Q. How do I nominate MTAA Super as my default fund?
A. You must nominate a default fund for your employees under the Choice of Fund legislation. This ensures that for any employees who do not make a choice or their choice cannot be implemented, you can pay SG contributions for them into the default fund.
To make MTAA Super your default fund, simply list us on your Standard Choice Form or give your new employees our Standard Choice form within 28 days of the date they start employment with you.
Q. What is the current Superannuation Guarantee (SG) rate?
A. The amount you must contribute is a percentage of your employees’ ordinary time earnings. The SG rate is currently 9.5% and will start increasing by 0.5% each year from 2021/22 up to a maximum of 12% in 2025/26. Ordinary-time earnings are the salary or wages paid to employees for their ordinary hours of work, excluding (among other things) overtime. It includes over-award payments, bonuses, shift allowances, commissions and paid leave. For more information about ordinary-time earnings and SG, contact your Business Development Manager or visit the Australian Taxation Office website.
Q. How does salary sacrifice work?
A. Salary sacrifice is an agreement between an employer and an employee, where an employee chooses to pay some of their before-tax salary into super. For you as the employer, these salary sacrifice payments are tax deductible. MTAA Super supports employers wishing to enter into salary sacrifice arrangements with their employees. MTAA Super services, including the MTAA Super Clearing House, QuickSuper, support salary sacrifice. You can claim all employer (concessional) contributions you make on behalf of your employees who are aged under 75 as a tax deduction. This includes an employee’s salary sacrifice contributions. You can also claim a tax deduction for SG contributions made on behalf of your employees aged over 75.
Q. Do I need to give you my employee’s Tax File Number (TFN)?
A. You need to give an employee’s TFN to MTAA Super if it was provided to you on or after 1 July 2007. To avoid ATO penalties, you must pass the TFN on to us within 14 days of your employee providing it to you. We use TFNs for legal purposes only, including tax and administration purposes. These purposes may change in the future if the law changes. TFNs are treated as confidential and they are subject to strict data privacy procedures.
Q. Why do you need a TFN for tax and administration purposes?
A. If we don’t have a valid TFN your employee may have to pay additional tax. We also may be unable to accept additional contributions (after-tax or non-concessional) from the employee, locate or consolidate a member’s super benefits in the future, or pay any benefits they are entitled to receive.
Q. What should I do if I overpay or underpay a contribution?
A. If you are making payments through the MTAA Super Clearing House, Quick Super, you can follow the cancellation steps (direct debit payments can be cancelled before 4pm Sydney time on the date scheduled.) If you’re not using Quick Super, and make an overpayment or underpayment, call us for assistance on 1300 362 415.
Q. What is MTAA Super’s complaints process?
A. We care about our employers, and any complaints are taken seriously and dealt with as soon as practicable. If you have a complaint, call us on 1300 362 415 or write to us at:
The Complaints Officer
Locked Bag 5134
Parramatta NSW 2124
The Complaints Officer will investigate and provide you with a written response.
If you’re not satisfied with the response, you have the right to take your complaint to the Financial Ombudsman Service, which is free of charge to you.
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001 1300 780 808 (local call cost in Australia) fos.org.au
The Australian Securities and Investments Commission also has an infoline, 1300 300 630, you can use to make a complaint and obtain information about your rights.
Q. How do I change my contact details?
A. If you use the MTAA Super Clearing House, Quick Super or Employer SuperSite, you’ll be able to change your contact details online. You can also call us on 1300 362 415 or email us at email@example.com.
Q. What happens if I make late payments to an employee’s super?
A. As an employer, you must make your SG contributions for your employees on time to meet legal obligations, avoid ATO penalties and ensure an employee remains covered by death and TPD insurance. If you don’t make at least quarterly contributions, you may be subject to the SG charge, which is payable to the ATO on top of the unpaid contributions. The SG charge includes an additional administration fee and interest, and is not tax deductible.
Also, if you are late paying SG contributions, your employees may have insufficient funds to pay their insurance fees.
Although MTAA Super may accept late employer contributions, this doesn’t mean your SG obligations have been met. Speak with your local Business Development Manager for information or call the ATO Super Infoline on 13 10 20.