Frequently Asked Questions

I am in an Industry Super Fund – can I benefit?
Industry funds do not pay commissions to financial advisers. Therefore, there are no commissions receivable. However, if you have investments/policies outside of the industry funds, include those for rewards.

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I have a financial adviser charging me a fee for service – should I move?
If you are happy with your financial adviser and they are charging a fee for service only and are already rebating commissions to you, then stay.

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I have invested directly with fund managers/insurance companies in the past – will I receive any rewards?
YES. The commissions on the products you purchased are either being paid to a default adviser nominated by the product provider or simply retained by the product provider. Join MyMoney now and you will commence to benefit from these commissions.

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I don’t currently have any investments/policies – Can I still join?
Yes, you will be charged no fees, but when you do invest they can be added to your refunds.

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Will my investments be affected?
No. Your investments remain as they are, under your full control and ownership. MyMoney cannot alter or trade your investments.

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By nominating MyMoney will there be any capital gains tax issues?
No. Your investments remain in your name. There is no change of ownership.

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Will I be charged anything if my commissions do not reach the minimum?
No. We only charge 50% of the commissions received up to a maximum charge of $240 per year (plus GST). If your commissions do not reach this level we will not make any further charges above the 50%.

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I have investments in agribusiness – will I get anything?
Most agribusiness schemes do not pay trail commissions. They do however pay substantial initial commissions. Use FundMart to invest in these investments and those initial commission will be included in the refunds or rebated directly to your investment where possible.

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What is a trail commission?
Trail commissions, also known as ongoing asset commissions are paid by financial product providers to financial planners. These are based on the balance of your investment and can be anything from 0.0% up to 1.1% per annum of that balance. The average is about 0.4%. They are typically paid monthly. They are paid regardless of services provided to you by the financial planner.

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I have a house and contents insurance policy – can I include this?
No. MyMoney can only deal with personal insurances such as life insurance, income protection and trauma insurance.

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Can I include investments and insurance policies of my extended family?
Yes. However, these people or entities will be required to sign the “Change of Financial Adviser Form” in order for their products to be included in your refund account.

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Are the rewards I receive from MyMoney taxable?
MyMoney cannot provide tax advice. Everyone’s circumstances are different. We recommend that you seek professional taxation advice in relation to your personal circumstances.

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