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Looking after your mental health during COVID-19

Kyla Tustin

One of the less-documented effects of COVID-19 and all the upheaval it represents – new working
arrangements, families working in close quarters, social distancing – is how it has impacted people’s mental
health.

It’s an easy thing to ignore, especially because there’s already so much happening around you – new
restrictions, economic crises, home-schooling – but letting your mental health slide may be having a greater
effect on you than you realise. As the Greate Group founder and life coach Kyla Tustin explains, “Everyone
thinks they should be able to cope through this, but bodies and brains aren’t actually built to live this way, with
so much stress and constant technology usage.”

Looking back at the GFC, Kyla saw similar worries – but they’re magnified now, compounded by ” the health
crisis, ongoing lockdown uncertainty, financial instability and rioting in the USA. People are getting to the
tipping point of despair and hopelessness.”

As a result, Kyla explains, many people are (consciously or otherwise), turning back to old coping mechanisms –
alcohol, junk food, constant TV watching and so on. “Self-care definitely isn’t always the easiest option to
choose, and wellness isn’t about living perfectly, being happy all the time or ignoring our stresses and
emotions. Though these current distraction and comfort zone habits are not the healthiest or kindest ones.”

“Kindness in itself,” she continues, “has been proven to be the opposite of stress, as it brings oxytocin into our
bodies which has a calming effect.” She recommends “choosing kind words, thoughts, actions and choices
through these times is critical.”

While she’s passionate about people exercising self-care during this difficult period, she’s careful to note that
“the kindest thing for your mind and body isn’t necessarily the ‘easiest’ one. Self-care isn’t just sitting on the
couch.” With that in mind, what are some practical steps you can take right now?

Practice “aligned action” every day

Kyla believes “the way you start your day determines how you will end it.” To that end, she suggests ensuring
that when you wake up each day – perhaps earlier, if necessary – you practice some kind of self-care.
“If people just wake up and go straight to the computer,” she explains, “they’re not really preparing themselves
for the day. Prior to this, we’d at least be going to the office, commuting, moving our bodies. We don’t have
that option as much now.”

She says that even if you’re working from home, “you can still do a kind of ‘commute’. Maybe just a five-minute
walk around the block. Some kind of exercise that tells your body what it’s preparing for over the course of the
day.”

Take regular breaks

Taking time away from the computer when working at home seems like a desirable thing to do, but Kyla’s
spoken to many people who rarely manage it. “The computer’s right there,” she says, “so it’s easy to just work
all day and work late. When I started working from home, I wasn’t even thinking about taking breaks or going
for walks. I still had my investment banking ways of living and was in the mindset that the faster I go, the longer
I worked, the more work I’d get done.”

In fact, Kyla says, she found the opposite was true: the more she pushed herself, the less she was actually
getting anything done. “Burnout” is an oft-mentioned idea in the context of working in the office, but in some
ways it’s even more dangerous when you’re within email distance 24/7.

“Our brain is 31% more productive in a positive state,” she says, “rather than neutral, negative or stressed. It
essential we take regular breaks, especially for fun and play. And realise your work, wellness and productivity is
going to suffer if you aren’t looking after yourself or continue to push your body and brain to burnout.”

Inspire yourself

During a time like this, it’s incredibly difficult to avoid the constant coverage of everything that’s going wrong in
the world: whether it’s infection rates, market volatility or unemployment. And while Kyla believes people need
to be educated about what’s happening, she says one also needs to responsibly limit their exposure.

“Be aware that everything you consume,” she explains, “whether it’s news, other media or even conversations
with people, is going to impact how you feel and how you look at the world.”

“For me,” she continues, “my energy and mindset will determine how I support my clients. If I’m consumed by
fear and despair, I’m of no use to anyone. You can stay informed and educated while also regularly asking
yourself this question: is what I’m watching useful right now? Is my mood getting depleted?”

If you’re getting to that point, Kyla recommends turning to inspiration and asking yourself these questions:

  •  Who do I want to be?
  •  What do I want to feel or experience?
  •  What can I choose to focus on? (For example, gratitude, appreciation or celebration.)
  • Then, reflect on your thoughts, choices and actions throughout your day and ask, “Are they kind,
    useful and supporting to elevate my energy, mood and mindset?”

It’s difficult to tell when this crisis will end, but you’ll come out of it stronger if you take the time to prioritise
yourself.



