MLC Business Superannuation
How to Guide
MLC MasterKey
Business Super
Preparation date: 1 April 2009
Issued by: The Trustee, MLC Nominees Pty Limited (MLC)
ABN 93 002 814 959, AFSL 230702
The Universal Super Scheme ABN 44 928 361 101
Insurance is issued by: MLC Limited (The Insurer)
ABN 90 000 000 402, AFSL 230694 on behalf of MLC.
The purpose of this
document is to give you
enough information to
manage your account.
If you want more information
please contact us on 132 652.
References to mlc.com.au in the
online copy link directly to the
additional information available.
The information in this
guide may change from
time to time.
Contents
What is covered
in this guide
Adding to your
super – the rules
1
This section outlines the
basics of who can contribute
to your super.
Adding to your super 3
– the mechanics
This section outlines how
you go about making
contributions to your super
and what we do with them.
Transferring your
super to MLC
6
It makes sense to put your
super in one place, so you
can keep track of how your
retirement nest egg is growing.
Transition to
retirement pensions
7
8
It’s important to know when
you can access your money.
Accessing your money 9
– the mechanics
This section outlines how you
can access your money.
11
Ultimately you will want to know just
how much your super is worth in dollar
terms. This section gives you an
understanding of how your
account value is calculated.
Changing investment 12
options (switching)
Just as you change over time,
so too will your investment needs.
We outline how you can change
your investment options and what
happens when you do.
Fees & costs
How to take a pension if you
haven’t retired.
Accessing your
money – the rules
How your account
is valued
All our fees are outlined in the
Member Guide. This section
advises how you can receive fee
refunds on your investments.
Tax – the rules
MLC MasterKey Business Super
Insurance
23
Information you need to know on
applying for insurance, changing
insurance and making a claim.
You can stay with
MLC even if you
leave your employer
26
When we are advised you have left your
employer or they stop making
contributions, the balance of your
account will be transferred to
MLC MasterKey Personal Super.
14 Appointing someone 27
to act on your behalf
16
You may need to let someone else
transact on your account so it’s
important to know how you can
arrange this.
This section provides a broad outline
of how your super investment is taxed.
Additional information28
you need to know
Tax – the mechanics
This section outlines how
18
This section provides a broad outline of
some of the tax issues for you to consider.
Nominating a beneficiary
21
This section outlines how and what you
need to do to take control of who your
super money is paid to if you die.
• we keep you informed
• we resolve complaints
• you keep your personal
information up-to-date
• we deal with transfers to
an eligible rollover fund.
Adding to
your super
– the rules
Who can contribute
to your super account?
Check your eligibility
Most commonly, contributions can
be made by you, your spouse or your
employer to your super account.
The type of contribution, and whether
it can be accepted, will depend on your
age and work status.
You may also be able to grow your
super faster with strategies that include:
The table below is a quick guide to help
you decide whether you or others can
contribute to your super account.
Please note that you can transfer other
super money from most other funds to
your account at any time.
• government co-contributions based
on your personal contributions and
subject to income, or
• salary sacrifice contributions by
arranging with your employer to salary
sacrifice some of your pre-tax salary.
Your financial adviser will be able to help
you decide what contribution strategies
are suitable for you.
Some useful definitions
Mandated employer contributions
are those required to be paid under
the Superannuation Guarantee laws,
a certified award or a registered
workplace agreement.
Voluntary employer contributions
include salary sacrifice contributions.
The rules around contributions may
change, so you will need to speak to
your financial adviser.
If you are aged between 65 and 75
all contributions, except mandated
employer contributions, can only be
made provided you have been gainfully
employed on at least a part-time basis.
Alternatively you can visit apra.gov.au,
ato.gov.au or call us.
This means having worked for at least
40 hours over a 30 day period in the
financial year in which the contribution
is made.
Eligibility to contribute
Employer contributions
Mandated
Voluntary
Contributions
from you
Contributions
from your spouse
Under 65




