The following information reflects government rules about superannuation savings generally.

When you can draw on your super savings
Superannuation is a long-term investment for your retirement. The Commonwealth Government has placed restrictions on when you can get access to most of your superannuation savings. These restricted superannuation savings are called preserved benefits, and the age at which you can gain access to them is called the preservation age.

At present, your preserved superannuation savings can only be paid out in the following circumstances (“Conditions of Release”):

• when you reach age 65;
• when you cease employment on or after age 60;
• if you become permanently incapacitated;
• if you die, your account balance may be paid to your dependants or estate; • if you suffer severe financial hardship or are eligible on compassionate grounds determined by government rules;
• if you change jobs and your account balance is $200 or less; or
• if you are a foreign national who has permanently left Australia
• if you retire permanently on or after your preservation age

In this situation higher tax rates than those outlined on page 21 of the BSF PDS may apply. In addition, you may commence a “transition to retirement pension” if you have reached you preservation age.

You may be able to cash out some of your superannuation savings earlier. For example, when you change jobs you can take out your own after-tax contributions and some types of employer contributions, provided they were paid in before 1 July 1999.

Where to go if you have a complaint
The Superannuation Complaints Tribunal (SCT) was established by the Federal Government to provide a simple and inexpensive review mechanism for complaints about the decisions of superannuation fund trustees affecting individual members. Before you can lodge a complaint with the SCT, you must first follow the Fund’s internal dispute resolution procedure (see page 2). If the Trustee cannot resolve your complaint within 90 days, you may be entitled to lodge a complaint with the SCT. You can contact the SCT:
In writing to:
The Superannuation Complaints Tribunal
Locked Bag 3060 GPO Melbourne VIC 3001

By telephone to: 1300 78 08 08.



Tax File Numbers (TFN)
It is in your interest to supply your tax file number (TFN) to the Trustee when you join. You do not have to do so, but if you do not provide your TFN:

• the Fund may not be able to accept any Non-Concessional Contributions on your behalf;
• you may pay more tax on your superannuation benefits than you have to (you may get this back at the end of the financial year in your income tax assessment);
• it may be more difficult to find your superannuation benefits (if you change your address without notifying your fund) or to amalgamate any multiple Superannuation Accounts.

If you do not have a tax file number, contact the Australian Taxation Office on 13 10 20

Tax on contributions to a Super Fund
No tax is paid by the Fund on Non-Concessional Contributions (see definitions on page 23).

Tax of 15% is paid by the Fund on Concessional Contributions (see definitions on page 23).

Tax is payable by you where contributions exceed the Concessional or Non-Concessional Contribution limits.

Tax on money transferred into, or out of a fund
There is no tax if you transfer money from one regulated superannuation fund to another, unless the amount transferred contains an untaxed component (this is a termination payment received directly from an employer or a payment from certain superannuation funds for government employees).

The untaxed component, if any, attracts 15 per cent tax on contributions.

Tax on investment earnings of the Fund
Investment earnings by the Fund are taxed at a maximum rate of 15%, with certain capital gains taxed at a discounted rate. The actual rate will be less than this as the Fund will receive the benefit of imputation credits and tax deductions.

For further details about tax and super, ring the Australian Taxation Office Super Helpline on 13 10 20

Tax on payments from a superannuation fund
If you are aged 60 or over, no tax is payable on your super benefit

If you are under 60, you may have to pay tax on your super benefit. The amount paid will depend on your own circumstances, including your age, how long you have been in a superannuation fund, and how your benefit is paid.

Tax on benefit payments to persons under 60 is briefly summarised below:

• You pay no tax on the part of your super benefit that consists of the contributions you yourself made from your post-tax income after 30 June 1983.
• You pay no tax on the first $145,000 (2008-09 figure) of your benefit that relates to employment or fund membership after 30 June 1983, if you withdraw this from super after you reach age 55. (You pay 20% plus Medicare levy before age 55).
• You pay 15% tax plus Medicare levy on the remainder of your post June 1983 benefits (You pay 20% plus Medicare levy before age 55).
• If some of your super benefit relates to employment before July 1983, you pay tax on only 5% of that part of your superannuation benefit at your marginal tax rate.
• If you use your super benefit to receive a regular income (such as a complying pension) from a super fund, special tax concessions apply.
• If your benefit is paid out to you as a foreign national who is leaving Australia permanently, higher tax rates may apply to your benefit.

Contact the Australian Taxation Office for details. For tax details on death benefits, see page 21.

Reasonable Benefit Limits (RBL)
Reasonable Benefit Limits (also known as RBL’s) were removed as from 1 July 2007.

Employment Termination Payments (ETPs)
From 1 July 2007, the concept of Eligible Termination Payments has been replaced with a concept of ‘Employment Termination Payments’ (ETPs). Subject to certain transitional arrangements, ETPs will no longer be able to be contributed to superannuation funds.