Employers

Top 5 Crucial Answers for Employers

1. 1How do I choose a default fund for my employees?
2. 2What are my award super obligations?
3. 3Do I include super in my Enterprise Bargaining Agreement?
4. 4Why should I choose an industry super fund for my employees?
5. 5What can an industry super fund do to help me make superannuation easier?

1. 
   Scott Leach
   Rose of Australia
   Erskenville, NSW

   Selecting a default superannuation fund for your employees requires careful thought and some basic considerations.

   You are obliged to make superannuation guarantee contributions to a default fund if the employee fails to choose their own fund to receive the 9 per cent super contribution.

   Your employer nominated fund (i.e. your default fund) must offer minimum life insurance cover to members. For details refer to the ATO website.

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2. 
   Dean Sheppard
   Project Interiors 21
   Aspendale, VIC

   If your funds work under awards. your obligations to pay the superannuation guarantee contribution may not be the same as the conditions applying to super set out in award provisions.

   The award may specify which super fund contributions should be paid into and there may not always be a choice of super fund.

   Some awards also include a qualifying period which employees are required to work (e.g. three months) before they are entitled to super, whereas there is no qualifying period under SG.

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3. 
   Brent Hutchinson
   Don Kyatt Spare Parts
   West Melbourne, VIC

   Superannuation is a key condition of employment and as such should be considered in preparing comprehensive Enterprise Bargaining Agreements (EBAs).

   A typical superannuation contribution clause allows for a minimum 9 per cent employer contribution into a nominated fund or a fund of the employees’ choice. These types of clauses can impose additional obligations upon you compared to those under the Superannuation Guarantee.

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4. 
   Brian Hewitt
   CEO of Homestyle Aged Care
   based in Victoria
   
   Coral Cotter
   Ferndale Gardens Site Manager
   Bayswater North, VIC

   Industry super funds now have 17.4 per cent of super assets, nearly 5 million members and approximately 485,000 employers

   According to SuperRatings, industry super funds dominated the published performance tables in the balanced option for all time periods of one, three, five and seven years to December 31, 2008.*

   All of the top-10 performing super funds in the balanced option, over five years to December 31, 2008, are run only to benefit members. Of the top 10 funds, 9 are industry super funds.*

   SuperRatings SR50 Balanced Index Option Survey as at December 31, 2008 Past performance is not a reliable indicator of future performance.

5. 

   Industry SuperFunds offer a range of services that help you to cope with continually changing superannuation responsibilities.

   They offer quick and easy online administration solutions, flexible payment and data transfer options, highly trained relationship managers, tailored corporate solutions and some offer a clearing house facility. Ask your Industry SuperFund about the options available to you.

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  Employer Benefits

  Learn about the benefits of industry super funds for employers, including no fees, simple administration, and workplace support and education.

  Learn more about the benefits to employers

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  Employer Legal Obligations

  Information to help employers understand their compulsory super contribution obligations.

  Learn more about employers' legal obligations

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  FAQs

  Find answers to your superannuation questions. Or submit your own.

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  Value Added Services for Employers

  Learn about the ways Industry SuperFunds help you meet your super responsibilities.

  Value Added Services