65 but less than 70




70 but less than 75



✗
75 and over

✗
✗
✗
Your age
Page 01 MLC MasterKey Business Super How to Guide
Splitting contributions
with your spouse
You may be able to split particular types
of contributions with your spouse by
requesting us to pay these contributions
into your spouse’s super account.
To do this you and your spouse need
to complete a Contributions splitting
application form. You can obtain this
form and an Instruction Guide on
mlc.com.au or by calling us.
As there are some limitations and
tax implications, we recommend
you speak with your financial
adviser or go to ato.gov.au
Are you over 65 and
less than 75 years of age?
We need an Eligibility
declaration!
Once you reach 65, we are required by
law to confirm that you are eligible to
make or receive contributions (and the
type of contributions that can be made
to your super) each year.
If we do not have a completed Eligibility
declaration we are required, by law,
to reject any contributions and we will
have to return the money to the source
of the payment.
To do this, we’ll send you an Eligibility
declaration a month before you turn
65. When we receive your completed
declaration we’ll update your records
and send you a confirmation letter.
From age 75, only mandated employer
contributions (those required by
an award or registered workplace
agreement) can be made for you.
Then, at the start of each financial
year, we’ll send you another Eligibility
declaration for that year.
Further information on contributions
can be found in the Tax Section
under the heading ‘Contribution
types and limits for tax purposes’.
If we receive a contribution and haven’t
got your Eligibility declaration, we’ll
send you one to complete. You’ll need
to send this back to us within 30 days so
that we can allocate the contribution to
your super account.
MLC MasterKey Business Super How to Guide Page 02
Adding to
your super
– the mechanics
How you can
make contributions
Once you have started your account,
one-off and regular contributions can
be made.
Your employer can make
Superannuation Guarantee (SG)
contributions and any other required
contribution types into your account.
Method
All contributions will be shown on your
Annual Statement. You can also view
your most recent transactions and
contributions by viewing your account
via mlc.com.au
There are conditions applicable to
making contributions; for further
information please see ‘Adding
money to your super – the rules’.
All forms are available on mlc.com.au or
by contacting us. All forms and/or written
requests can be faxed or mailed to us.
For all telephone requests, we will need
to verify your identity before processing
your request.
Who and What How
Bpay
®
Paying contributions
from a bank or similar
account
You, your
employer or
your spouse for
one-off or regular
contributions.
1.Contact your financial institution by either calling them or use internet banking.
You do not need to complete any forms if you are using Bpay®.
2.You will need to use the following information.
Bpay ® Biller Code 919688
Bpay ® Customer Reference Number (CRN)
To obtain the customer reference number, you will need to call us so we can provide the Bpay®
CRN to you.
You will need to add a number to the end of the Bpay® CRN to identify the type of contribution
being made. This information is provided below.
Type of contribution
Employer compulsory
Employer voluntary
Salary sacrifice
Personal
Spouse
Additional number
1
2
3
4
5
Direct Debit
Paying contributions
from a bank or similar
account
You, your
employer or
your spouse
for one-off
and regular
contributions.
1.Check your financial institution account can accept direct debits.
2.Complete and sign a Direct debit request schedule.
3.Send the schedule to us.
You will need to ensure you have sufficient cleared funds available in your
financial institution account on the due date of each direct debit.
Changes to direct debits
You can change your financial institution account details by completing a new
Direct debit request schedule available from mlc.com.au or by contacting us.
You can suspend or cancel direct debit contributions or change the amount of
your contributions by mailing or faxing a written request to us.
® Registered to Bpay Pty Ltd
ABN 69 079 137 518
Page 03 MLC MasterKey Business Super How to Guide
Method
Who and What How
Changes to direct debits cont’d
Banks may take up to seven days and building societies and credit unions may
take up to 21 days to process any changes made to direct debit facilities.
We may cancel regular direct debit drawings if three consecutive drawings are
dishonoured by your financial institution. We will contact you if this happens and
ask you what course of action you wish to take.
Credit Card
You, your
employer or
your spouse can
make one-off
contributions from
your MasterCard
or Visa card.
1.Complete and sign a Credit card authority or the Additional superannuation
contribution form.
2.Send the form to us.
We will contact you if we receive a dishonour and ask you what course of action
you wish to take.
We will send you a letter confirming the contribution.
Cheque
You, your
1.Attach a cheque payable to ‘MLC Nominees Pty Limited’ crossed ‘Not Negotiable’.
employer or your
2.Ensure all relevant information, including your account number accompanies the cheque
spouse for one-off
so we can process your contribution without delay. This includes the type of contribution
contributions
being made (eg personal, employer, spouse etc).
3.If it is a ‘personal’ cheque ensure you have sufficient cleared funds in your financial institution
account to enable us to bank the cheque.
We will send you a letter confirming the contribution.
How you can
make sure your
contributions
go smoothly
In some cases, where you are making
personal contributions you may need to
provide us with additional information
or forms at or before the time the
contribution is made.
When you make a contribution please
ensure you have identified the correct
type of contribution for your payment.
These include cases where you:
All contributions are required to be
identified as either:
• Employer compulsory.
• Employer voluntary.
• Salary sacrifice.
• Personal.
• Spouse.
• want to have capital gains tax (CGT)
exempt contributions arising from the
sale of a qualifying small business
asset counted towards your CGT
contribution limit
• are eligible to make contributions that
are exempt from the contribution limits
under the personal injury rules
If the contribution type is not
provided when it is paid,
we will contact you or your
financial adviser. If we are
unable to get the information
we need, then the processing
of the contribution may be
delayed or not accepted.
Please check your Annual
Statement to ensure all
contributions made to your
account have been correctly
classified. Contributions classified
incorrectly may be taxed incorrectly.
• arrange a transfer of an amount from a
foreign superannuation fund and elect
that the amount on which you would
otherwise have to pay tax, be taxed in
the fund.
MLC MasterKey Business Super How to Guide Page 04
Adding to
your super
– the mechanics
How we process
your contributions
What happens if we
are unable to process
your contributions?
Contributions received before we
close off processing on a business day
(generally 3pm Sydney time) will usually
be processed using the effective unit
price for that day; which is calculated
as at the end of the day. Contributions
received after we close off processing
will usually be treated as having been
received on the next business day.
There are many reasons why we may
not be able to process a contribution.
It could be due to insufficient information
or some outstanding requirements
haven’t been met.
All contributions will be invested in line
with your last nominated investment
strategy unless you advise us otherwise.
Until this is done, we hold the money in
trust for up to 30 days. After this, monies
will be returned by cheque to the source
of the payment.
If this is the case, we’ll try our best to
contact you, or your financial adviser to
find out any extra information we require.
