Superannuation payments?

[Pornstar]

Can anyone tell me how frequently employers must make super contributions for employees by law?

My understanding is they must make them at least on a quarterly basis, but it is very difficult to get a definitive answer by searching the net. The reason i ask is because i have only received one months worth of payments so far in 2008, which i would think must be in breach of the SGC act?

 

[Papa G]

Can anyone tell me how frequently employers must make super contributions for employees by law?

My understanding is they must make them at least on a quarterly basis, but it is very difficult to get a definitive answer by searching the net. The reason i ask is because i have only received one months worth of payments so far in 2008, which i would think must be in breach of the SGC act?

Monthly or quarterly. Used to be able to do it annually but that law changed a few years ago as people were missing out on investment earnings.

 

[cocka]

A question close to my heart.

I was at my previous employer for 7 months when I got my first super statement, the statement read $0.00. I hit the roof, and found out by law they only had to pay once a year by a certain date. Still didn't make it right. Especially when my payslip read like I was getting super paid (ended up being more like an IOU). A bit like the Trevor chappell under arm, it was in the rules but not right.

That was a long time ago, it has changed now to quarterly.

http://www.ato.gov.au/super/content.asp?doc=/content/19818.htm&page=15&H15

 

[Pornstar]

Thank you. Time for me to tear the accounting dept a brand new arse.

 

[materamagic]

Monthly or quarterly. Used to be able to do it annually but that law changed a few years ago as people were missing out on investment earnings.

Employer contributions are paid on a quarterly basis. Penalties do apply in cases of employer negligence in relation to their obligations. Would have to dig out the old master superannuation guide out to go into pacifics but i've had a real long and tiring day.

 

[chooke]

Under the SG Act regs, payment has to be made at least quarterly. Note the at least bit? Many good employers (like mine) pay every fortnight with salaries.

 

[Aquamarinejewel]

My employer pays it monthly on the 10th of each month. They are very good and regular as clockwork.

I usually check my superfund details online - it lists the contributions and dates.