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.