The only exception to this is a credit
card payment as this is refunded to
the relevant card. Please note you
won’t earn interest on these monies
while held in trust.
Once we have the complete information
we will process the contribution as usual
with that day’s effective unit price.
Page 05 MLC MasterKey Business Super How to Guide
When a contribution
is dishonoured
While MLC does not currently charge a
fee for dishonoured contributions, please
be aware your financial institution may.
Transferring
your super
to MLC
Transferring your
super is easy
with MLC
Keeping your
super in one
place makes
sense because
you’ll reduce
your paperwork
and it will be
easier to keep
track of your
investments.
You also may
save on fees.
All you need to do is complete and
sign a Request to transfer
superannuation benefits form
available from mlc.com.au or
by calling us. You can then either:
What happens next?
• send the form to us and we’ll arrange
to have your super balance transferred
to MLC, or
If you want to invest your money
differently, you will need to let us know
before your funds are transferred.
• send the form directly to your other
super fund and it will then arrange for
your super balance to be transferred
to MLC.
Once we have received your money
from the other fund, we will write to you
confirming the amount and details.
We will invest your money according
to the instructions you have given us
for your existing balance or your regular
contributions (if applicable).
Before you make a decision
on transferring your super
make sure you:
compare benefit and
investment options
check any differences
in the insurance you
may have
work out any differences
in fees you may be charged.
MLC MasterKey Business Super How to Guide Page 06
Transition to
retirement pensions
Taking a pension if
you haven’t retired
If you have reached your preservation
age (at least age 55) you may want
to consider starting a transition to
retirement pension. This means you
can retain your super account and
access some of your super money
at the same time.
We recommend you talk to your financial
adviser, go to ato.gov.au or contact us
to see if this strategy is suitable for you.
You may want to leave some money
in your MLC MasterKey Business
Super or MLC MasterKey Personal
Super account to:
• make additional contributions
to your super,
• pay your insurance premiums.
Page 07 MLC MasterKey Business Super How to Guide
If you start a transition to retirement
pension with MLC you may receive the
MasterKey Fee Refund on your pension
account (if applicable). More information
on this rebate is provided in ‘Fees and
costs’ on page 14.
Accessing
your money
– the rules
Because super
is a long term
investment, there
are strict rules
around how
and when you
can access your
money (including
any lump sum
insurance payment).
You will only have access to your super
when you have:
• reached age 65
• reached your ‘preservation age’
(at least 55 years old) and are
permanently retired
• reached your ‘preservation age’
and are starting a transition to
retirement pension
• been granted access due to
financial hardship
• been granted access on compassionate
grounds, approved by APRA
The restrictions on access to your super
are usually referred to as the ‘preservation
rules’. You can find out more by visiting
apra.gov.au, ato.gov.au or speaking
to your financial adviser.
You can transfer your super account
balance at any time to another eligible
super fund.
If you request a partial withdrawal,
you need to make sure that there are
sufficient funds in your account to pay
any insurance premiums (if applicable)
and/or fees.
• a permanent disability
(as set out in law)
• a terminal medical condition
(as set out in law)
• temporary residency (holding a
specified class of visa) and are leaving
Australia permanently
• terminated employment after age 60
• terminated employment at any age
with restricted non-preserved benefits
in the account and your employer has
contributed to your account.
MLC MasterKey Business Super How to Guide Page 08
Accessing
your money
– the mechanics
How to make
a withdrawal
or super transfer
You can choose
where your
money is paid
You can take a lump sum withdrawal
or transfer all or part of your super
(assuming you are eligible) by:
Lump sum withdrawals can be paid:
Transfers can be made:
to another MLC account:
to another MLC account:
• MLC MasterKey Investment Service,
• MLC MasterKey Pension & MLC
MasterKey Pension Fundamentals
(prior to starting your pension), or
• completing a Withdrawal/Rollover
form available at mlc.com.au or by
contacting us.
• visiting mlc.com.au and logging into
your account. Unless the payment is a
transfer, your money will be paid to the
financial institution account you have
provided us previously in writing. Any
change to your nominated financial
institution account must be received
by us prior to your withdrawal request.
• writing to us including your name,
address, account number, withdrawal
amount, the investment option(s)
you wish to withdraw from (for partial
withdrawals and roll overs), and the
financial institution account you want
it paid to (if different to the account
on our records). You will also need
to sign this letter.
• MLC MasterKey Investment Service
Fundamentals or,
• MLC MasterKey Cash
Management Trust.
• MLC MasterKey Super & MLC
MasterKey Super Fundamentals.
directly to your nominated
financial institution account:
to your nominated
rollover institution:
• the account can be in your name
or a joint account where you are
an account holder, or a financial
institution account of a third party
nominated by you.
by cheque:
• payable to you. It will be forwarded
to the address recorded on our
system unless you notify us
otherwise in writing.
All forms and written requests can
be mailed to us. We may need to verify
your identity before we can process
your request.
Page 09 MLC MasterKey Business Super How to Guide
• will be paid by cheque to the rollover
institution nominated by you.
How we calculate
withdrawals
and transfers
Your withdrawal or transfer amount is
calculated by multiplying the number of
units to be withdrawn by the unit price.
If you request a specific dollar amount,
the number of units withdrawn will be
determined using the unit price. For all
partial transfers and withdrawals, we
will sell the units from your investment
options either on a pro-rata basis
in accordance with your current
investment strategy or as indicated
by you at the time of your request.
There may be deductions from or
additions to withdrawal proceeds
to allow for fees, costs and taxes.
What happens if
we are unable to
process your request?
How we process
your request
All complete requests received before
we close off processing on a business
day (generally 3pm Sydney time)
will usually be processed using the
effective unit price for that day, which
is calculated as at the end of the day.
Requests received after this time will
usually be treated as having been
received on the next business day.
We reserve the right to refuse or vary
the terms for processing a request in
certain circumstances, such as when:
• there are significant falls in
investment markets
• we have difficulty in completing
transactions due to low liquidity
which could occur with investment
options that use higher risk strategies
such as gearing.
Sometimes there will be reasons
why we can not process your
request. It could be because we
don’t have enough information or
some outstanding requirements
haven’t been met.
If this is the case we will try our
best to contact you, or your
financial adviser, to find out any
extra information we require.
Once we have received the
outstanding information, we will
process your request as usual,
with that day’s effective unit price.
We will send you a letter confirming
the transaction.
In these circumstances we will advise
you as soon as possible of any change.
MLC MasterKey Business Super How to Guide Page 10
How your
account
is valued
When money is
paid into your
account, units are
allocated to your
account and when
money is paid out,
units are deducted
from your account.
The value of your account is based on:
• the number of units in your chosen
