Are you getting all your super?
There are currently a lot of positive changes occuring in relation to superannuation.
If you’re between 18 and 69 years old (inclusive), and you’re paid $450 or more (before tax) per month, then your employer has to pay a 9% super contribution into your superannuation fund. Between now and July 2019 the 9% contribution will be increased to 12% and the maximum age for compulsory contributions will be increase to 75 years.
Super is paid on top of the minimum wages for your job and regular allowances. It is not paid on overtime. Super contributions are made to full-time, part-time and casual employees, as well as some contractors, so long as you earn more than the minimum threshold amount. The payment of compulsory super contributions is enforced by the Australian Taxation Office (ATO).
Some awards and agreements have their own extra super rights.
It’s vital for your future retirement income that you are receiving all the superannuation contributions that you are entitled to. You should also consider carfeully which fund your super contributions are being paid into because there are significant differences between funds in terms of returns and fees. The union recommends that employees choose to have their superannuation contributions paid into an industry fund because they are generally the best performing, have the lowest fees and can provide helpful assistance if the employer contribution is not made.
You can make your own super contributions on top of your guaranteed minimum entitlement or if you’re not entitled to be paid super. You can do this either before or after tax.
To do this, you need to enter into a written agreement with your employer detailing the amount of the additional contribution, where it will be paid and how often.
“My employer isn’t paying my super? What can I do?”
Step 1 - know your rights
It’s important that you understand your rights so that you can be fully informed when you speak to your employer. You should check your employment contract and the agreement or award that applies - and read the super clause.
Step 2 - talk to your employer
If you’re found an issue with your pay, including if you think you haven’t been receiving your super, talk to your employer first. You can ask them:
- how often they’re paying your super;
- which fund their paying your super into; and
- how much they’re paying.
Information about your super should also be included on your payslip.
Step 3 - check your statement
Check the annual statement from your super fund. This should show you how much your employer has paid on your behalf during the past financial year. You can also contact your fund for up to date information.
Step 4 - lodge a complaint
Your union can help you to take action, either by contacting your employer to seek payment of the unpaid super contributions, or by helping you to lodge a complaint with the Fair Work Commission or deal with the ATO.
If you feel your employer might not be paying you your super entitlements contact us today.