The information in this document has been prepared and issued by OneVue Wealth Services Ltd ABN 70 120 380 627, AFSL 308868 as the
Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives,
financial situation or needs. Before making any financial decisions, it is important that you read the current product disclosure statement
(PDS) and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for the
product is available here on the Fund website. You should consult a financial adviser if you require personal advice. Diversa Trustees
Limited ABN 49 006 421 638, AFSL 235125 RSE Licence L0000635 is the Trustee of the Fund and the product issuer.
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Protecting your future during this crisis

The fallout from the COVID-19 pandemic has left many Australians concerned for their health and financial
security. The crisis has required unprecedented containment measures and had severe effects on domestic and
global markets.

While most coverage focuses on what’s happening right now – understandably – you may also be concerned
about the pandemic’s effects further down the track, especially as it pertains to your superannuation.
Fortunately, there are several steps you can take to ensure you’re providing yourself the best opportunity for a
comfortable retirement:

Firstly, ensure your employer is paying in the right amount of super

  • Organise online member access with your super fund, and check your transactions regularly to see
    what your employer has contributed. If they are contributing quarterly or more irregularly, ask your
    employer if they can change that to monthly. Time and money make a difference, the more regularly
    you invest, the faster money grows.
  • Check your myGov account and your super for extra contributions to your super account, for instance,
    there could be unexpected irregular payments made by employers (from past jobs) In our gig
    economy, it can happen, a colleague we know suddenly received a contribution of $850 from a job he
    had in the late 90s.

Review, and consider consolidating your super

  • Your myGov account will show you how many different super accounts you hold. Each has an
    administration fee, and many can have insurance attached.
  •  Consolidating into one super account that meets your needs can give your super a boost, through
    reduced costs alone. Whether this is by only paying one administration fee, or reduced insurance
    premiums.
  • While it is important to have insurance to protect your loved ones, and ensuring they are looked after
    in the event something happens to you, having it with too many super funds or Insurers can mean you
    are paying insurance premiums multiple times, and sometimes, depending on the insurance policy,
    you may not be able to claim on it. You should take the time to review your insurance cover on a
    regular basis or obtain professional financial advice if your circumstances change.

So consolidating your super is a good thing, but how do you go about it?

  • You can rollover using your super funds services – just complete the rollover form, either online in the
    online application form, or by downloading the form, completing by hand and sending it in.
  • Using myGov, you can choose the super fund you want the other super funds rolled into, and organise
    directly online. It’s as simple as that.

Money for later – Food for thought?

So While for many of us, it’s tough now, it’s still worth giving some thought to how you will manage to
have some funds for later.

 

 

The information in this document has been prepared and issued by OneVue Wealth Services Ltd ABN 70 120 380 627, AFSL 308868 as the
Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives,
financial situation or needs. Before making any financial decisions, it is important that you read the current product disclo sure statement
(PDS) and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for the is available here on the Fund website. You should consult a financial adviser if you require personal advice. Diversa Trustees

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Should you take out your super?

Vanessa Stoykov

There has been a lot of press around the early release of super scheme, and the fact that Australians have
taken $31 billion out of their retirement savings to use now during the pandemic as at 9 August 2020.

Whether or not everyone has used the funds to their best advantage is yet to be seen, although early data
indicates that a fair portion of under-30s have spent on increased entertainment and consumer goods. There
are now over a million people who have taken from their super twice and a further 3 million who have taken
theirs once1. Now that the government has extended the early release scheme for tranche 2, it would seem that
there may be potentially well over a million people still considering whether or not to take from their super.

If you are one of those people, or know someone who is, here are three points to weigh up when making your
decision.

1. What is your plan for the funds? Can you invest in something like a new business idea or something that
will give you a future income? If so, it may be worthwhile using this seed funding to make yourself more
income. If not, how essential is it? By taking from today, you may be robbing yourself tomorrow. So, really
weigh the income producing potential, and how essential your spend truly is.

2. Is there any other way you could make this income without touching your super? It may mean a side hustle – doing a second or third job to make this possible. While that might seem very hard now, I can tell you that the older you get, the harder it is to hustle. If you can push yourself now, your future self will thank you.

3. Is this the first time you have really looked at your super? It is your money, and maybe now is the perfect
time to understand how it is invested, and what it could become if you leave it where it is. Or, do you need to
move to a new fund? Look carefully at your super and use the moneysmart.gov.au calculators to do some
numbers.. Knowing you are an investor, and how you can capitalise on it via your super, may be the most
important outcome for future you.