investment option(s), and
• the price of those units.
The overall value of your account will
change according to the unit price and
the number of units you hold.
We calculate the unit price as at the
end of each business day and use
robust unit pricing policies to do this.
The unit price will reflect the
performance of the underlying assets,
income earned, fees, expenses and
taxes paid and payable.
The performance of the underlying
assets is influenced by movements
in investment markets such as local
and overseas share markets, bond
and property markets.
Page 11 MLC MasterKey Business Super How to Guide
If you would like to find out more
about our unit pricing philosophy,
go to mlc.com.au
Changing investment
options (switching)
Not ready to
select your investments?
If you haven’t selected an
investment strategy, all contributions
will be invested in MLC MasterKey
Horizon 5 – the growth portfolio.
This portfolio is a complete
diversified portfolio designed to
grow your wealth over the long-term.
It will, however, experience some
periods of high volatility in its returns.
Investments
that make sense
How to change
investment options online
With MLC, you can choose a complete
portfolio solution to implement your
investment plans.
Changing existing investment
options (switching)
And, if you want to customise your
portfolio further, we also offer a range of
specialist funds.
Whatever your investment plans, we
have a solution to suit. Information on
each investment option is provided in
our Investment Menu.
To select an investment strategy,
other than MLC MasterKey Horizon 5,
you can complete the New enrolment
details form, or you can request this
online or by telephoning us.
Changing investment
options (switching)
Login to mlc.com.au and click
on Transact my portfolio then
select Change the current balance
(switch). You can then select the
investment options and the
percentage of your account you
would like invested in each.
Changing your investment
strategy for future contributions –
Login to mlc.com.au and click on
Transact my portfolio then select
Change to investment of future
contributions. You can then select
the investment options and the
percentage of your contribution
you would like invested in each.
As your needs change over time,
you can also change your
investment options.
You can make changes at any time.
Type of change
What you
need to do
Changes to your
existing investment
options.
Complete a Switch
and change
of investment
strategy form.
How your future
contributions are
invested (includes
the sequence for
deducting fees
and crediting fee
refunds on your
account).
•Send us a
signed letter
including your full
name, account
number and your
instructions
•Telephone us
•Login online.
All forms and written requests can
be faxed or mailed to us. For all
telephone requests, we will need to
verify your identity before processing
your request.
MLC MasterKey Business Super How to Guide Page 12
Changing investment
options (switching)
How we process changes
to your investment options
If you request a change to your
investment options, units will be
redeemed from your current investment
option(s) and allocated in the new
investment options using the applicable
unit prices.
All completed requests received
before we close off processing on a
business day (generally 3pm Sydney
time) will usually be processed using
the effective unit prices for that day;
which are calculated as at the end of the
day. Requests received after this time
will usually be treated as having been
received on the next business day.
What happens if we
are unable to process
a change of investment
options request?
Sometimes there will be reasons why we
may not process your request. It could
be due to insufficient information or
some outstanding requirements haven’t
been met.
If this is the case, we’ll try our best to
contact you, or your financial adviser to
find out any extra information we require.
Once we’ve received the outstanding
information, we will process your
request as usual with that day’s
effective unit price.
When any changes are processed,
you’ll receive a letter of confirmation.
We reserve the right to refuse or vary
the terms for processing a request in
certain circumstances, such as when
• there are significant falls in
investment markets
• we have difficulty in completing
transactions due to low liquidity
which could occur with investment
options that use higher risk strategies
such as gearing.
In these circumstances we will advise
you as soon as possible
Page 13 MLC MasterKey Business Super How to Guide
Frequent changes to
investment options
You should not invest in this product
if you intend to switch your investment
options frequently in the pursuit of
short-term gains.
We monitor all investment options for
abnormal transaction activity because
this sort of activity can have adverse
impacts for other investors.
To maintain equity the Trustee has
the right to deal with members who
frequently switch by:
• delaying, limiting or rejecting their
future switch requests
• cancelling membership and
transferring their account balance to
the Australian Eligible Rollover Fund.
Fees and costs
The current fees are provided in the
Member Guide and the Investment
Menu which are available on
mlc.com.au/pds/mkbs
If we make changes to fees we
will generally write to you at least
30 days prior to any change. You
can also find out more information
about fee changes on mlc.com.au,
in our Annual Report, or call us.
MasterKey Fee Refund
Changing linking details
If you have other accounts with MLC you
may also be eligible for the MasterKey
Fee Refund. This is a refund of the
Administration fee. If you are eligible, the
refund will automatically be applied to
the relevant accounts.
You or another eligible investor can
change, add or remove accounts at
any time by writing or telephoning us.
For all telephone requests, we will
need to verify your identity before
processing your request.
Your MLC MasterKey Business Super
account or MLC MasterKey Personal
Super account is counted towards the
calculation of the refund, but the refund
is only applied to other MLC MasterKey
accounts that you have.
If you nominate a new investor
for linking purposes, this will
override any previously
established linking arrangement.
For more information on the rebates
available on your MLC MasterKey
Business Super or MLC MasterKey
Personal Super account, you should
refer to the Member Guide.
Linking with another
eligible investor
You can also link with another eligible
MLC investor and use your combined
MLC MasterKey account balances to
receive a refund. An eligible investor
includes your spouse, defacto spouse,
parent, child, sibling, a business or trust.
You can only link with one other
MLC MasterKey account investor.
You can do this by completing a Member
linking, beneficiary and authorised
representative nominations form
available on mlc.com.au or by contacting
us. This form can be faxed or mailed to us.
When any changes are processed
you’ll receive a letter of confirmation.
Fee rebates for small
super account balances
Government regulations limit the
amount of fees that can be deducted
from your account if, at any time, the
value of your account is less than
$1,000 and it includes or has included
Superannuation Guarantee or award
contributions made by your employer.
If this applies to you, we will refund your
account so the total fees deducted
directly from your account during the
year do not exceed the investment
earnings on your account.
The refund is calculated around 30 June
each year and paid directly into your
account by purchasing additional units.
We may cancel the link if you or a
nominated investor no longer satisfies
the criteria for account linking.
MLC MasterKey Business Super How to Guide Page 14
Fees and costs
Which MLC MasterKey products are eligible for the fee refund?
The following table confirms which MLC MasterKey products will be included in your fee refund calculation,
and whether a fee refund is paid for each of these products.
Included in MLC
MasterKey portfolio
Eligible for MLC
MasterKey fee refund
MLC MasterKey Cash Management Trust

