It’s time to check your super statement for shirkers

UP to one in five employers is believed to be failing to pay their employees their superannuation entitlements and contractors are the most likely to miss out.

These statistics, reported by the Australian National Audit Office this month, are mindblowing.

“The ATO’s own internal risk assessment indicates that as many as 11 to 20 per cent of employers could be non-compliant with their super guarantee obligations, and also that non-compliance is ‘endemic’,” the Australian National Audit Office’s report says.

Mind you, it’s worth noting this doesn’t mean 11-20 per cent of workers are not receiving the right level of super – many of these problem employers are small businesses and therefore have fewer employees.

But it does serve as a warning to all of us to make sure our employer is paying us our due. After all, you have already earned it, even if you won’t see it for a few decades yet.

The minimum amount your employer should be contributing to your chosen super fund is 9.5 per cent of your ordinary time earnings, often referred to as your base wage.

Payments must be made every quarter, at the minimum.

The industries most affected include construction, hospitality and transport.

While paying tax is your responsibility when you are a contractor, it is your employer’s duty to make contributions to your super fund.

Thankfully you can check to see if you have been paid the money you will use to boost your retirement savings. You should: Check your monthly payslip. You should have the amount you have been paid, followed by deductions for tax (if you are not a contractor) and super contributions.

If you have HECS payments, these will also be detailed.

Check the contributions are actually landing in your chosen fund.

Making sure the funds have arrived can be as straightforward as making a phone call or logging into your account.

But remember, while your payslip will indicate the amount being put aside as superannuation, it does not necessarily mean this amount was paid into your fund at the same time you were paid your salary. Many businesses only pay out super once a quarter.

If your monthly pay didn’t arrive in your bank account when expected, no doubt you would be hassling your employer for an explanation.

It should be no different for your super – it’s money you have worked hard for.

Missing payments from your employer to your super is a problem and you should raise this with them as soon as you discover it. Their response will decide if you need to involve the Australian Taxation Office.

The ATO has a tool that you can use to calculate how much super you should have been paid.