If you are a resident Australian employee who earns more than $450 per month, you are legally entitled to 9.5% super on your ordinary times earnings, which is basically your wage excluding overtime.
Your employer must pay your superannuation entitlement quarterly. But are you receiving them? Has your superannuation contribution been paid into your superannuation fund? The only way of knowing for certain is by checking your superannuation fund. Most of us would believe that we have an honest and respectable employer who would fulfil our legal superannuation entitlement.
However, in the recent amnesty offered by the ATO for employers to correct their past unpaid Superannuation Guarantee Contribution (SGC) responsibilities, a whopping 24,000 employers came forward to confirm their transgression. The ATO estimates that over 390,000 employees have been short-changed, and that’s just the employers that have confessed to underpaying their worker’s entitlements. It is understood that the shortfall of these superannuation entitlements amounts to approximately $588 million.
The moral of the story is to check your superannuation. Do not assume it has been paid into your superannuation account. Do not wait until you receive your annual superannuation statement.
390,000 employees have not received their legal superannuation entitlement – are you one of them?
Should you have any questions about your superannuation entitlements, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166.
The information in this document does not take into account your personal objectives, financial situation or needs, and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.
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