Help and Advice
Need some advice about your super?
CBH Super has a preferred financial planner - Vantage Wealth Management, who offer independent financial advice at a discounted price for CBH Super members. Find out more.
We also have a number of useful links where you can set up a MyGov account, use superannuation and retirement calculators and get up to date information from the Australian Taxation office.
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- What is the CBH Superannuation Fund's Super Fund Number (SFN)?
- What is the CBH Superannuation Fund's Australian Business Number (ABN)?
- What is the CBH Superannuation Fund's Super Unique Superannuation Identifier (USI)?
- Can I leave my money with the CBH Superannuation Fund after I leave work?
- What is Salary Sacrifice?
- Can I roll over super from another superannuation fund?
- When can I access my super?
- Are there limits on how much I can contribute to super?
- What if I exceed the Contribution Caps?
What is the CBH Superannuation Fund's Super Fund Number (SFN)?
The CBH Superannuation Fund's SFN is 1583 449 42.
What is the CBH Superannuation Fund's Australian Business Number (ABN)?
The CBH Superannuation Fund's ABN is 84 433 159 328.
What is the CBH Superannuation Fund's Unique Superannuation Identifier (USI)?
The CBH Superannuation Fund's USI is 84433159328123.
Can I leave my money with the CBH Superannuation Fund after I leave work?
Yes, when you cease employment with the CBH Group, you have the option to have your benefit transferred into the Retained Membership category of the Fund where it will remain until you instruct us otherwise.
What is Salary Sacrifice?
Salary sacrifice is a formal arrangement between an employer and employee to take super contributions out of an employee's pay before they pay income tax. In effect, the employer super contributions increases and the employee's salary decreases by the same amount. This money is treated the same way as employer contributions and is subject to the Government's contributions tax of 15%. Salary sacrifice may be tax effective because the tax rate on contributions is generally well below the rate of income tax that would have otherwise applied. Salary sacrifice contributions must remain in the superannuation system in accordance with the preservation rules.
For more information about salary sacrifice, see our Factsheet here.
Can I roll over super from another superannuation fund?
Yes you can. As a member of the CBH Superannuation Fund you are able to rollover you super from another superannuation fund. Simply complete and forward a Rolling to CBH Super form and we will contact your other superannuation fund and arrange the rollover on your behalf. Alternatively, you can use a rollover form provided by the other superannuation fund. We recommend you contact your other fund to check if they charge any exit fees or if there is any insurance you may lose when rolling over your super.
When can I access my super?
In most cases, any contributions you made into super before 1 July 1999 can be accessed when you leave employment. Your annual Member Benefit Statement shows this amount as the unrestricted non-preserved. However, since this date, the Commonwealth Government requires that all contributions (and interest they earn) stay in a super fund until you permanently retire after reaching your preservation age. The table below shows your preservation age.
|Date Born||Preservation Age|
|Before 1 July 1960||age 55|
|1 July 1960 – 30 June 1961||age 56|
|1 July 1961 – 30 June 1962||age 57|
|1 July 1962 – 30 June 1963||age 58|
|1 July 1963 – 30 June 1964||age 59|
|1 July 1964 or after||age 60|
Under limited circumstances, your benefit may be accessed on financial hardship or compassionate grounds or in the event of total and permanent disablement or if you suffer a terminal medical condition, or permanently depart Australia if you were a temporary resident on an eligible temporary resident visa. The CBH Superannuation Fund can help determine your eligibility for this type of payment.
Are there limits on how much I can contribute to super?
Yes, the Government limits how much you can contribute to your super each year (without tax penalty) to a fixed dollar amount. This is commonly referred to as a 'cap'.
Concessional Contributions, which include employer and salary sacrifice contributions, are subject to an annual cap of $30,000, or $35,000 if you were aged 49 or over on 30 June 2016. This cap is reducing to $25,000 for all ages from 1 July 2017.
The limits apply regardless of the number of employers making contributions on your behalf or how many different superannuation funds you have contributions paid to.
Non-Concessional Contributions, which include after tax and spouse contributions, are currently subject to an annual cap of $180,000, however this is reducing from the 2017-18 financial year.
Members aged under 65 on 1 July of a financial year may bring forward two years of contributions and make a larger contribution of up to $540,000, but are then unable to make further contributions for the next 2 years. The Fund is unable to accept contributions exceeding this cap.
What if I exceed the Contribution Caps?
If you exceed the concessional contributions cap, any excess concessional contributions will be included in your assessable income for the corresponding year and taxed at your marginal tax rate. In addition, you will be liable for the excess concessional contributions (ECC) charge.
Concessional contributions above the limit will count towards the non-concessional contribution cap.
Non-concessional contributions that exceed the cap will be taxed at the top marginal rate plus Medicare levy (currently 47%).
The ATO is responsible for administering the contributions caps and will notify you of any tax liability arising from the excess contributions.