exiting the direct investment option
If you wish to close your Direct Investment option account, you will first need to sell the investments
you currently hold and transfer all funds back into your super account.
how it works
Sell your investments
(through Direct
Investment Online)
Select the ‘close cash account option’
to transfer all the money from your
cash account to your other investment
options (through MemberOnline)
Proceeds will be
allocated to your
cash account
Please note certain rules apply to the timing of each of the above steps.
Outstanding dividends
Tax implications
Your cash account must have a zero balance to be closed. You
must ensure that all relevant transactions have been processed
before you close your cash account. This could include interest
payments, which are paid into your cash account on or around
the last business day of the month, as well as any outstanding
dividend or distribution payments. It is important to note that the
$25 monthly fee will continue to be deducted from your account
until it is completely closed.
If you are invested in the Direct Investment option, CareSuper
makes certain tax adjustments, such as capital loss benefits
and franking credits, to your account at the end of the financial
year. These adjustments are expected to be processed in your
account by December following the end of the financial year. If
you are withdrawing your super from CareSuper and are currently
invested in the Direct Investment option, or, were invested in the
Direct Investment option and have not yet had the relevant end of
financial year tax adjustments applied to
your account, you have three options:
Outstanding corporate actions
If a listed security you hold is subject to a corporate action
that has not been finalised by the time you want to close your
CareSuper account, you will not be able to sell your securities
until the corporate action is finalised. This can cause delays in
closing your cash account, and the $25 monthly fee will continue
to be deducted from your account until it is completely closed.
What if you hold securities in a company that
has been delisted?
If you hold securities in a company which becomes delisted
from the ASX, you will not be able to sell those securities
and close your Direct Investment option account until formal
resolution and instructions on the treatment of those securities
is provided by the relevant authority (eg. the company’s Board,
liquidator or other organisation responsible for administering
the company). Your securities will then be processed in line with
these instructions. In this case, the $25 monthly fee will continue
to be deducted from your account until it is completely closed.
If you hold delisted securities outside the Direct Investment
option, the same principle would apply to those securities, and
you would have to wait for formal instructions on the treatment of
those securities before disposing of them.
1 Withdraw your funds from CareSuper without consideration of
any outstanding tax adjustment (whether positive or negative).
If you select this option you will receive the amount
contained in your benefit quote which does not include tax
adjustments for the Direct Investment option. You will forgo
any tax benefits or obligations associated with the Direct
Investment option which have not yet been applied to
your account.
2 Elect for CareSuper to calculate an estimate of the
end-of-financial-year tax adjustment which will then be
applied to your withdrawal. This calculation will cost $150
and will be deducted from your withdrawal amount. This may
take up to 20 business days to process.
3 Leave $2000 in your CareSuper account until the
end-of-financial-year tax adjustment has been processed.
Any tax obligations will be deducted from, and any tax
benefits will be credited to, this amount.
Once you have selected an option, please email your instructions
to admin@caresuper.com.au
Breaking a term deposit
If you want to break a term deposit before it matures, specific
conditions apply. The term deposit provider may charge a fee
or reduce the interest you receive. Any request must be made
in writing to CareSuper and may take up to 45 business days to
be processed. To find out more about breaking a term deposit
before maturity and the costs that may apply, please read the
Investment Guide, available from caresuper.com.au/PDS.
call 1300 360 149 visit caresuper.com.au
exiting the direct investment option (continued)
what’s next?
Switching your investment options?
Investment switches are processed on a weekly basis. Read the Investment Guide for more information, available at
caresuper.com.au/PDS.
If you would like help deciding which investment options suit you and your situation, you may like to speak to a
financial planner. You can receive over-the-phone advice for simple, super-related queries – such as investment choice
– at no extra cost by calling the CareSuperLine on 1300 360 149.*
Opening a CareSuper Pension?
If you are an existing CareSuper member applying for a CareSuper Pension and you are currently invested in the
Direct Investment option, please note that your Direct Investment option investments cannot be transferred directly from
your super account to a pension account. For more information see the Investment Guide.
Making a claim?
If you wish to make a benefit claim, you will need to complete the relevant claim form once you have closed your
Direct Investment option account. Contact us if you haven’t already received the right form for your needs.
* Financial advice is offered through CareSuper’s relationship with Industry Fund Services Limited (IFS), and is provided by an authorisation under the Australian financial
services licence of IFS, ABN 54 007 016 195, AFSL 232514.
Contact us
call 1300 360 149
visit caresuper.com.au
email admin@caresuper.com.au
call 1300 360 149 visit caresuper.com.au
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/EXIT/DIO 886.4 12/14 ISS3