Hello and welcome to
this quick snapshot of Super rules for employers and how we at AustralianSuper
I’m Lauren Davis and I’m
an education specialist with AustralianSuper.
Before we start, I’d
like to begin by acknowledging the traditional owners of the land on which we
meet today. I’m speaking on the land of the Wurundjeri people of the Kulin
Nation. I’d also like to pay my respects to Elders, past, present and emerging.
As an education specialist, I work with business
owners and employers across many different industries and backgrounds, from
small and local to medium and large global enterprises.
There’s a lot of passion and dedication I see every day, which brings
me to super – something I’m passionate about!
We at AustralianSuper recognise that although super is our main
priority, it might not be yours. Growing your business and looking after your
people has to come first. And that’s something that has become even more
challenging over the last 18 months or so.
Well, the good news is, we’re here to help make the super part easier
for you. So what is super and why is it important?
The super you pay on behalf of your employees is money that’s saved for
them to use in their retirement, when they may use it to supplement other forms
of income like the age pension or savings.
Super can make a big
difference to the lifestyle people have in retirement, and that’s why it’s a
legal requirement under Super Guarantee - Government
So what are the responsibilities when it comes to super?
Well, all employers
must make super contributions for eligible employees. Generally, this includes
employees who are 18 years old or over.
For employees who are under 18, they’ll generally be entitled to super if
they’re working more than 30 hours a week.
On your choice of default fund,
- choosing one that has a history of strong long-term returns, low
fees and puts members first is always a good option!
You’ll then need to set up an electronic payment system to pay super.
For employers that use
AustralianSuper, you’ll have access to QuickSuper*, a clearing house
participating employers a secure online payment solution.
The next step in setting up your super is to offer your employees the
option to choose their super fund and also keep records to show that you’ve
If your employee
makes a choice at this point, you simply pay super into the fund they’ve
chosen, which could be your default super fund.or a fund of their choice.
If your employee
doesn’t fill out the Superannuation standard choice form, you’ll need to pay
super into their stapled super fund, or, if they don’t have a stapled fund, the fund that is stipulated by your EBA or
If there is no
stapled fund for the employee and no Fund stipulated by an EBA or workplace
agreement, you can pay their super into your businesses default super fund.
And finally, Once
your employee gives you their tax file number (TFN), you must pass it on to their
super fund within 14 days of the employee giving you the form or when you
make the first Superannuation Guarantee contribution on their behalf. You may
be fined $2,220 if you’re late providing an employee’s TFN.
And that’s the end of our overview.
I’d like to finish by saying that we’re here to help. If you have any
questions, would like to explore some scenarios, or obtain some more detail on
the super rules and your business, please get in touch.
You can call us or email us through using the ‘Contact us’ button at
And please, provide us your email details so we can keep you up to date
with super updates and news.
On behalf of
AustralianSuper, thanks for joining us.