7.40% p.a. interest tax free

Those hard-working souls at the Australian Tax Office aren't going to like it one bit.

The BT Super for Life Super Cash account is now earning 7.40% p.a.1 and when you combine that with hefty tax advantages, it means less money for the ATO and more for you. Depending on your lifestage, you may not need to pay tax on the interest at all2.

Either way, 7.40% p.a. on your Super Cash account is a better rate than most savings accounts and the highest of any super fund3. So if you currently have money in a high interest savings account, you could be better off by putting it into a BT Super for Life Super Cash account with tax advantages on top of the great 7.40% p.a. rate.

Let's be honest, the Taxman isn't going to be happy. Whether you're retired or retirement is approaching, we understand that every dollar counts and moving money from your savings accounts to a BT Super for Life Super Cash account could maximise the return on your investment.


Disclaimers

1. The interest paid out on a BT Super for Life Super Cash account will differ according to the following scenarios: - In a Retirement or Transition to Retirement Account, the interest paid will be 7.4%. No tax is payable on the interest. - In a Savings account, the interest paid will be 7.4% minus 15% tax. This equates to an after tax rate of 6.29%.

In a Savings account, the customer is unable to access their money until they are retired, or reach their preservation age. In a Transition to Retirement account, a maximum of 10% of the balance is able to be accessed in any calendar year, and a minimum of 4% must be taken. In Retirement Account, customers must take a minimum of their balance each year as income - subject to age and size of balance. Income received from Super is assessable income according to the ATO and must be included in a tax return. Levels of tax and rebates on income differ according to circumstances. The fee payable on BT Super for Life Cash Account is $5 per month. The rate is subject to change at any time.

2 (i). If you're already retired the BT Super for Life Retirement account may be for you if you want to start withdrawing money from your superannuation and at least one of these statements applies to you: a. You are 65 years or older, or b. You are 60 years or older and have left an employment arrangement since turning 60. You may have already started working for another employer or plan to do so in the future, or c. You are 55 years or older, and you do not intend to work more than 10 hours a week in the future, or d. Regardless of age, your superannuation is unrestricted non-preserved.
(ii). If you're nearing retirement a transition to retirement account may be appropriate for you if you want to start withdrawing from your super and you are aged 55-65 and you have not yet retired.

3. Based on an independent comparison of Cash Rates of 21 Retail Superannuation funds at 31 March 2008.