How AustralianSuper can help you recover unpaid super
Mar 18, 2024
How AustralianSuper is working to assist with recovering unpaid super
Unpaid super is when an employer fails to pay, or underpays, an employee’s superannuation. Every year, millions of employees collectively miss out on billions in unpaid super1.
The ongoing cost of unpaid super
Your super fund actively invests your savings to help them grow over time. But money that’s not in your account doesn’t have that opportunity. So, if your employer isn’t paying, or is underpaying, your super you could be missing out on the potential to maximise your future savings.
3 steps to ensure you’re getting your super
There are a number of ways to ensure you’re not impacted by unpaid super.
1. Check your super is getting paid via your fund’s website or app.
2. Use the Federal Government’s Estimate My Super tool to ensure the amount is correct.
3. Report unpaid super through the Australian Tax Office and Fair Work Ombudsman.
How AustralianSuper tackles unpaid super
As a fund that puts members first, AustralianSuper works with employees and employers to communicate the importance of super being paid correctly and on time. We do this by:
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Working with unions: Members can receive guidance around payments and help tracking unpaid super.
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Working with employers: AustralianSuper educates businesses about how to make payments and penalties for late payments.
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Following up on late payments with AustralianSuper’s arrears program.
Read more about how AustralianSuper helps with unpaid super here.
1. Industry Super Fund – A quarter of all workers not paid $5 billion in super https://www.industrysuper.com/media/report-reveals-a-quarter-of-all-workers-not-paid-5-billion-in-super/
This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.
Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898
