Did you know a super guarantee (SG) amnesty bill has been passed?
“What’s that?” we hear you say! If employers have made incorrect employee super contributions, they can correct these payments for a limited time without penalty. Win/win!
Now is a better time than ever to login to your member account and check that your employer has been making the correct contributions!
What some might not know is while a super contribution appears on your pay slip, this does not always mean the deposit, or the correct amount, has actually been paid into your account. See: How to check if your employer has paid your super.
Some employers may have calculated their SG contributions obligations incorrectly, meaning you may not have received the amount of super you’re entitled to. They may have contributed 9.5% on your remaining cash salary instead of on your gross salary (salary before tax and any salary sacrifices).
SG contributions are paid on your ordinary time earnings (OTE). Check the ATO website for guidance on what is considered part of OTE for super guarantee purposes. You might find your commissions, certain types of allowances and expenses or leave entitlements might be deemed as part of your OTE.
The super guarantee (SG) amnesty bill means that employers who have not paid their employees super correctly (or at all) can correct any unpaid super without penalty. The amnesty runs until 6 September 2020.
Login to check your account
or
Call us 1300 13 44 33 to check your contributions.
If you think there's been a mistake in your contributions, put your hand up and let your employer know!
Unpaid super
If you think your employer isn't paying your super contributions visit the ATO website on what steps you should take.
In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision. Past performance is no indication of future performance.
This information has been prepared and published by REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super.
Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. The REI Super Helpline and the REI Super website are provided by Mercer Outsourcing (Australia) Pty Ltd ABN 83 068 908 912 and Mercer Financial Advice (Australia) Pty Ltd (MFA) ABN 76 153 168 293, Australian Financial Services Licence (AFSL) #411766. March 2020.