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You are currently required to pay 9% of your eligible employee's salary into a complying super fund such as EquitySuper's EquitySuper or Freedom of Choice funds. However, if your employees work under a specific industrial award or agreement requiring a larger superannuation contribution than the SG, you will generally be obliged to pay the higher amount.
You must pay super if your employee(s) earn at least $450 gross per calendar month. The main exceptions are employees who are:
Please note: You may still be required by a Federal or State award, Industrial Agreement or Employee Contract to pay super for the above employees. SG contributions do not need to be paid on the part of the salary that is over a specified level each quarter.
Employers are required to pay SG contributions within 28 days following the end of the quarter. Contributions are due by: 28 October, 28 January, 28 April and 28 July each year. Legislation also requires that if you are deducting after-tax salary contributions on behalf of an employee, these must be sent to the Fund by the 28th day of the following month. For example, if you deduct an amount on 15 May, this must be sent to the Fund by 28 June.
If you choose not to pay super for your eligible employees or you do not pay enough super for your employees by certain prescribed dates, you will have to pay a charge called the Superannuation Guarantee Charge (SGC). This charge is payable to the Australian Tax Office (ATO) and is greater than the amount of super you are required to pay. It is not tax deductible.
Yes. Failure to make at least quarterly contributions may result in the employer having to pay the Super Guarantee Charge (SGC). This charge includes an additional administration fee and interest to the Australian Tax Office (ATO). These amounts are not tax deductible and may be in addition to any contributions already paid for that period.
The consequences of contributions not being paid can be serious for the member and their dependants. EquitySuper is required to pursue superannuation arrears on behalf of its members and will take the necessary steps to recover outstanding contributions. The insured benefits of members are put at risk when contribution payments are overdue. If a member dies or becomes totally and permanently disabled while an employer is in arrears, the payment of any death or TPD benefit could become the employer's responsibility.
Joining a new employee to EquitySuper is as simple as filling out a Membership Application. Once complete, this can be returned to us for processing. If a new employee is already a member of EquitySuper, you will need to provide their membership number, full name and date of birth. If the new employee was a member of EquitySuper and has since closed their account, he or she will require a new membership number, by completing a new application form.
Employers are obliged by law to provide their employees' Tax File Numbers (TFNs) when they supply their contribution or payroll advice. The only time this is not applicable is when your employee does not authorise the giving of their TFN to the Trustee on their Employment Declaration Form. Supplying TFNs will also mean:
From July 1st 2007 those members that have not provided their super fund with their TFN will be taxed on the highest marginal rate for all contributions. You should encourage your employees to provide their TFN.
Online access is provided to employers to conduct some administrative functions, such as obtaining updates, sending contributions and adding and removing members. As an employer you must complete an application and register to use this service. There is no set up charge to you for access to our online area. After registering, you will receive a confirmation letter and password.
Yes, your employees can make voluntary or salary sacrifice contributions. Salary sacrifice contributions should be shown in the 'Salary Sacrifice' column on the Contribution Return. Member voluntary payments (post-tax) should appear in the 'member voluntary' column on the Contribution Return.
If a member dies, their total account balance plus any insured amount received will generally be paid to their dependants or their estate and distributed in accordance with their Will, or if none, to another eligible beneficiary or legal representative. Upon joining, members should advise their nominated dependants on the application (this nomination can be changed at any time). A dependant includes a spouse or a de facto, a child or financial dependant, or any other person with whom the member shares an interdependent relationship. It is important members keep their beneficiary nomination current and update it whenever their personal circumstances change, for example marriage or children.
Members can provide a binding direction to the Trustee with regard to a nominated beneficiary by completing a Death Benefit Beneficiary Nomination Form. Where on the death of a member there is a Binding Nomination in respect of all or part of the benefit, the Trustee must pay the benefit or that part of the benefit to the person or persons nominated in the Binding nomination and, if more than one person is nominated, in the proportioned amounts. Where on the death of a member there is no Binding Nomination in respect of all or part of the members benefit, the Trustee must pay the benefit or that part of the benefit to the member’s legal representative. If the Trustee cannot locate a legal representative the Trustee must pay the benefit to one or more of the members dependents as determined by the Trustee in its discretion and if more than one in proportions determined by the Trustee.
If a member is classified as 'lost' EquitySuper may elect to transfer the members balance to the Public Eligible Rollover Fund (PERF). The PERF is an Eligible Rollover Fund administered by Equity Investment Management Limited and of which Equity Trustees Superannuation Limited is the Trustee.