✗
MLC MasterKey Unit Trust

 *
MLC MasterKey Investment Service

 *
MLC MasterKey Investment Service Fundamentals

 *
MLC MasterKey Super


MLC MasterKey Super Fundamentals


MLC MasterKey products
MLC MasterKey Superannuation


MLC MasterKey Allocated Pension


MLC MasterKey Term Allocated Pension


MLC MasterKey Pension


MLC MasterKey Pension Fundamentals


MLC MasterKey Investment Bond


MLC MasterKey Annuity

✗
MLC MasterKey Rollover


MLC MasterKey Business Super

✗
(Large plan rebate may
apply)
MLC MasterKey Personal Super

✗
(Large account
rebate may apply)
* Except the MLC Cash Fund
For more information on the fee refund, please refer to the PDS for the relevant products.
Page 15 MLC MasterKey Business Super How to Guide
Tax – the rules
Contribution types and
limits for tax purposes
This section is not a comprehensive
and complete tax guide.
As the taxation treatment of
superannuation is complex,
we recommend that you contact
your financial adviser, tax adviser
or the Australian Tax Office (ATO)
at ato.gov.au for further details
and expert advice in relation to
your own personal circumstances.
There is no limit on the actual amount
that can be contributed to your super
account while you are eligible to
make contributions. However, there
is a point where it is not tax-effective.
Your eligibility to contribute or have
contributions made for you is outlined
in the section ‘Adding money to your
super – the rules’.
For tax purposes, contributions to
super are generally assessed against
one of two limits:
• The Concessional contribution limit
– the main contributions counted
against this limit are those made
by your employer (including salary
sacrifice) or if you are eligible and
choose to claim a deduction, your
personal deductible contributions
• The Non-concessional contribution
limit – generally the amounts
counted to this limit include personal
contributions where you don’t claim
a tax deduction and contributions
made by your spouse directly to
your super account.
Because additional tax may be
paid if the contribution limits are
exceeded, you might need to take into
consideration other less common
types of contributions and the limits
which apply. The following table outlines
some of these contribution types and
the limit against which they may count.
Contribution type
These include
Relevant limit
Small business
CGT exempt asset
sale proceeds
Amounts that relate to the disposal of certain small
business assets which qualify for CGT concessions.
These may count toward:
•The Concessional or Non-concessional limit
depending upon whether a deduction is claimed, or
•A CGT contribution limit if an election notice is sent
before or with the contribution (provided it has not
been used up previously).
Personal injury
payments
Certain amounts that you receive from a structured
settlement payment, a court order for a personal injury
payment or a workers compensation payment (taken
as a lump sum).
These will be excluded from the contribution limits
provided a valid election notice is sent before or
with the contribution.
Directed
termination
payments
Certain lump sum termination payments made by your
employer to you, that you are able to contribute to your
super, or to start your pension (if eligible).
The taxable parts of these amounts above a
threshold of $1 million count towards the
Concessional contribution limit.
Transfers from an
overseas pension or
retirement scheme
Super or pension monies that you have in overseas
funds that you want to transfer to your Australian
super or pension accounts.
In general, most of the amount transferred will count
to the Non-concessional contribution limit. If you elect
that part of the transfer is taxable in your account this
amount does not count to either limit.
Government
co-contributions
Payments made by the Government to your super
account based on your personal contributions and
your income.
Not applicable.
MLC MasterKey Business Super How to Guide Page 16
Tax – the rules
If a single contribution, other than
an employer contribution, rollover
or transfer, from an eligible fund,
exceeds the Non-concessional
limit we are generally required by
the law to reject it.
The Concessional, Non-concessional and CGT contribution limits are set out below.
Age on last day
of the financial year
Concessional contributions annual limit
2008/2009
Less than 50
$50,000
50 and over
$100,000 applies to 30 June 2012.
From 1 July 2012, the limit will be the same as for
those aged less than 50.
Age on first day
of the financial year
Non-concessional contributions limit
2008/2009
Less than 65
$150,000 annually or $450,000 over a 3 year period
Between 65 and 74
$150,000 annually
75 and over
Non-concessional contributions cannot be made.
CGT contribution limit
Lifetime indexed limit
Up to age 75
$1.045 million.
Except for the Concessional contribution limit for those aged 50 or over, the limits
may be increased from time to time. Once you have started using the three-year
Non-concessional contribution limit, it is not increased for that three year period.
Tax on your super – a quick summary
We have broadly outlined the tax treatment of super below.
Tax treatment in your account
Contributions
Investment
earnings
Taxed at a rate
Most Concessional
contributions – taxed of up to 15%.
at a rate of 15%.
Non-concessional
contributions –
not taxed.
Additional tax
may be payable
if you exceed the
contribution limits,
see page 18.
Page 17 MLC MasterKey Business Super How to Guide
Tax treatment on payments to you
Lump sum withdrawals
Tax-free component: Nil
Taxable component
•If under age 55, tax is paid at 21.5%
(including Medicare Levy at 1.5%).
•If aged between 55–59, tax-free on first
$145,000 (this is a lifetime limit which may
be increased periodically), then tax is paid
on remainder at 16.5% (including Medicare
Levy at 1.5%).
From age 60, tax-free.
Tax – the mechanics
While you can
contribute as
much as you like,
you pay
additional
tax when you
exceed the
contributions
limits.
Additional tax
you will pay
How to pay
the additional tax
If you exceed the contribution limits,
additional tax applies to the excess
amount at the following rates:
The ATO will let you know:
• excess Concessional
contributions 31.5%
• when you have exceeded the limits
• the amount of additional tax to be paid
• the due date for payment.
• excess Non-concessional
contributions 46.5%
It is your responsibility to pay the tax
by the due date.
In addition, all contributions that exceed
the Concessional contribution limit are
also counted as Non-concessional
contributions. So if you exceed both
limits you will have to pay both lots of
additional tax.
Any excess Non-concessional
contributions tax must be withdrawn
from your super account. While not
compulsory, you may choose to
withdraw any excess Concessional
contributions tax amount.
We recommend that you speak to
your financial adviser if you are close
to the limits. Alternatively you can
visit ato.gov.au or call us.
The ATO will explain your options and
will provide the relevant forms including a
Release Authority which you can submit to
us to withdraw the additional tax amount.
MLC MasterKey Business Super How to Guide Page 18
Tax – the mechanics
Claiming a tax
deduction on your
super contributions
What we do when
we receive your notice
You may be eligible to claim a tax
deduction in your personal income tax
return for personal super contributions you
make to your account in a financial year.
Once we receive and accept either of the
above notices, we will send you a Tax
Deduction Acknowledgment Advice
for your tax records.
Working out whether you
can claim a tax deduction
If we are unable to accept your
declaration we will send you a notice
advising why and any information we
may need in order to accept it.
Generally, if you earn less than 10% of
your total income from employment as
an employee you can claim a deduction
for your personal contributions but there
may be other criteria. You should speak
to your financial adviser or tax adviser to
work out your eligibility. Information can
also be obtained from ato.gov.au
How do you tell us you are
claiming a tax deduction?
If you intend to claim a tax deduction,
you will need to notify us in one of the
following ways:
• Complete, sign and return the Notice
of intent to claim a tax deduction
declaration that we send to you
around August each year if personal
contributions and no employer
contributions have been received for
your super account. This form will
include a statement of the personal
contributions received in your super
account for the previous financial year.
• Complete and sign a Notice of intent
to claim a tax deduction form
available on mlc.com.au or by
contacting us.
In some cases, the law prevents us
from accepting a notice. For example,
if you have used your account balance
containing the personal contributions
to start a pension or if you have made
a withdrawal.
You cannot claim a deduction if you have
not received a formal Tax deduction
acknowledgement form from us.
Tax on contributions
you are claiming as
a deduction
Any personal contributions you claim
as a tax deduction will have 15%
contributions tax deducted by us
which we are required to send to
the ATO. This will be deducted from
your account once we acknowledge
