Superannuation
Contacts | Information | Salary Sacrifice | Seminars
CONTACTS
Martin Hennessy-Smith |
Mon-Fri |
9214 8347 |
Pam Tindill |
Wed,Thu,Fri |
9214 8976 |
INFORMATION
 Simplified Superannuation - Effective from 2007
NON-CONCESSIONAL (POST-TAX PERSONAL) CONTRIBUTIONS
- Individuals who make non-concessional contributions in excess of $150,000 per annum or $450,000 over a three-year period will be affected by the limit on non-concessional contributions.
- Non-concessional contributions in excess of a person’s cap will be taxed at 46.5%. this tax will be imposed on the individual, who must withdraw an amount from their superannuation fund equal to their tax liability.
- Transitional arrangements will apply to non-concessional contributions made between 10 May 2006 and 30 June 2007. This includes a cap of $1 million for this period for anyone eligible to contribute.
DEDUCTIBLE (PRE-TAX) CONTRIBUTIONS
- A cap of $50,000 per year on concessional contributions for all ages (with a five year transitional cap of $100,000 per year for people aged 50 and over).
- Individuals will be subject to tax on contributions in excess of these caps at an additional 31.5%
MODIFICATIONS TO CONCESSIONAL CONTRIBUTIONS FOR DEFINED BENEFIT INTERESTS
- Separate arrangements for calculating concessional contributions in relation to defined benefit superannuation interests are necessary.
- The concessional contributions amount for a defined benefit interest will be referred to as notional taxed contributions. The method for calculating notional tax will be set out in the regulations to the legislation.
- Special arrangements will apply to members with a defined benefit interest on 5 September 2006 with notional taxed contributions for that interest that exceeds the cap.
For further information go to the following:
 Simpler Super website - Treasury
ATO Superannuation
Choice of Superannuation Fund
Choice of superannuation fund is a new law that gives many employees the right to choose which superannuation fund will receive their employer superannuation guarantee contributions (9%). Choice of superannuation fund started on 1 July 2005 .
Choice forms will be sent out to all eligible employees within a period of 4 weeks from their first pay. If you have not received a form, please contact Many Fung, Payroll Team Leader on 9214 8323.
For further information go to the following:
http://www.superchoice.gov.au
Government Co-contribution
The Super Co-contribution is an Australian Government initiative to assist eligible individuals to save for their retirement. If you are eligible and make personal (post-tax) superannuation contributions, the Government will match your contribution with a co-contribution up to certain limits.
For further information go to the following:
http://www.ato.gov.au/content/downloads/NAT11589-12-2005.pdf
Superannuation Contributions Splitting– Individuals
Superannuation contributions splitting means that you can split certain superannuation contributions made during a financial year to your spouse’s superannuation account. It is a way for your spouse to accumulate their own superannuation, even if they have a low income or they are not working. Splitting your superannuation contributions will give you and your spouse more choices in how to prepare for your retirement.
Only contributions made to your superannuation fund on or after 1 January 2006 are eligible to be split to your spouse’s superannuation account. You can split contributions to an account held by your spouse, either within the same fund or retirement savings account (RSA), or to a different fund, RSA, approved deposit fund or life assurance company.
For further information go to the following:
http://www.ato.gov.au/print.asp?doc=/content/68032.htm
Unisuper Contribution Flexibility
As from 1 July 2006 UniSuper has introduced flexibility of member contributions for Defined Benefit Division and Accumulation 2 members.
This flexibility relates only to the 7% member contribution for existing and new members.
The Unisuper link https://www.unisuper.com.au/members/tutorials gives a full explanation through a Contribution Flexibility Guide to help you understand how your super works, options, risks and benefits for different decisions.
It is highly recommended that prior to making any decisions, you read through the guide thoroughly to ensure you make the best possible decision to suit you.
Should you require further information, please seek the advice of a licensed financial advisor.
SALARY SACRIFICE
What is Salary Sacrifice?
Salary sacrifice is an arrangement by which an employee agrees to forego part of their future salary or wages in return for their employer providing benefits of a similar value.
What are the rules?
A salary sacrifice arrangement for superannuation must satisfy all of the following requirements to be considered ‘effective’.
There is an agreement between you and your employee
A contract of employment, including details of remuneration and any salary sacrifice arrangement, between you and your employee must exist prior to work being performed. It is advisable that all the terms of the arrangement are clearly documented.
The arrangement must be made before your employee is entitled to payment
The salary sacrifice arrangement must be entered into before your employee becomes entitled to be paid. Normally the salary sacrifice arrangement would be entered into before work is performed. Subject to the terms of any contract of employment, industrial agreement or award, your employees can renegotiate a salary sacrifice arrangement at any time.
Contributing to Superannuation via Salary Sacrificing
VicSuper Members
VicSuper members can salary sacrifice a VicSuper Top Up contribution.
Government Superannuation Office (GSO) New / Revised Scheme does not allow salary sacrifice contributions, however, you can join VicSuper Top Up.
Complete the VicSuper "make personal or salary sacrifice contributions through your employer" form V302.
Forward the VicSuper V302 to: Superannuation Officer, HR Mail. H14.
VicSuper: "Make personal and/or salary sacrifice contributions through your employer" form 
UniSuper Members
UniSuper members are able to salary sacrifice up to 90% into superannuation.
Complete the ‘Voluntary Contribution Election’ form and forward to:
Superannuation Officer, HR Mail 14
UniSuper: Voluntary Contribution Election Form
SEMINARS
VicSuper Information Sessions
To be arranged for Semester 2.
UniSuper Information Sessions
No sessions currently available
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