My statement shows I have a surcharge debt; is this correct?
It is easy to confuse terms ‘surchargeable contributions’ and ‘surcharge debt’; both of which appear on your Member Statement. If you have a surcharge debt, the Australian Taxation Office (ATO) will inform you. Any debt will appear on your Member Statement under the ‘Surcharge Debt’ heading. If it is blank, you do not have a surcharge debt.
Surchargeable contributions apply to all members; they are a notional employer contribution given to the ATO each year; the ATO then works out if you have a surcharge debt.
What is my SIS upper limit?
Multiple legislative changes were introduced on 1 July 1999 due to the Superannuation Industry (Supervision) Regulations (SIS Regulations); one change meant any lump sum benefit amount paid to you as cash before your preservation age must not exceed your SIS upper limit – which is defined as the lump sum immediately available as cash had you been involuntarily retired (retrenched) at 1 July 1999 (specifically, the total involuntary retirement lump sum, less your productivity benefit and Superannuation Guarantee (SG) ‘top up’ amount). SG top up amount is the minimum community-wide superannuation amount that your employer is required to contribute. It is a requirement of the Superannuation Industry (Supervision) Act to report your upper limit on your Member Statement.
My statement shows ‘N’ for tax file number, but I provided it?
Unfortunately, some tax file numbers (TFNs) were accidentally erased from our records in 2008 as a result of a technical issue; please contact us to re-supply your TFN.