(Whittaker Macnaught eBulletin)
Is your compulsory super making it into your super fund?
According to Certified Practising Accountants Australia, when many employers hit financial difficulty one of the first things they do is stop making compulsory superannuation payments. This can happen even when details of the nine percent employer contributions are included on payslips.
Unpaid super increased by 23.4 percent last financial year to $352.9 million – of which the Tax Office was only able to collect $228.3 million. Most cases involved small amounts between $1,500 and $5,000. The ATO only pursues complaints which are cost effective, as $40 million of their budget last year went on chasing unpaid super.
Employers must make superannuation payments at least every quarter. If you suspect that payments are not being made talk to your employer first. If there are still issues with your superannuation then talk it over with the Tax Office.