Are You Receiving Your Employer Superannuation Contributions?

Periodically check you have received your compulsory superannuation Generally if you are an employee you are entitled to receive superannuation contributions from your employer. The minimum your employer must contribute is 9.5% of your gross wage. This payment must go into a complying superannuation fund account. In most cases you can choose your own superannuation fund. The employer should be making this payment on your behalf on a quarterly basis. Therefore, your nominated superannuation account should receive an employer contribution at least once every three months. However, according to the Australian Taxation Office, there is purportedly $2.85 billion of unpaid super each year. That is massive. As the saying goes “the squeaky wheel gets the oil”. You need to check your superannuation account and if you have not received a superannuation contribution in the last 3 months you should contact your employer and ask “Why”! In many cases the compulsory superannuation guarantee of 9.5% is overlooked, because when a business has cashflow issues it may pay employees first, then key suppliers and last in the queue is PAYG Withholding for the employees and the superannuation guarantee commitments. Often, if a business becomes insolvent these outstanding liabilities constitute the largest percentage of the unpaid debts. Should you be concerned about your superannuation entitlement please feel free to contact Peter Quinn on 9580 9166.