There is no doubt, we are living in uncertain times, and it looks like that is set to continue. I encourage you to
really think about what is right for you – both now and in the future. And if you can, seek financial advice, or
financial counselling and have the experts weigh in.

 

1Sourced from apra.gov.au/covid-19 Early Release Scheme Issue 16 dashboard


The information in this document has been prepared and issued by OneVue Wealth Services Ltd ABN 70 120 380 627, AFSL 308868 as the
Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives,
financial situation or needs. Before making any financial decisions, it is important that you read the current product disclo sure statement
(PDS) and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for the
product is available here on the Fund website. You should consult a financial adviser if you require personal advice. Diversa Trustees
Limited ABN 49 006 421 638, AFSL 235125 RSE Licence L0000635 is the Trustee of the Fund and the product issuer.
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COVID-19 and Early Release of Super Payments

How long will it take to get my early release COVID-19 payment?

It can take up to 15 business days to receive your superannuation funds from the time you make your application.  The steps and timeline for processing your payment is as follows:

  1. The Australian Taxation Office (ATO) can take up to 5 business days to process and approve your request after you submit your application via your myGov account.
  2. Once approved by the ATO, they will notify us to process your payment and this can take up to 5 business days.
  3. The final step, payment into your bank account, can then take 3 to 5 business days, depending on the receiving bank.

What steps do I need to take to withdraw funds?

1.Set up your myGov account here and check your eligibility. 

2. Check the balance of your superannuation account in myGov

Confirm your super fund balance, and whether you have insurance that might require payment from your super balance.  For the 2020 – 2021 financial year, if you are eligible, you may be able to withdraw up to $10,000 or the total balance of your account if it is less than $10 000. Please take into consideration any impact the withdrawal will have on any existing insurance payments.

Applications to withdraw funds under the Early Release Scheme open from 1 July 2020 and close 24 September 2020.

3. Submit your application with the Australian Tax Office (ATO)

Your application must be submitted through the ATO online services via myGov. If approved, the ATO will notify you via your myGov account and then notify us to begin processing your withdrawal.  This step takes the ATO up to 5 business days from when you submit your application.

Please note that you cannot apply through your Superannuation Fund.

4. Your payment is automatically deposited into your bank account

If the ATO approves your COVID-19 early release application, there is no need to contact us. We will process your payment within 5 business days from being notified. We will then send the funds via EFT to the bank account you specified in your myGov application.

Please note – the funds will be available in your bank account in 3 to 5 business days after we have processed your payment.

What do I do if I cannot see my super in myGov account?

Firstly, if you can’t see your super via myGov, check that your date of birth and your tax file number are correctly recorded by both myGov and then with us, your super fund.

Secondly, you should check your member Online Portal here to confirm your details and balance.

Need more help?

  • There is support and services available to help you. Do you want to know more about the options available to you under the Australian Government’s early release of super? A COVID-19 making financial decisions resource can be found here. 
  • To set up your myGov account go here. 
  • More detailed information on the early release scheme can be found at the ATO website here. 
Smartsave Employer Super and Smartsave Personal Choice and Smart Pensions are part of the Smartsave Member’s Choice Superannuation Master Plan ABN 43 905 581 638 RSE R1001341 (Fund). Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. RSE Licence L0000635 (Trustee) is the Trustee of the Fund and the product issuer. The information in this document has been prepared by OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868 as the Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions about Smartsave Employer Super and Smartsave Personal Choice & Smart Pensions, it is important that you read the current product disclosure statement (PDS) relevant to your membership and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for each product is available on smartsavesuper.com.au. You should consult a financial adviser if you require personal advice.
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Member Update – Super & Pension EOFY Calendar & COVID-19 update

With the end of the financial year fast-approaching we want to ensure that you are fully informed of the process and important dates, including when there will be a pause in processing, when you’ll receive tax and super notices and when unit pricing on your investment options will be updated.

The last day for super contributions in this financial year is this Thursday 25 June 2020. Allow 3 working days for the funds to get to the Fund’s bank account. Include an ID reference in your deposit – your Fund name, number and type of contribution (Super Guarantee or Personal Contribution), e.g. MASF023456_SG or PC.

We will continue to prioritise the payment of withdrawals of early release of super due to COVID-19 throughout the end of financial year reconciliation period for any member who needs it, further details on how much can be withdrawn and how long it will take are below.

