We have been trialling electronic verification of member’s identity for just over 12 months now.
Thank you to the members who have tried this faster and more secure means of verifying their identity. Due to the success of the trial and positive feedback from members, we will be using this method as our default identification verification method from 1 August 2020.
How does this affect you?
By law we are required to verify the identity of members before we process some withdrawals or accept Income Stream applications.
Electronic identity verification is a more secure and faster method than requiring members to provide paper-based copies of their IDs and having them properly certified by the relevant authorised people. We can now electronically confirm ID documents against Australian Government databases. Not only does this speed up the process overall, but it also provides greater protection against fraudulent attempts to access your super by unscrupulous third parties.
Members unable to be electronically identified will still be able to provide certified paper copies. Please refer to our identification fact sheet.
For the second time this year, we are pleased to say that AvSuper staff are returning to our offices!
Despite the disruptions experienced by us all during 2020, we have maintained our focus to help our members and continued to manage your super savings for you. And we are very grateful for the patience and support our members have extended to us over this extraordinary period.
What does it mean to say our offices are open?
Well, staff are in the office so phone calls can be answered directly again, along with emails and AvChats.
Staff are following strict social distancing and cleaning protocols to maintain their safety, and we are minimising work related contact with people outside of our team. We request that members call ahead before visiting us to help control the number of people in the space at any given time.
Advice appointments continue to be offered online – as well as keeping everyone safely distant, many members are finding it convenient to just log in from home!
30 June is almost here
This seems like a good time to remind you that the end of financial year is less than a week away. You may want to take the opportunity to take some of the following actions ahead of 30 June:
- check your contact details are correct by logging into Member Online or calling us
- book an appointment to set an investment strategy for 2020-21
- make a personal contribution to possibly qualify for a co-contribution
- make a spouse contribution to possibly qualify for a tax offset
Chief Executive Officer
Making contributions is an obvious way to build up your retirement savings.
You can make a personal or spouse contribution into your AvSuper account at any time (and tell us about it via our online contributions form). However, there are some Government restrictions – for instance, older members need to pass a work test in order to make a contribution.
From 1 July 2020, age restrictions on contributions will be raised, meaning you can continue contributing to your super for longer!
Work test for contributions
The work test means working for at least 40 hours in 30 consecutive days during the current or previous financial year. From 1 July, you can make contributions without meeting the work test until you reach 67 years of age (currently the work test applies from age 65).
Note that once you reach 65 (until 30 June) or 67 (from 1 July), it is easy to confirm you pass the work test – either make the declaration in our contributions form or complete our work test declaration.
Did you know that by making a contribution into your spouse’s account you may be eligible for a tax offset of up to $540?
Eligibility rules apply (such as your spouse’s income being under $40,000 and not exceeding their contributions cap) but from 1 July 2020, your spouse can be up to 75 yeas old (currently the offset stops when your spouse reaches 70 years) if they meet the work test.
Of course, if you have any questions about making personal and spouse contributions, please contact our Member Advice Consultants.
Chief Executive Officer
You are no doubt aware that the major events of 2020 has had a major impact on investment markets.
While there has been some increases as well as drops in Australian markets, there is no doubt about this being a volatile time. This volatility can be confronting (and we remind you to keep a long term view of your super) so we wanted to be sure you had seen our fact sheet on investment market movements, as well as subscribing to our monthly investment updates.
Chief Executive Officer