Users' questions 

What questions should I ask about superannuation?

Leia Doyle

What questions should I ask about superannuation?

5 questions to ask of your super fund

  • Is it your super fund? A staggering 70% of Aussie employees let their employer choose their super fund.
  • What are the investment options?
  • What options do you have within your fund?
  • What’s your cover?
  • Diversify and conquer.

    What changes are coming to superannuation?

    Super rule changes starting 1 July 2021

    • Rise in the concessional (before-tax) contribution cap.
    • Higher non-concessional (after-tax) contributions cap.
    • Increase in Super Guarantee percentage.
    • Increase in the Total Super Balance (TSB) cap.
    • Increase in the general Transfer Balance Cap (TBC)

    What are the superannuation rules?

    Generally, your employer must pay super for you if you are:

    • 18 years old or over, and are paid $450 or more (before tax) in a calendar month.
    • under 18 years old, being paid $450 or more (before tax) in a calendar month and work more than 30 hours in a week.

    What does your employer have to do regarding superannuation?

    Under the Fair Work Act, you are obliged to include super contribution amounts on employee payslips. You are also required to tell employees (within 28 days of starting work) which default fund their contributions will be paid into if they don’t provide details of their preferred super fund.

    What is your superannuation expectation?

    The Super Guarantee Contribution rate is currently equal to 10% of your ordinary time earnings, on income up to $58,920 per quarter. Further increments of 0.5% will apply annually up to 2025‐26, when the Super Guarantee rate will be set at 12%.

    Is Super Increasing 2022?

    Increasing the First Home Super Saver Scheme (FHSSS) This measure is expected to have effect from 1 July 2022.

    How much super Should I have 2020?

    The Association of Super Funds of Australia (ASFA) estimates the average superannuation balance required to achieve a comfortable retirement would be $640,000 for a couple and $545,000 for a single person, assuming they withdrew their super as a lump sum and received a part Age Pension.

    Questions you should ask:

    • What are the benefits of investing in super?
    • How can I contribute to my super?
    • Am I putting enough money into super?
    • Are there different types of super funds?
    • What are the right investment options for me?
    • How often should I review my super?
    • What if I change jobs?

    There are laws about how much super your employer must pay. Generally, your employer must pay super for you if you are: 18 years old or over, and are paid $450 or more (before tax) in a calendar month. under 18 years old, being paid $450 or more (before tax) in a calendar month and work more than 30 hours in a week.

    Is Super changing to 10%?

    Importantly, the Federal Government has maintained the legislated increase to the superannuation guarantee, which will increase by 0.5% to 10% on 1 July 2021. This is great news, as we know the rise in the minimum rate of super payments will help support a better retirement for millions of Australians.

    What to do with your superannuation when you leave Australia?

    This is called the Departing Australia Superannuation Payment (DASP). There are 3 steps to claiming your super. Once you have left Australia: 1. Check your temporary visa status

    Is there an employee who has not provided their superannuation details?

    Answered: Superannuation – Employee has not provided their f… – ATO Community We had someone start work for us but they left after 3 days without providing his superannuation details. He is not returning our calls so do not expect to get the requireed details anytime soon. We have a very small amount of SGC owing to him, <$100.

    How can I remove superannuation liability against this terminated employee?

    No payments can be allocated until details of a registered Super Fund with USI is added. Without the SGC payment being allocated, a superannution liability remains against this employee. How do I account for this SGC payment to the ATO in Xero. i.e. how can I remove the superannuation liability against this terminated employee?

    What to do if Super hasn’t been paid?

    Employees who think superannuation hasn’t been paid can make a complaint to the ATO. Before doing this you should: talk to the employer if you have any concerns. If there are extra superannuation terms on top of the superannuation guarantee in your award or agreement, you can contact us for further assistance.