BE SUPER SAVVY
A report released today by Industry Super Australia and C-bus reveals as many as 2.4 million Australians may have not been paid their superannuation entitlements.
For many young Australians, retirement seems a lifetime away. However, by retirement, for many of us, our Superannuation will be the most valuable asset we own. Like all things, knowledge is power. So in that spirit, here are three tips to help you stay super savvy:
- Know your accounts.
Many of us have more than one superannuation account. Statistics maintained by the Australian Taxation Office show 43% of us have more than one account, with 41 – 45 year olds the most likely to have 3 or more super accounts. Be aware of the accounts you have, and either consolidate your accounts or implement a system whereby you can easily maintain multiple accounts. Setting up online logins with your super funds is a good way to do this.
- Don’t just check your payslip.
In our experience, a payslip is not necessarily good evidence of super being paid. There are many examples of employees who have never received super contributions, despite the contributions being listed on their payslips. Be astute and check you super statements, being aware that you may only receive contributions in lump sums, once every three months. With many funds, these statements are easily accessible online.
- Be aware of your rights.
Thanks to the Superannuation Guarantee, most of the employed working population is entitled to super. If you believe you have not received your super entitlements contact your superannuation fund or the Australian Taxation Office.
If you are an employer or an employee and you have any concerns regarding superannuation, contact the Employment Law team at Watkins Tapsell Solicitors.
Author: Lauren Coates