What if Superannuation Contributions Are Not Paid

30 March 2012

What if Superannuation Contributions Are Not Paid?

 1. Introduction

  • If your employer doesn’t pay super contributions into a Fund for you, you can take action.

2. Collecting Super – Tax Office

  • The Australian Taxation Office (ATO) is responsible for collecting unpaid compulsory super.
  •  If you think your employer hasn’t paid any or enough super, you should notify the ATO.
  •  There is a form to fill in which you can get from the ATO website click here or by ringing 131 020.
  •  The ATO will record your notification and should try to collect the super and pay it into a super fund you nominate.
  •  It can take many months to collect the money and there is no guarantee the ATO will do so.
  •  It’s important to chase up the ATO but they might not tell you much because of the Privacy Act.

3. Suing Your Employer

  • If you are covered by award super or if your work agreement includes super, you may be able to sue your employer to collect the contributions and any insurance benefits you have lost.
  •  It’s doubtful the ATO will try to collect any insurance benefits.
  •  Your super fund can also take action to recover unpaid contributions.

4. Check Your Super Regularly

  • It’s very important to check that your employer is paying super contributions. Your employer has to give you a quarterly statement setting out all superannuation contributions.
  • If your employer goes out of business, your super might never be collected. You might also lose valuable disability and death cover. (see “Superannuation Disability Benefits” and “Superannuation Death Benefits” fact sheets.)

 5. Important Note – Get Help

  • If you think your employer might not be paying full super contributions, get help immediately and call Lauren Lunn on 4041 2055.

Want to make 2012 the most powerful financial year you’ve ever had?  Then make sure you call Lauren Lunn for a foundation planning package 07 4041 2055.

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