End of Financial Year Calendar

What will occur for Pension members Date
To allow for end of financial year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

● No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

30 June until 6 July 2020
The bank account for NEW pension funds changes to NAB From 1 July 2020
Pension PAYG group certificates (where applicable) mailed 14 July 2020
Notify the administrator in writing if you wish to halve your pension payments in the 2020-21 financial year From 1 July 2020
Pension payment (where monthly income chosen) 15 July 2020
Unit price catch-up (where applicable) 6 July until 20 July 2020
Withdrawals (standard) will be processed from 6 July when the withdrawal date unit prices become available. 6 July to 20 July 2020
Withdrawals – Early release of super due to COVID-19 payments during end of financial year unit price freeze Refer to the fund website on availability, dates and details
Copies of Pension PAYG group certificates forwarded to Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the secure online portal in the super tab – Report Inbox By 31 December 2020

 

What will occur for Superannuation members Date
Last day for banking contributions via electronic transfer from your bank account to the super fund bank account 25 June 2020
Annual work test declarations for those aged +65 who are not exempt mailed to members to ensure contributions can be accepted 30 June 2020
The bank account for contributions into the Fund changes to NAB From 1 July 2020
To allow for end of year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

●  No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

From 30 June until 6 July 2020
Letters sent offering the opportunity to request a ‘Notice of intent to claim a personal tax deduction on super contributions. 14 July 2020
Salary continuance PAYG group certificates mailed (where applicable) 14 July 2020
Unit price catch-up (as required) 6 July until 20 July 2020
Withdrawal delays during these dates 30 June to 20 July 2020
Withdrawal – Early release of super due to COVID-19 payments during end of financial year period arrangement Refer to the fund website on availability, dates and details
Copies of transition to retirement and salary continuance PAYG group certificates forwarded to the Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the Secure Online Portal in the Super tab – Report Inbox 31 December 2020

Early release of super withdrawals due to COVID-19 and end of financial year

We are here to help

Payment of withdrawals of early release of super due to COVID-19 will continue to be acted on as a priority throughout the end of financial period for any member who needs it.

Because there is a pause on unit pricing, during the end of financial year period we will process your payments as follows:

  1. Partial withdrawals where your member account balance is greater than $11,500 will be paid in full upon receipt of the ATO determination.
  2. Partial withdrawals where your member account balance is between $10,000 and $11,500 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the remainder up to $10000 when the unit price of your investment options become available.
  3. Withdrawals which will close your member account, and where your balance is less than $10,000 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the balance when the unit price on your investment options become available.

How long does it take for COVID-19 payments to come through?

Who What How When
Services Australia Set up your myGov account and check your eligibility. www.servicesaustralia.gov.au/individuals/online-help/create-mygov-account As soon as you can, it can take a few days to get necessary information together
ATO The ATO processes your application. If approved, the ATO notifies you via your myGov inbox. 2-3 business days after you submit your application
Your Super member account We process the payment to you or contact you if further information is needed. Sent by EFT to the bank account specified in your myGov application Within 5 business days of the ATO notifying us. It takes a further 3-5 business days for the money to be in your bank account.
What should I check once I have looked at myGov and viewed my Super Fund(s)
Super Funds Confirm you still have a balance in the Fund, and if you have insurance. This way when you make your application, you will know if the funds are there to withdraw, and if you wish to leave enough to cover insurance. Often the balance held by the ATO may have based on last years’ reporting.
myGov Cannot see your super? Check that your date of birth and your tax file number are correctly recorded by myGov and by your super fund.

Check your member Online Portal to confirm your details and balance.

moneysmart There is support and services available to help you. https://moneysmart.gov.au/covid-19 will show you steps to look after yourself and your money and only takes minutes to read, and consider the options available to you.
 Smartsave Employer Super and Smartsave Personal Choice and Smart Pensions are part of the Smartsave Member’s Choice Superannuation Master Plan ABN 43 905 581 638 RSE R1001341 (Fund). Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. RSE Licence L0000635 (Trustee) is the Trustee of the Fund and the product issuer. The information in this document has been prepared by OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868 as the Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions about Smartsave Employer Super and Smartsave Personal Choice & Smart Pensions, it is important that you read the current product disclosure statement (PDS) relevant to your membership and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for each product is available on smartsavesuper.com.au. You should consult a financial adviser if you require personal advice.
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Adviser update – EOFY Calendar Super and Pension & COVID-19

With the end of the financial year fast-approaching, we want to ensure you are fully informed of the process and important dates, including when there will be a pause in processing, when you’ll receive tax and super notices and when unit pricing on investment options will be updated.

