superannuationperth

[superannuationperth]

Ensuring Your Employer is Paying Your Superannuation: Protecting Your Retirement in Australia

Superannuation is a fundamental part of financial planning for retirement in Australia. However, many employees are unaware if their employers are meeting their legal superannuation commitments. With unpaid superannuation becoming a growing concern, it's essential for workers to take steps to verify their super payments. This article provides guidance for Perth employees on how to track their super, why timely payments matter, and what to do if an employer isn't meeting their obligations.

What is Superannuation?

Superannuation, or "super," is a compulsory retirement savings system in Australia, designed to provide financial security in later years. Employers are legally obligated to contribute a portion of their employees' ordinary time earnings (OTE) to a super fund. These funds are invested to build a substantial retirement savings balance over time.

Employer Responsibilities for Superannuation

Under the Superannuation Guarantee (SG) law, employers are required to contribute at least 11.5% of an employee's earnings to a super fund. This contribution rate is scheduled to rise by 0.5% in July 2025. Despite this requirement, research indicates that up to $5.1 billion in super payments go unpaid annually, leaving many workers without their full entitlements.

How to Verify Your Super Contributions

Monitoring your super contributions is critical for safeguarding your retirement. Here are several methods to ensure your employer is making the correct payments:

Use ATO Services: Access the myGov portal or ATO app to see if your employer has made contributions to your super fund.

Ask Your Employer: Request a summary of your super contributions and details of the super fund receiving them.

Contact Your Super Fund: Check your super fund's statements or contact them directly to confirm that contributions have been deposited.

Keep in mind that the inclusion of super contributions on your payslip does not necessarily mean they have been paid into your super fund. It’s essential to verify through other channels.

What to Do If Your Super Isn’t Being Paid

If you suspect your employer is not fulfilling their super obligations, there are several steps you can take:

File a Report with the ATO: Report the issue to the ATO, which has the power to investigate and retrieve unpaid super contributions.

Consult HR Professionals: Seek HR advice in Perth for assistance in understanding your entitlements and the necessary steps to address any unpaid super.

Contact Support Organisations: Reach out to your union, legal support centres, or the Fair Work Ombudsman for guidance and support.

Employers who fail to comply with superannuation obligations can face financial penalties, and the ATO can pursue unpaid contributions on behalf of employees.

Who is Eligible for Superannuation?

Employees Aged 18 and Over: All full-time, part-time, and casual employees are eligible for super contributions.

Employees Under 18: If working more than 30 hours per week, super contributions are required, regardless of age.

Temporary Residents: Temporary visa holders working in Australia are also entitled to super contributions.

Superannuation Payment Schedule

Super contributions must be made quarterly. The payment deadlines are:

1 July – 30 September: Due by 28 October

1 October – 31 December: Due by 28 January

1 January – 31 March: Due by 28 April

1 April – 30 June: Due by 28 July

Starting from 1 July 2026, the new "payday super" rule will require employers to pay super contributions at the same time as wages, providing greater clarity for employees and allowing the ATO to monitor unpaid super in real-time.

Conclusion

Superannuation is a cornerstone of Australia's retirement planning framework, but many employees may be missing out on their full entitlements. Regularly checking super contributions and consulting experts if there are issues can help Perth workers protect their retirement savings. If an employer is not adhering to their obligations, it’s crucial to report the matter to the ATO or seek legal advice to ensure that all owed super is properly paid.