acceptance of your Notice of intent
to claim a tax deduction.
If you do not intend, or are ineligible
to claim a tax deduction then you do
not need to do anything.
If we don’t hear from you, we will
assume you will not be claiming
a tax deduction for personal
contributions in that financial year.
Page 19 MLC MasterKey Business Super How to Guide
Due to certain restrictions under
the law, you should take extra care to
check your eligibility for a deduction
especially before submitting your tax
return, transferring or withdrawing
all, or even part of your super, or
before starting a pension.
You must return your completed
notice to us before the earlier of the:
• date you lodge your tax return
for the financial year in which the
contributions were made, or
• end of the financial year
immediately following the
year in which the contributions
were made.
Reducing the amount
you have told us you
are claiming
Tax may be payable
on transfers from an
overseas pension
If you wish to reduce the amount
of a previous tax deduction claim,
you will need to complete and return
the Notice of intent to claim a tax
deduction form.
Australian law defines
This must be done before the
earlier of the:
Your overseas scheme will determine
whether your pension account can
be transferred.
• date that you lodge your tax return in
relation to the year the contributions
were made, or
• end of the financial year immediately
following the year in which the
contributions were made.
In some cases, you may reduce
the amount you claimed outside
this time frame if the ATO has disallowed
your claim for a deduction. However,
as with claiming a deduction, the law
prevents us from accepting a variation
in certain circumstances.
This is a complex area, so we
recommend you talk to your
financial and tax advisers before
taking any action.
• your eligibility to make these transfers
• the timing of these transfers, and
• how tax is charged.
Tax on withdrawals made
by temporary residents
Certain temporary residents can
access their super benefit upon leaving
Australia. If applicable, the benefit can
generally only be paid as a single lump
sum from which we must deduct tax.
In some circumstances if you do not
claim your benefit, we are required to
pay it directly to the ATO.
Further information can be found at
ato.gov.au
Tax on payments
made to your beneficiaries
Tax may be charged on amounts paid
to your beneficiaries on your death.
The tax payable will depend on the type
of payment being made (lump sum or
pension), timing and the dependency
status of your beneficiaries.
Tax File Number
(TFN) Notification
If you are under age 60 and haven’t
provided a valid Tax File Number, we
are required to deduct tax at the top
marginal tax rate (plus Medicare levy)
from any payments made to you from
your account.
In addition, if you do not provide us
with your TFN the law requires us
to reject certain contributions. The
main exception relates to employer
contributions which are subject to
additional tax at 31.5% if you have
not provided your TFN.
MLC MasterKey Business Super How to Guide Page 20
Nominating
a beneficiary
Your account
balance and
any applicable
insurance payment
is paid to your
beneficiaries
or your estate
in the event of
your death.
• change the portions of your
account to be paid to beneficiaries.
• someone in an interdependency
relationship with you. This is a close
personal relationship between two
people who live together, where
one or both of them provide for the
financial and domestic support and
personal care of the other. This type
of relationship may still exist if there is
a close personal relationship but the
other requirements are not satisfied
because of some physical, intellectual
or psychiatric disability.
Who can you nominate?
Types of nominations
Under superannuation law, you can
nominate the following:
A non-lapsing
nomination which is
binding on the Trustee
However the law restricts who can
be a beneficiary.
Once you have opened your account
you can:
• nominate beneficiaries
• change, cancel or remove
existing beneficiaries
• change the type of nomination
• your spouse, de-facto spouse and
same-sex partners
• children including step and adopted
children
• individuals who are financially
dependent on you at the time
of your death
• your legal personal representative
(either the executor under your will
or a person(s) granted letters of
administration for your estate if you
die without having left a valid will)
Ensures your account balance is paid
as you have directed as long as the
nomination is and remains valid.
A nomination subject
to Trustee discretion
The Trustee will decide who receives
your account balance and will consider
your preferred beneficiaries.
No nomination
The Trustee will decide who receives
your account balance.
Please note that contrary
Court orders may override
your nomination.
Page 21 MLC MasterKey Business Super How to Guide
How to make or
change a nomination
What we do when we
are notified of your death
You can nominate or change
existing beneficiaries at any time
by completing a Member linking,
beneficiary and authorised
representative nominations form
available on mlc.com.au or by
contacting us. Your revised form
must be mailed to us.
Your super account balance will be
switched into the MLC Cash Fund
on the date we receive notification
of your death.
If your nomination is unclear or
incomplete, we will write to you
requesting the information or
documentation required to
process your request.
Once we have processed your request,
we’ll send a confirmation letter. Details
of your nomination(s) are also confirmed
each year in the Annual Statement we
send to you.
You can also view your nomination(s)
online at any time by accessing your
account via mlc.com.au
If you have made a nomination binding
on the Trustee, which is still valid, the
account balance will be paid to your
beneficiaries as you have directed.
Where you have made a nomination
subject to Trustee discretion or if you
haven’t nominated a beneficiary or
if your nomination is no longer valid,
the Trustee uses a formal process to
make a decision. The process involves
the identification of any potential
beneficiaries and communication with
them. The Trustee then gives careful
consideration to what it believes is an
appropriate distribution of the account
balance, paying particular regard to your
recorded preferences.
Anti-detriment payments
An additional payment may be made
to broadly compensate for contributions
tax charged on certain contributions
made to your account. This is known
as an ‘anti-detriment’ payment and only
applies where your account balance
is paid as a lump sum directly to your
spouse or child.
For information on estate planning
and in particular, the tax implications,
we recommend you speak to your
financial or legal adviser.
MLC MasterKey Business Super How to Guide Page 22
MLC MasterKey
Business Super Insurance
Your insurance options
You can select from the following types of insurance with
MLC MasterKey Business Super:
Death
A lump sum is paid if you die or are diagnosed with a terminal illness.
Death and Total
and Permanent
Disablement (TPD)
A lump sum is paid if you die, are diagnosed with a terminal illness,
or become totally and permanently disabled.
Income Protection
A monthly amount is paid for total or partial disability.
Your employer may have arranged to have insurance with another
insurance provider. In some cases, the premiums for this insurance may
be paid from your MLC MasterKey Business Super account.
For information on any external insurance you have, you will need to
contact your Plan adviser or your employer.
Changing your insurance
If you want to apply for additional
insurance or increase your existing
insurance, you will need to complete
a Request for Insurance form
including, any additional medical
forms that may be required. These
forms are available from your Plan
adviser or mlc.com.au
We will review your request and
contact you if you need to supply
medical evidence.
What you must tell us
It is important that you disclose
every matter that you know, or could
reasonably be expected to know,
that could be relevant to MLC’s
decision to accept your application.
You must also let us know if any
of the information you provide
changes prior to your application
being accepted (for example you
become ill or have an accident) or if
your existing insurance is extended,
varied or reinstated. If you don’t, your
insurance may not be valid.
Assessing an application
for insurance
Notifying MLC of
a change in your
personal details
MLC will assess your application and,
based on the information you provide,
decide on what terms the insurance
can be offered to you.
If your personal details change, such
as a change in your occupation, you
need to notify MLC within 130 days.
If you don’t notify us within this time:
We will let you know if medical
information or a medical examination
is required and will pay for the medical
information requested during the
assessment process, unless you are
advised otherwise.
• any future claim may be declined,
or
In some cases, you may:
• not be eligible for the insurance
you have requested
• be offered the insurance at a higher
premium or with an exclusion, or
• be declined on the basis of medical
