Do you trust that your employer is paying you the right amount of superannuation just because it says so on your payslip?
Every year, thousands of employers fail to pay their staff the correct amount of superannuation, costing those workers billions of dollars every year. In many instances, it’s an honest mistake and easily rectified. However, some malicious employers may be looking to avoid having to pay you the correct super guarantee.
You may not have realised it either if you trust the information on your payslip is correct.
What Am I Supposed To Receive?
From 1 July 2022 to 30 June 2023, the superannuation guarantee rate has been 10.5% of your income. From 1 July 2023 to 30 June 2024, the superannuation guarantee rate will be 11%.
Your employer must make regular payments to your superannuation fund.
How Do I Check?
Checking for unpaid superannuation is very simple. You can:
- Call your superannuation fund directly or
- Check your statement online
If you are unsure of the amount of superannuation owed, you can also contact the Australian Taxation Office (ATO) to chase down the unpaid superannuation. They will be able to determine if an offence has been committed and will be able to punish them.
However, if a company is going through insolvency proceedings and you haven’t been paid superannuation, it can get a little more tricky. The ATO in this instance won’t pursue the unpaid super, but you yourself will be able to legally pursue the company directors in court.