This was hugely welcome and something for which I had been lobbying for years – even writing an open letter in 2015 to then-PM Tony Abbott pleading for it.
Loading
You see, it disproportionately hurt women. In the thick of raising kids, or when phasing back into the workplace as they get older, women often hold part-time and casual jobs … and sometimes several.
They could easily have missed out on all super under this relic of a rule from before super was digitised, when its administration was onerous.
Are you getting what you deserve? Now, only under-18s are allowed to not be paid super – and only if they work less than 30 hours per week … yes, regardless of how much that pay is.
Super slug three: In this inflation crisis, which is affecting employers just as much as the rest of us, are you getting paid super at all?
It should be remitted at least quarterly. (In two financial years’ time, employers will have to pay it at the same time as your salary and wages, so the ATO can pick up earlier if super is being skipped.)
The next due dates for money to be paid to your fund are July 28, October 28, January 28 and then April 28. If your boss doesn’t meet these deadlines, you can report them on the ATO’s website.
There are massive fines for non-compliance, as super is a non-negotiable cost of having employees.
A super misstep: Besides how an employer might be stunting your super, you may, crazily, have lost some super … or hold multiple accounts and therefore be paying multiple fees. There is now $16 billion in lost and unclaimed super, the ATO says.
Super is deemed lost if your fund hasn’t been able to get in touch with you for just a year; equally, if you haven’t made a contribution for five years.
If they have seriously fallen out of touch with you, it can be designated ‘unclaimed’ and moved to the ATO as ‘caretaker’. The trouble is, when this happens, your money is no longer invested or making investment returns. It could effectively dwindle away, so you want to urgently reclaim it.
Luckily, this is easily done by going onto the ATO section of MyGov or calling 13 28 65 (you will need your tax file number).
While you’re there, see if your fund has made the performance grade in recent times. The personalised YourSuper comparison tool allows you to view and compare your MySuper accounts, if that’s what you have, alongside other potential MySuper products.
Do what you can to safeguard your own super – and make sure your employer is paying their dues, too.
Any and all of the above constitute a raid on your retirement. Check if you’re getting shortchanged today.
Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, Twitter or Instagram.
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter.