We will continue to prioritise the payment of withdrawals of early release of super due to COVID-19 throughout the end of financial year reconciliation period for any member who needs it, further details on how much can be withdrawn and how long it will take are below.

Last day for contributions

The last day for super contributions in this financial year is this Thursday 25 June 2020. Allow 3 working days for the funds to get to the Fund’s bank account. Include an ID reference in your deposit – your Fund name, number and type of contribution (Super Guarantee or Personal Contribution), e.g. MASF023456_SG or PC.

Payments of your financial advice and servicing fees

As a result of improvements in our commission payment systems, we will be able to pay financial advice and servicing fees on a business as usual (BAU) basis this financial year.

What will occur Date
Adviser fee period 1 June to 30 June 2020 BAU – paid as at 15th July
Adviser fee period 1 July to 31 July 2020 BAU – Paid as at 15 August 2020

End of Financial Year Calendar

What will occur for Pension members Date
To allow for end of financial year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

● No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

From 30 June until 5 July 2020
The bank account for NEW pension funds changes to NAB – deposits can no longer be accepted into the old account From 1 July 2020 – Smartsave

From 31 July 2020 – MYONESUPER

Pension PAYG group certificates (where applicable) mailed 14 July 2020
Notify the administrator in writing if your client wishes to halve their pension payments in the 2020-21 financial year From 1 July 2020
Pension payment (where monthly income chosen) 15 July 2020
Unit price catch-up (where applicable) 6 July through to 20 July 2020
Withdrawals (standard) will be processed from 6 July when the withdrawal date unit prices become available. 6 July through to 20 July 2020
Withdrawals – Early release of super due to COVID-19 payments during end of financial year unit price freeze Refer to the fund website on availability, dates and details
Copies of Pension PAYG group certificates forwarded to Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the secure online portal in the super Tab – Report Inbox By 31 December 2020

 

What will occur for Superannuation members Date
Last day for banking contributions via electronic transfer from your bank account to the super fund bank account 25 June 2020
Annual work test declarations for those aged +65 who are not exempt mailed to members to ensure contributions can be accepted 30 June 2020
The bank account for contributions into the Fund changes to NAB – deposits can no longer be accepted into the old account From 1 July 2020 – Smartsave

From 31 July 2020 – MYONESUPER

To allow for end of year accounting reconciliations post 30 June, there will be a pause in processing. As a result:

● Unit prices will be frozen

●  No balance updates can be provided.

● Withdrawals and investment switches are unable to be processed.

From 30 June until 6 July 2020
Letters sent offering the opportunity to request a ‘Notice of intent to claim a personal tax deduction on super contributions. 14 July 2020
Salary continuance PAYG group certificates mailed (where applicable) 14 July 2020
Unit price catch-up (as required) 6 July until 20 July 2020
Withdrawal delays during these dates 30 June to 20 July 2020
Withdrawal – Early release of super due to COVID-19 payments during end of financial year period arrangement Refer to the fund website on availability, dates and details
Copies of transition to retirement and salary continuance PAYG group certificates forwarded to the Department of Human Services 10 August 2020
2020 Annual Member Statement (forwarded within legislative requirements) available on the Secure Online Portal in the Super Tab – Report Inbox 31 December 2020

Early release of super withdrawals due to COVID-19 and end of financial year

We are here to help

Payment of withdrawals of early release of super due to COVID-19 will continue to be acted on as a priority throughout the end-of-financial-period for any member who needs it.

Because there is a pause on unit pricing during the end of financial year period we will process payments as follows:

  1. Partial withdrawals where the member account balance is greater than $11,500 will be paid in full upon receipt of the ATO determination.
  2. Partial withdrawals where the member account balance is between $10,000 and $11,500 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the remainder up to $10000 when the unit price of the investment options become available.
  3. Withdrawals which will close the member account, and where the balance is less than $10,000 will be paid in 2 instalments. 80% upon receipt of the ATO determination, then the balance when the unit price on your investment options become available.

Note: Delays in processing and calendar dates provided may be subject to change due to high volumes of early release of super -COVID-19 withdrawals. If there is a further delay in processing, you will be informed as soon as possible with an update.

How long does it take for COVID-19 payments to come through?

