The Contributions Account records all your contributions. You can access your funds in this account tax free at any time and for any purpose.
The Earnings Account to record the investment returns in your plan.
The Education Tax Benefit is available when you withdraw funds from the Earning Account to pay education expenses. The Education Tax Benefit may be worth an additional $30 for every $70 withdrawn. Lifeplan pays you the Education Tax Benefit in your withdrawal.
When you wish to make a claim for education expenses, Lifeplan's 'EasyClaim' withdrawal process automatically calculates the withdrawal allocations between the accounts or, alternatively, you can choose the withdrawal allocations.
Please refer to the for more information on how the Plan works.
Other expenses like school outings, books, art supplies, uniforms and school sports clothing and equipment are all eligible. Education-related living expenses like boarding and accommodation are also covered under the Plan.
BPAY® BPAY® is a quick and easy way to make one-off contributions of $500 or more. To start using BPAY® you'll need to obtain our billing number and your unique customer number. To get these, call our Customer Service Team on 1800 888 411. Once you have these reference numbers, you'll need to call your financial institution or visit its web site and follow their prompts for establishing a BPAY® payment.
Direct Debit You can also make one-off contributions of $500 or more via Direct Debit. Simply print off the Additional Contribution Form, fill in the relevant sections then post it to us at;
Lifeplan, Funds Management Reply Paid 89 Adelaide SA 5001
Regular Savings Plan A smart way to add to your Education Savings Plan is to set up a Regular Savings Plan. To start making regular monthly contributions of $100 or more, print off the Additional Contribution Form available here, complete the relevant sections and return it to us at the following address:
Lifeplan, Funds Management Reply Paid 89 Adelaide SA 5001
Cheque payments Of course, you can also send a cheque for $500 or more at any time to Lifeplan at the following address:
Lifeplan, Funds Management Reply Paid 89 Adelaide SA 5001
Please enclose a completed Additional Contribution form, which can be found by clicking here.
Please note that the maximum you can contribute to a plan is $365,000 per student or child.
If you have any questions about any of these additional contribution methods, please feel free to phone our Customer Service Team on 1800 888 411.
Product Disclosure Statements for Electronic Banking (Electronic Banking services includes telephone banking, NetBank, ATM, BPAY®, EFTPOS) issued by Commonwealth Bank of Australia are available here, by calling 1800 888 411 or by visiting a branch of the Bank.
Colonial First State manages investment risk by spreading money across a portfolio of different investments to provide more consistent returns, often referred to as diversification. This strategy is the investment equivalent of the old adage about 'not putting all your eggs in one basket'.
Colonial First State believes that a consistent, active and disciplined approach to managing money can be used to identify investment opportunities that generate returns in excess of recognised market indices (or 'benchmarks' as they are often called), over the medium to long term.
What are my investment options? There are a number of investment options to choose from, dependant on the specific needs or circumstances of each investor. For example, investment time frames, contribution values and frequency all have an impact on the returns and benefits available. We encourage you to spend some time carefully considering these options before investing and to help get you started, we've set out a summary of the choices available.
Investors can choose to buy into Capital Secure, Balanced, Diversified or High Growth Options. Investors also have an opportunity to combine two or more of the options available.
The Capital Secure Option The Capital Secure Option suits investors looking for reliable returns without exposing their initial investment to undue risk. By investing into a diversified portfolio of cash and fixed interest holdings, the Capital Secure Option aims to provide competitive and consistent returns. There is no minimum suggested time frame with this option.
The Balanced Option With an equal split of assertive and defensive assets, the Balanced Option aims to provide investment growth over medium and long-term time frames. Comprising a mix of property, shares, fixed interest and cash holdings, this option is ideal for investors seeking higher returns than the Capital Secure Option. A suggested minimum investment period for this option is 3 to 4 years.
The Diversified Option With a strong emphasis placed on growth assets across a broad portfolio of all major asset classes, the Diversified Option aims to provide opportunities to achieve higher returns than the Balanced Option. This option is more likely to appeal to investors comfortable with the concept that the potential for stronger rewards also comes with a higher exposure to risk. A suggested minimum time frame for this option is 4 to 5 years.
The High Growth Option The High Growth Option has been developed to suit investors seeking the highest possible returns over the long term and are comfortable investing in a diverse range of Australian and global shares. Investors should be prepared to accept higher levels of price fluctuation over the shorter term than other investment options and possible periods of negative returns. A suggested minimum time frame for this option is 5 to 7 years.
These statements, including the suggested investment timeframes, are not a recommendation and are suggested as a guide only. Please refer to the PDS for more information.
1. Contribution withdrawals will be shown as a deduction from this account. fees are deducted as set out in the section 'Fees and other costs' on pages 28 to 31 of the Product Disclosure Statement
2. Investment returns are after asset based management fees and corporate taxes (paid by Lifeplan) and reflect the movement in the unit prices of your chosen investment option(s). Negative returns may be reflected by a reduction in the value of your Contributions Account. Investment withdrawals will be shown as a deduction from the Earnings Account. Actual investment returns withdrawn will depend on the unit prices of your selected investment option(s) at the time we receive your completed withdrawal notice. Fees are deducted as set out in the section 'Fees and other costs' on pages 28 to 31 of the Product Disclosure Statement.
3. As tax laws and rates may change, the Education Tax Benefit is not guaranteed. Refer to 'What are the tax features?' on pages 34 to 36 of the Product Disclosure Statement for further explanation of the Education Tax Benefit.
4. 'Education expenses' means all education and related expenses incurred when your nominated student undertakes an eligible course covered by the Plan. Most education expenses incurred will fall under this meaning.
5. Australian Bureau of Statistics (ABS): Consumer Price Index, September Quarter 2005, 6401.0
Important information about advice
This advice has been prepared without taking into account your objectives, financial situation and needs.
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A for EducationSavings Plan (the Plan) is issued by Lifeplan Australia Friendly Society Limited ABN 78 087 649 492 (Lifeplan) AFS Licence 237989. The Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 promotes and distributes the Plan but does not guarantee or in any way stand behind the Plan.A copy of the PDS is available . (Adobe Acrobat Reader required.) You should consider the PDS in making any decision about this product.
You can access your funds in this account tax free at any time and for any purpose.
is available when you withdraw funds from the Earning Account to pay education expenses.
The Education Tax Benefit may be worth an additional $30 for every $70 withdrawn. Lifeplan pays you the Education Tax Benefit in your withdrawal.
, it can be easy to underestimate how far your investment will go towards covering the costs of supporting a child through school or university. So if you've already opened an Education Savings Plan and wish to maximise the benefits of your investment, you can make additional contributions to it whenever you wish. Here's how...
