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Contributions
Employer Contributions
Employers must contribute to a superannuation fund or funds a minimum of the amount that is laid down in the Superannuation Guarantee (SG) legislation from time to time. The SG rate is currently 9% of Ordinary Time Earnings.
Member Contributions
Your Benefit Summary sets out the contribution (if any) that you are required to make.
Contribution Rules from 1 July 2009
Contribution Splitting
Since 1 January 2006, you have been able to nominate how much (if any) of your benefits arising from contributions made to the Fund is to remain in your account and how much you wish to split nowwith your spouse.
Contributions that can be split include:
- 85% of Salary Sacrifice contributions;
- and 85% of Contributions paid by your employer.
From the start of each new financial year after 1 July 2006, you can make a new splitting nomination in respect of benefits arising from contributions paid during the previous financial year.
Refer to Newsletter No. 28 for further information.
Government Co-Contributions
For eligible employees who contribute to the Fund from after-tax salary, the Government will contribute up to $1000 for each financial year. If you wish to make an after-tax contribution, please refer to the Forms section for a Remittance Advice Form for a Personal Contribution to Combined Fund.
Refer to the following documents:
Transfers from other funds
You may transfer to the Fund benefits from another superannuation fund with no entry fees. The transferred benefit will be credited to your Member's Account.
Taxation on Contributions
Tax at 15% is applied to contributions made by your Employer including Salary Sacrifice contributions.
Member's Account
A Member's Account is kept in respect of you which consists of:
- contributions for your benefit, less allowance for tax, administration and insurance expenses;
- rollovers (if any) from other funds; and
- investment returns (after tax).
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