Who What How When
Services Australia Set up your myGov account and check your eligibility. www.servicesaustralia.gov.au/individuals/online-help/create-mygov-account As soon as possible, it can take a few days to get necessary information together
ATO The ATO processes applications. If approved, the ATO notifies the member via their myGov inbox. 2-3 business days after the application is submitted
Super member account We process the payment or contact the member if further information is needed. Sent by EFT to the bank account the member specified in their myGov application Within 5 business days of the ATO notifying us. It takes a further 3-5 business days for the money to be in the bank account.
What should be checked once the clients has  looked at myGov and viewed their Super Fund(s)
Super Funds Confirm they still have a balance in the Fund, and if they have insurance. This way when the application is made, they will know if the funds are there to withdraw, and if they wish to leave enough to cover insurance. Often the balance held by the ATO may have based on last years’ reporting.
myGov They cannot see their super? Check that the date of birth and tax file number are correctly recorded by myGov and by their super fund.

Have them check the member Online Portal to confirm the details and balance.

moneysmart There is support and services available to help. https://moneysmart.gov.au/covid-19 will show the steps to look after themselves and their money and only takes minutes to read, and consider the options available to your client.
Smartsave Employer Super and Smartsave Personal Choice and Smart Pensions are part of the Smartsave Member’s Choice Superannuation Master Plan ABN 43 905 581 638 RSE R1001341 (Fund). Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. RSE Licence L0000635 (Trustee) is the Trustee of the Fund and the product issuer. The information in this document has been prepared by OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868 as the Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions about Smartsave Employer Super and Smartsave Personal Choice & Smart Pensions, it is important that you read the current product disclosure statement (PDS) relevant to your membership and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for each product is available on smartsavesuper.com.au. You should consult a financial adviser if you require personal advice.
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Update to Members – Early release from super

What if I’ve become impacted by COVID-19 and still want to access my super?

While the ATO commenced processing applications on 20 April, 2020, you can still apply through the ATO online services in MyGov.

Eligible Australian Citizens and permanent residents and temporary residents are able to apply to access up to $10,000 up until 30 June 2020.

A further $10,000 can be applied for by eligible Australian Citizens and permanent residents up until 24
September 2020.

Taxation will not be deducted from the payment, nor will you need to include the amount in your taxation return.

Click here to continue reading the article.  

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Am I prepared for the end of the financial year?

We’ve put together a series of tips to ensure you’re ready to make the most of tax time.

With June 30 fast approaching, getting ready for the end of the financial year might seem daunting –
especially given the upheaval that’s happened over the past few months due to COVID-19.

We understand this is a stressful time, which is why we’ve prepared some helpful suggestions to help
you get on track.

Read through the below, and if you have any further queries, please don’t hesitate to
contact us.

Click here to continue reading the article. 

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Member Update: Super Early Release changes start Monday, 20 April

From Monday 20th April, the changes to early release of super will become available and this will see a dramatic increase in requests to the fund administration teams. Please see the below to understand how this may impact you and our ability to provide you with customer support in a timely fashion.

What is happening?

We are expecting a higher than usual level of activity in relation to COVID-19 early release payments.

What are we doing?

Our technology team has been working to be able to efficiently process the COVID-19 early release payment.

We are planning for the increase in requests by increasing the cash level of the Investment Options, making it faster for us to make payments. Over the next few weeks, we will be closely monitoring the cash levels of each investment option to keep us in the best position to make payments as quickly as practicable to members who are in need.

While we have planned and are using our best efforts, we cannot guarantee the payments will be made instantly as we will be managing the demand with the need to keep your super money invested where you have chosen. We ask in advance if there are delays for your patience.

UPDATE: Government changes to Pension Minimum Payment

In relation to changes made to superannuation as part of the Coronavirus Economic Response Package Omnibus Bill 2020, the measures impacting Superannuation Drawdowns or pension payments can now be instructed online in the member Super Tab.

A new option has been added that is “Minimum Income Stream – 50% Reduction”. This can be selected to opt for the halved pension minimum now available. This option will be available for the remainder of FY19/20 and for FY 20/21.

Changes submitted will take effect from the May Pension Payment.

To view the full changes on the platform, click here.

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How will COVID-19 affect my super investments?

COVID-19 has already caused a shock in global markets, and you may be worried about how this will affect your super account balance and other investments. To explain how things will change in response to further developments, Mercer has prepared an article looking at what could go wrong and what could go right. We will provide further Mercer articles to keep you up to date over the coming months.

Find out more here.