Temporary residents departing Australia
Additional restrictions on withdrawing superannuation, as well as different tax rates on withdrawel of these benefits, now apply to temporary residents of Australia (excluding New Zealand citizens). If these benefits are not claimed within six months of the temporary residents' visa ceasing and their permanent departure from Australia, the Trustee may be required to pay their benefits to the Australian Taxation Office (ATO). If this happens, the individual will need to contact the ATO to access their benefits.
For anyone new to Australia we have a range of factsheets available to help you with your superannuation.
Definition of 'dependants' to include same-sex
New legislation has redefined the terms ‘spouse’ and ‘child’ to include same gender partners. This applies for both binding and non-binding death benefit beneficiary nominations. In addition, the new legislation allows spouse accounts to be opened for same gender partners. Although the legislative amendments are in place, the Rules of the Fund are currently being revised and, once final, these changes will be implemented through the Fund.
The investment menu will be simpler
As part of an ongoing review of the investments offered by the Russell SuperSolution Master Trust, a decision has been made to reduce the number of available investment options. The Russell 2010 Portfolio, Russell 2020 Portfolio, Russell 2030 Portfolio and Russell 2040 Portfolio will be closing and removed from the investment menu.
If you are invested in one or more of the portfolios listed above you will automatically be transferred into matching investment options, so that your initial asset allocation and the investment management fees that you pay will remain exactly the same.
For example, currently the Russell 2010 Portfolio is invested 20% in Russell Diversified 50 Portfolio and 80% in Russell Conservative Portfolio. So instead of seeing your investment strategy as 100% Russell 2010 Portfolio you will see 20% in Russell Diversified 50 Portfolio and 80% in Russell Conservative Portfolio.
After the transition, the investment mix will no longer adjust automatically each year. We will notify you after the transfer has occurred. As always, you can switch your investment options at any time.
| Current Option | Future options | |
| Russell 2010 | 20% Russell Diversified 50 | 80% Russell Conservative |
| Russell 2020 | 20% Russell Balanced | 80% Russell Deversified 50 |
| Russell 2030 | 20% Russell Growth | 80% Russell Balanced |
| Russell 2040 | 40% Russell High Growth | 60% Russell Growth |
Changes to the Russell Australian Cash Portfolio
We have changed the investment strategy for the Russell Australian Cash Portfolio. The Portfolio may be directly or indirectly exposure to assets such as bank deposits, money market instruments (including but not limited to bank bills and negotiable certificates of deposit), corporate floating rate notes and asset backed and mortgage backed securities. The Portfolio may also have exposure to fixed rate corporate debt, derivatives and non-Australian dollar denominated cash and cash equivalent securities. Any foreign currency exposures will be largely hedged back to Australian dollars using forward foreign exchange contracts.
Contribute to your Russell account via BPAY® or EFT
You will need your Customer Reference Number
BPAY® biller code 646596
BSB 014 988
® Registered to BPAY Pty Ltd ABN 69 079 137518