Why did I receive a fee rebate?
Under the Protecting Your Super legislation, accounts with a balance under $6,000 have a 3% fee cap. In order to comply with this legislation, the flat (dollar-based) administration fee is waived for accounts with balances under $6,000.
However, this fee cap is assessed at a particular point in time (for example, at the end of the financial year, on the 30th of June, or on your account’s date of exit). This means that, if your account balance moved over the $6,000 threshold over the course of the financial year but then fell back under the $6,000 threshold, fees may have been charged on the higher balance during the year and the 3% fee cap will have been exceeded. Therefore, a rebate was paid to your account to ensure that we did not overcharge fees.