Guide to contributions - First Super

FIRSTSUPER GUIDE TO CONTRIBUTIONS

HOW MUCH SHOULD BE CONTRIBUTED?

Contributions under industrial awards or employment contracts should comply with those instruments. Contributions due as a result of the Superannuation Guarantee are usually 9% of Ordinary Time Earnings.

Employers may make additional, salary sacrifice or post-tax personal contributions on their Employees behalf. Employers should note that preferential tax treatment on post-tax personal contributions by employees under 65 years of age is granted only up to $150,000 contributions per year ($450,000 over 3 years).

Similarly, a $50,000 limit applies to preferential tax treatment for Concessional Contributions (includes employer contributions, salary sacrifice contributions and self-employment contributions that are claimed as a personal tax deduction). Until 30 June 2012, this cap is $100,000 annually for Members aged 50 or over.

WHAT CONTRIBUTION DATA IS REQUIRED?

Regardless of the method you use to advise FIRSTSUPER of contribution data; paper contribution return, agreed electronic media or via firstonline, certain minimum information is required for each member in each contribution data set:

FIRSTSUPER Member number (if known)
surname
given names
date of birth
start date of the period covered by the contribution
number of weeks covered by the contribution
$ amount of Employer contribution
$ amount of salary sacrifice contribution
$ amount of personal contribution
total amount contributed

Members joining via their employer should have all their details with their first contribution return and a Membership Application sent to us.

MEMBERS MUST HAVE A TFN PROVIDED

Departing employees should have their last date and leaving reason included with the last return.

Changes to employee details that are not required to be advised on signed forms can be advised on the return.