evidence provided.
If you don’t supply evidence of health
when we request it, it may affect your
ability to increase insurance at a later date.
Page 23 MLC MasterKey Business Super How to Guide
• where you later request to
increase your insurance, you will
also need to supply medical and/
or financial information.
Premiums for
additional insurance
If you have an Accident and you die
or become Totally and Permanently
Disabled while your application is
being assessed, you or your loved
ones will be paid a lump sum.
If you have an Accident and become
disabled while your application
is being assessed, you’ll be paid
the lesser of either (a) the monthly
benefit requested, (b) the monthly
benefit we would allow under our
normal assessment guidelines or (c)
$15,000 per month, for a maximum
of two years.
You can only receive one benefit
(for one accident) under this
insurance. A copy of the Interim
Accident Certificate is available
on mlc.com.au
The premium is based on your individual
circumstances including factors such as:
• Your age. Premiums generally
increase with age.
• Your occupation. MLC or your
financial adviser can provide you
with more information.
• Medical history (including
smoking status).
• Lifestyle and leisure activities. The
greater the risk of the activities you
undertake, the higher the premium.
• Any financial arrangement your
employer has made with your
Plan adviser.
If you have MLC’s basic insurance and
you apply for additional insurance you
will be assessed based on the employer
provided insurance eligibility criteria.
You should refer to the Insurance Guide
on mlc.com.au to determine eligibility.
Any request for additional insurance to
MLC’s basic insurance will be assessed
on your individual factors and will
increase your premium accordingly.
Making a claim
To make a claim, you or your
representative can call or write to
MLC and we will send the necessary
forms and instructions for completion.
Any claim should be lodged as soon
as possible.
If a claim is lodged more than 12 months
after the date of your injury, illness or
death, MLC may not be able to pay
your claim.
What happens when
you make a claim?
MLC will assess your claim. If your claim
is approved, payments will be made in
line with instructions provided.
If you make a claim under Income
Protection, a monthly payment is made
in arrears after the waiting period and
completion of assessment. The payment
will continue while you remain disabled
until the earlier of:
• you return to work
• the end of the payment period, or
• you or reach age 65.
Insurance for
family members
Members of your family who join
your employers’ Plan may also apply
for insurance if they are Employed.
If you are on claim and you have
superannuation contributions insurance,
when you cease employment with
your employer, your superannuation
contribution payments cease.
MLC MasterKey Business Super How to Guide Page 24
MLC MasterKey
Business Super Insurance
Replacing your existing
MLC MasterKey
Business Super
insurance
Whenever you change insurance
providers, you need to make sure
you compare the different products.
This way you can make sure that you
have the right amount of insurance
for your individual needs. And most
importantly, only cancel your existing
insurance once your new insurance
has been confirmed.
How you cancel
your insurance
Keeping your
insurance with MLC
You can cancel or decrease your
insurance at any time. Your insurance
will cease on the date your request
is received.
If you cease employment with your
employer and choose another super
provider, you may be able to continue
the same level of insurance with another
MLC insurance product, subject to
certain conditions being met.
Reinstating your insurance
If you cancel or decrease your
insurance and later change your
mind, MLC will consider whether
to reinstate your insurance.
Information on when MLC
may cancel your insurance
is available from the Insurance
Guide on mlc.com.au
You can request a continuation
option within 60 days from the
date that we receive notification
from your employer that you have
left employment. You will need to
complete and send the relevant forms
to MLC along with the first premium.
You can contact your financial adviser
or the MLC Service Centre to obtain the
relevant forms.
What happens when you
want to start a pension?
You can only have insurance while
you are still accumulating retirement
savings in an MLC MasterKey Business
Super or MLC MasterKey Personal
Super account.
If you start a pension and wish to
continue your insurance, you will need
to keep some money in your super
account in order to pay the premiums
for your insurance. Alternatively, you
may be able to transfer your insurance
to another MLC insurance product.
Page 25 MLC MasterKey Business Super How to Guide
You can stay with
MLC even if you leave
your employer
Maintaining your
investments
When we are
advised you
have left your
employer or
they stop making
contributions,
the balance of
your account
will be transferred
to MLC MasterKey
Personal Super.
Once the transfer is complete, we’ll
confirm all the details in writing.
This account has similar features
and services as your Plan.
The information on this page
relates to members who have
been transferred to MLC
MasterKey Personal Super.
Fees, costs and rebates
The fees, costs and rebates will vary
from those you pay with MLC MasterKey
Business Super.
The fees applicable are outlined in
the Member Guide. The exact fees
and costs for MLC MasterKey Personal
Super will be confirmed in writing at the
time of the transfer.
Maintaining your
financial adviser
Your Plan adviser is available to continue
to assist you with your financial planning
needs. They will continue to receive
remuneration from your account unless
you advise us otherwise.
If you have your own financial adviser
they will continue to be attached to your
account and receive the Adviser Service
fee as you had agreed with them.
When you transfer you can continue
to have the same investment options,
unless you request otherwise. You can
also elect to switch your investment
options at any point in time.
Transferring
your insurance
Your MLC Death or Death and
Total and Permanent Disablement
insurance will continue however,
the insurance premium rates will
change and the definitions and
conditions may also change if your
circumstances have changed.
While any Income Protection insurance
you have will cease 60 days from the
date you left employment, you may
be able to continue this insurance to
another MLC solution. We will include
this in the confirmation we send you
when you transfer. More information
on how to continue this insurance
with a continuation option is available
on page 25.
If you have insurance through another
provider, premiums will cease to be
paid from your account. You will need
to ask them whether your insurance
can continue since you have left your
employer and if so, about alternative
payment arrangements.
More information on insurance is
available from the Insurance Guide.
MLC MasterKey Business Super How to Guide Page 26
Appointing
someone to act
on your behalf
Power of Attorney
You may appoint
another party to
act on your behalf
in relation to your
account.
Details of the other parties you can
appoint and the authority they have are
detailed below.
Authorised Representative
You may appoint an authorised
representative, replace or cancel
an existing authorised representative
at any time.
Only one authorised representative
can be nominated on your account
at any one time.
An authorised representative is
authorised to:
• access information on your account
• change investment options (switching)
• change your personal details except
for bank account details
• contribute to your account on
your behalf.
Appointing or changing an
authorised representative
To appoint a new, or change an
existing, authorised representative
just complete an Updating your
account details form or Member
linking, beneficiary and authorised
representative nominations form.
All forms are available on mlc.com.au
or by contacting us and can be faxed
or mailed to us.
Cancelling an authorised
representative
To cancel an authorised representative
you will need to write to us. Once we
have processed your request, we’ll send
a confirmation letter.
Page 27 MLC MasterKey Business Super How to Guide
You can appoint an Attorney to act on
your behalf by giving us:
• A certified copy of the original Power
of Attorney document. Certification
that the copy is a true and complete
copy of the original must appear on
each page and may be made by the
person effecting the Power of Attorney
or by a solicitor or any of the people
shown in Certification of personal
documents, and
• A declaration signed by the Attorney
stating that the document has not
been cancelled.
If we receive a Power of Attorney
document established outside of
NSW or Australia, we also require
a written declaration by a qualified legal
practitioner (in the state or country that
the document was created) certifying
that the document was made in
accordance with the requirements
of the law of the state or country in
which it was made.
An Attorney’s authority is determined
by you. You can continue to manage
your account even if you have appointed
an Attorney.
