We keep a close eye on investment performance and spending and we’re transparent about what it costs to run CareSuper successfully for members.
| Area | Spend ($) |
| Trustee, staff and related costs | $16,763,306.32 |
| Office expenses | $2,385,780.64 |
| Professional services | $1,860,010.92 |
| Member and employer services | $2,596,536.24 |
| Fund promotion | $5,401,239.83 |
| Government charges | $1,260,691.02 |
| Member and employer costs | $12,950,809.34 |
Dated as at 30 June 2019.
The information below is a summary of CareSuper’s financial statements for the last two years. Full financial statements and the auditor’s report are available here on our website.
| 2019 $’000 |
2018 $’000 |
|
| Investments | 19,718,862 | 17,537,834 |
| Cash and cash equivalents | 45,955 | 62,731 |
| Other assets | 82,351 | 4,800 |
| Less: | ||
| Liabilities | 3,534,661 | 2,785,076 |
| Net assets available for member benefits | 16,312,507 | 14,820,289 |
| Less: Member benefits | 16,146,940 | 14,651,061 |
| Net assets | 165,567 | 169,228 |
| Equity | ||
| General reserve | 125,868 | 133,187 |
| Operational risk reserve | 39,699 | 36,041 |
| Total equity | 165,567 | 169,228 |
| 2019 $’000 |
2018 $’000 |
|
| Revenue | ||
| Investment income | 1,107,716 | 1,460,146 |
| Other income | 1,217 | 4,547 |
| Total revenue | 1,108,933 | 1,464,693 |
| Expenses | ||
| Investments | 67,754 | 36,802 |
| Administration and operating | 55,504 | 47,623 |
| Total expenses | 123,258 | 84,425 |
| Income tax (expense)/benefit | 17,396 | 108,710 |
| Results after income tax | 968,279 | 1,271,558 |
| Less net benefits allocated to members | 971,940 | 1,253,522 |
| Operating result after income tax | (3,661) | 18,036 |
| 2019 $’000 |
2018 $’000 |
|
| Opening balance of member benefits | 14,651,061 | 12,896,855 |
| Add: | ||
| Contributions | 962,158 | 897,615 |
| Transfers in | 534,166 | 458,522 |
| Net investment earnings | 1,017,137 | 1,297,127 |
| Insurance proceeds | 82,464 | 82,485 |
| Less: | ||
| Benefits paid | 861,404 | 755,261 |
| Administration and other fees | 45,198 | 43,605 |
| Insurance premiums | 87,216 | 85,562 |
| Tax | 106,228 | 97,115 |
| Closing balance of member benefits | 16,146,940 | 14,651,061 |
Financial statements for both CareSuper (fund) and CARE Super Pty Ltd (trustee) are available on our website. For a printed copy of the financial statements, call us on 1300 360 149.
We’ll listen to your concerns and investigate all enquiries and complaints to try and resolve the matter as quickly as possible. We’ll do our best to answer your complaint with a written response of the outcome within 90 days from receiving it or explain why we have been unable to complete the investigation within this timeframe.
Where we have been able to resolve it over the phone within five days, we generally won’t write to you unless you ask us to. Complaints can be made in writing, over the phone or electronically using the contact information in the ‘getting in touch’ section below or you can also use this contact form.
If you’re not satisfied with the response you receive from us, or you don’t receive a response from us at all, you can take the matter to the Australian Financial Complaints Authority (AFCA). AFCA is an independent and impartial ombudsman and is a free service.
If you’re uncontactable or inactive, and you have a balance of less than $6000, your account may be transferred to the Australian Taxation Office (ATO) or to our eligible rollover fund, AUSfund. This happens around April and October each year. If your account is transferred, any insurance cover you have with CareSuper will end and you’ll no longer be a member of CareSuper. Different fees and costs apply to the eligible rollover fund, so please contact AUSfund for details.
AUSfund
Locked bag 5132
Parramatta NSW 2124
Phone: 1300 361 798
International Tel: +61 3 9067 2525
Email: admin@ausfund.net.au
Website: ausfund.com.au
To update your details and see the last payment to your super login to MemberOnline.
During the year, there were important changes to insurance in super including the government passing the Protecting Your Super (PYS) package in February. At the same time, we made changes to our insurance offering, designed to help ensure our default cover matches the typical needs of our members at every age and that it remains equitable, affordable and fair over the long term.
While making these changes, we aligned our new insurance offering with the government’s PYS package (implemented 1 July 2019), and we were guided by the AIST Insurance in Superannuation Code of Practice (that we had already signed up to).
During the year, you would have received a letter or email from us (depending on your communications preferences) about our insurance changes.
Since the end of the 2018/19 financial year, the federal government has passed the Putting Members’ Interests First package (with amendments in September 2019). The package includes changes to insurance through super for members under 25 and those with low account balances. The legislation requires super funds to notify affected members of changes to their insurance arrangement by 1 December 2019. We’re working to ensure we’re in touch with members affected by this change by 1 December.
Visit these links for more information on:
Our insurance changes
FAQs on the Protecting your Super package
CareSuper is required to pay the super of former temporary residents to the ATO if it’s been more than six months since they departed Australia and their visa has expired or been cancelled. We rely on relief from ASIC to the effect that we are not obliged to notify or give an exit statement to a non-resident in these circumstances. Non-residents can apply to the Commissioner of Taxation to claim the unclaimed super. Visit ato.gov.au for more information.
1300 360 149 (Australia)
+613 9067 2619 (overseas)
8am–8pm weekdays AET, except national public holidays
CareSuper
Locked Bag 20019
Melbourne, VIC 3001
Level 6, 447 Collins Street,
Melbourne VIC 3000