Financial statements
We keep a close eye on investment performance and spending and we’re transparent about what it costs to run CareSuper successfully for members.
Dated as at 30 June 2020.
Annual financial statements
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.
Financial position as at 30 June 2020
| 2020 $’000 |
2019 $’000 |
|
| Assets | ||
| Investments | 24,347,887 | 19,718,862 |
| Cash and cash equivalents | 47,446 | 45,955 |
| Other assets | 66,446 | 82,351 |
| Total assets | 24,461,779 | 19,847,168 |
| Liabilities | ||
| Liabilities | 8,239,051 | 3,534,661 |
| Net assets available for member benefits | 16,222,728 | 16,312,507 |
| Less: Member benefits | 16,112,467 | 16,146,940 |
| Net assets | 110,261 | 165,567 |
| Equity | ||
| General reserve | 69,607 | 125,868 |
| Operational risk reserve | 40,654 | 39,699 |
| Total equity | 110,261 | 165,567 |
Income statement for the year ended 30 June 2020
| 2020 $’000 |
2019 $’000 |
|
| Revenue | ||
| Investment income | (28,354) | 1,090,661 |
| Other income | 1,477 | 1,217 |
| Total revenue | (26,877) | 1,091,878 |
| Expenses | ||
| Investments | (66,257) | 50,699 |
| Administration and operating | (55,285) | 55,504 |
| Total expenses | (121,542) | 106,203 |
| Income tax (expense)/benefit | (57,321) | 17,396 |
| Results after income tax | (91,098) | 968,279 |
| Less net benefits allocated to members | 35,792 | 971,940 |
| Operating result after income tax | (55,306) | (3,661) |
Changes in member benefits for the year ended 30 June 2020
| 2020 $’000 |
2019 $’000 |
|
| Opening balance of member benefits | 16,146,940 | 14,651,061 |
| Add: | ||
| Contributions | 994,929 | 962,158 |
| Transfers in | 449,299 | 534,166 |
| Net investment earnings | 6,075 | 1,017,137 |
| Insurance proceeds | 99,018 | 82,464 |
| Less: | ||
| Benefits paid | 1,345,252 | 861,404 |
| Administration and other fees | 41,867 | 45,198 |
| Insurance premiums | 81,029 | 87,216 |
| Tax | 115,646 | 106,228 |
| Closing balance of member benefits | 16,112,467 | 16,146,940 |
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.
Other important information
ENQUIRIES AND COMPLAINTS
We take members’ concerns seriously and investigate all enquiries and complaints to try and resolve them quickly. We’ll do our best to answer complaints 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. As part of our commitment to the Insurance in Superannuation Code of Practice (ICOP), our timeframe to provide responses to insurance-related complaints will reduce from 90 days to 45 days from 1 January 2021.
Where we have been able to resolve it over the phone within five days, we generally won’t write to members unless they 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 members can also use this contact form.
Alternatively, members can take the matter to the Australian Financial Complaints Authority (AFCA). AFCA is an independent and impartial ombudsman and is a free service.
TEMPORARY RESIDENTS
We are 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.
SIGNIFICANT EVENT NOTICES
CareSuper is required to notify members of any material change to the Fund that will affect their super or pension account. This includes but is not limited to changes to fees or costs or to product design. The information must be provided within a ‘significant event notice’ (SEN) at least 30 days prior to the change occurring. The SEN must clearly outline the change and the effect it may have on the member’s account.
Here’s a summary of the SENs we’ve issued to affected members over the last two years.
YOUR CONTACT DETAILS
It’s important we have the correct contact details for our members for when we need to send them important information, including their annual statement. Members can check and update their details in the ‘Personal details’ section of MemberOnline or by contacting us.
Contact us
HERE’S HOW TO GET IN TOUCH
1300 360 149 (Australia)
+613 9067 2619 (overseas)
8am–8pm weekdays AET, except national public holidays
CareSuper
Locked Bag 20019
Melbourne, VIC 3001
OUR REGISTERED ADDRESS
Level 6, 447 Collins Street,
Melbourne VIC 3000