Did you know, according to Ms Sharkie, the federal member for Mayo, “there are at least 2.4 million workers in this country who have been underpaid their super.”
If Ms Sharkie is correct, that is massive. Considering Australia has a workforce of approximately 12.5 million people, that represents a staggering 19.2% of us are short paid our superannuation entitlements, yes, almost one in five of us.
If you are concerned about your superannuation you should consider the following process.
1. Determine whether you are entitled to statutory superannuation.
Normally, if you are an employee, aged over 18 years old and paid at least $450 gross in salary and wages per calendar month you will be entitled to 9½% superannuation.
2. Ask your employer or review your employment records to determine what superannuation fund you nominated. If you cannot find these details enquire with your employer.
3. Review your last member statement to determine what employer contributions were received by your superannuation fund and credited to your member account. Normally these contributions are paid quarterly. So, on your annual statement your total contributions should be approximately 9.5% of your gross salary for that year.
4. If there is a discrepancy, create a myGov account and link that account to the ATO. This will enable you to check your superannuation accounts for the last two financial years.
Should you require any further information on superannuation please feel free to contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.