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 Financial Happenings Blog 
Monday, April 16 2007

My wife and I regularly watch Channel 7's Sunrise program as we eat breakfast.  A recent issue they have been covering (placed on the ROSwall for those that follow the show) is the non-payment of superannuation entitlements by employers.  News reports have suggested that the amount was $352.9 million dollars in the 2005-06 financial year.

 

If you are concerned that you may not be receiving your entitled contributions you should follow these quick steps:

  • Confirm what your entitlements are:
    • On what exact salary components is your employer required to make the 9% superannuation guarantee payments
      • Does it include overtime payments, allowances, salary sacrifice and the like?
  • Check your pay slips to see if the contributions have been recorded correctly.
  • If you have access to your account online, check that the payments have been received by your superannuation fund.
  • If you don't have that access, check your statements from your superannuation fund to see that the correct contributions have been made.
  • If you think something is not quite right double check with the payroll department / manager / owner.
  • If you still have concerns call the Australian Tax Office - Superannuation Enquiries - phone service on 13 10 20

The Australian tax Office hold the responsibility for chasing up non-payment of superannuation entitlements by employers.

 

I hope that this does not involve any readers of our blog.  However, even if you think everything is above board it is worth checking - every extra dollar contributed now will lead to a more comfortable experience in retirement.

 

Regards,

 

Scott Keefer

Posted by: Scott Keefer AT 06:35 pm   |  Permalink   |  Email
 
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