You (or your Attorney) should inform us
of any changes or of the cancellation
of a Power of Attorney. You can cancel
your Attorney’s authority to act on your
behalf in relation to your account at any
time by writing to us.
If you want more information please
contact us or seek professional advice.
Additional
information you
need to know
Accessing your account information
You can choose how you want to access your account information.
Speak to a real person
on 132 652
Call us between 8am and 6pm (Sydney time), Monday to Friday with any questions or to obtain information
about your account.
mlc.com.au
View your account information, make switching and requests and change your contact details
in one secure location.
You will need your customer number and a password.
Setting up is easy! To obtain your logon details, call the MLC Service Centre on 132 652,
where an MLC Customer Service Representative will guide you through your first login.
InfoDial 133 661
This automated telephone service tells you your account balance, unit prices and details of recent
transactions on your account. Available from 8am to 9pm (Sydney time), Monday to Sunday.
To register, just call the MLC Service Centre on 132 652.
Keeping you informed
We provide the following information so you can stay up to date about your investments and any opportunities that may arise.
Your communications
Welcome kit
Contains a welcome letter, confirmation of details, the PDS and helpful links to mlc.com.au
How to Guide
Provides instructions on how to transact on your account and other important information about
how your account operates. Available on mlc.com.au/howto/mkbs
KeyPoint
Quarterly email giving market updates, product enhancements and educational information.
Annual Statement
Provides a summary of all your transactions and investment details for the financial year.
Annual Report
Provides an overview of the market and industry activity which may affect your investment,
including product changes and Trustee updates.
MLC’s Notice of intent
to claim a tax deduction
Shows amounts of personal contributions made to your super account during the financial year
and requests information if you intend to claim a tax deduction on your personal contributions.
mlc.com.au
Provides information to help build your knowledge on superannuation, retirement and investing.
You can also access your account balance and recent transactions.
Product, investment
option and insurance
changes
Changes will be made from time to time. Changes that are not materially adverse will be made available
on mlc.com.au or you can obtain a paper copy of the changes on request free of charge.
Trust deed
Governs the relationship between you and MLC and governs the way in which the Trustee can deal with
your investment. A copy of this document is available upon request free of charge.
MLC MasterKey Business Super How to Guide Page 28
Additional
information you
need to know
Other useful information
Resolving complaints
You can find more information
on mlc.com.au including:
We can usually resolve complaints
over the phone. If we can’t, or you’re
not satisfied with the outcome, then
you will need to write to us.
• Unit prices
• How we manage your money
• Investment option performance and
asset allocation
• Investment market information
• Education, tools and calculators
• Finding your lost super
• Forms and brochures
To help us identify your letter quickly,
please mark your envelope ‘Notice
of complaint’ and send to:
The Manager
MLC Complaint Resolutions
PO Box 1086
North Sydney NSW 2059
We will confirm we’ve received
your complaint in writing within
two business days.
We will work to resolve your complaint as
soon as possible, even though the law
allows us up to 90 days to respond.
If we are unable to resolve the complaint
within this time, or if you are not satisfied
with the outcome, we encourage
you to seek assistance from the
Superannuation Complaints Tribunal.
This is an independent body and can be
contacted by telephoning 1300 780 808
or by emailing [email protected]
More information is available at
sct.gov.au
Changing your personal information
You can update your personal details on your account at any time in the following ways:
Type of change
Who can do it
What you need to do
Contact details
You
Your financial adviser
Your employer
•Email us (via your account at mlc.com.au)
•Telephone us
• Complete and sign a Updating your account detail form or Change of personal
details form
•Send us a signed letter including your account number and contact details to
be changed.
Personal details
You
Your employer
•Complete and sign an Updating your account details form or Change of personal
details form, or
•Send us a letter including your account number and the personal details to be
changed and including your previous and new signatures (if applicable).
To confirm your personal details change we also require a certified copy of any
of the following documents. Please note we do not accept faxed copies of
certified documents.
Change of Name: Marriage Certificate, Divorce Decree, Deed Poll.
Correction of Date of Birth: Passport, Birth Certificate, Drivers Licence,
Deed Poll, Divorce Decree.
Further information on the certification of documents is provided on page 30.
Tax File Number
(TFN)
You
Your financial adviser
Your employer
•Email us via your account at mlc.com.au
•Telephone us
•Complete and sign an Updating your account details form or Change of personal
details form, or
•Send us a signed letter including your account number and TFN information.
Page 29 MLC MasterKey Business Super How to Guide
Certification of
Personal Documents
A person approved to certify
identification documents must
provide the following information
on each photocopy:
• An Australian consular officer or an
Australian diplomatic officer (within
the meaning of the Consular Fees
Act 1955)
The Eligible Rollover Fund we currently
use is the Australian Eligible Rollover
Fund and it can be contacted on
1800 677 424.
• ‘This is a true copy of the original
document(s) which I have sighted’;
• An employee of a financial institution
with two or more years of continuous
service with Financial Institutions
(for the purposes of the Statutory
Declaration Regulations 1993)
(eg bank manager, bank officer)
We will advise you in writing at your last
known address if we intend to transfer
your account balance and will proceed
if you don’t respond with instructions
regarding an alternative super fund.
• A finance company officer with two
or more continuous years of service
with one or more finance companies
(for the purposes of the Statutory
Declaration Regulations 1993)
Please note, a transfer to an ERF may
be detrimental to you as the ERF may
have a different fee structure, different
investment strategies and may not offer
insurance benefits.
• Write their
-- full name
-- contact address and
telephone number
-- date of certification
-- signature
• The capacity in which they have
certified the document (eg judge,
magistrate, police officer etc)
• Affix the official stamp or seal
of the certifier’s organisation.
Who can certify
a document?
The following people are authorised to
certify a document:
• A practicing lawyer
• A Justice of the Peace
• An officer with, or authorised
representative of, a holder of an
Australian financial services licence,
having two or more continuous years
of service with one or more licensees
(eg financial planner, adviser, broker)
• A member of the Institute of Chartered
Accountants in Australia, CPA
Australia or the National Institute of
Accountants with 2 or more years
of continuous membership.
• A magistrate
Transfers to an
Eligible Rollover Fund
• A Chief Executive Officer
of a Commonwealth Court
We may transfer your account balance
to an Eligible Rollover Fund (ERF) if:
• A registrar or deputy registrar
of a court
• you have not made a contribution
within a 12 month period and your
balance falls below a minimum
amount of $500 or $200 if you
have insurance,
• A judge of the court
• A notary public (for the purposes of the
Statutory Declaration Regulations 1993)
• A police officer
• An employee of Australia Post with
two or more years of continuous
service to customers
• we lose contact with you and
cannot locate you, or
What happens
if the plan doesn’t
proceed?
Your employer can decide,
within 14 days of starting the Plan,
not to proceed.
If you have made personal contributions
or rolled over other super money in this
time, you can choose where to direct
your account balance. If you don’t make
a choice, we’ll transfer your money to an
eligible rollover fund.
Your account balance will be
adjusted for any:
• increase or decrease in the unit price
• tax payable, and
• administration or transaction costs
incurred in establishing or closing
your account.
• your investment switching activity
is deemed to be contrary to the
interests of other members.
MLC MasterKey Business Super How to Guide Page 30
MLC MasterKey Business Super
How to contact MLC
For more information
call MLC from anywhere
in Australia on 132 652
or +612 9964 7180
outside Australia.
Website: mlc.com.au
Fax: (02) 9964 3334
Postal address:
PO Box 1315
North Sydney NSW 2059
Registered Office:
Ground Floor, MLC Building
105 – 153 Miller Street
North Sydney NSW 2060
69902M0209