Frequently Asked Questions For Members
Answers to some frequently asked questions are below. If you would like to speak to someone about your superannuation query, just contact the MTAA Super Customer Service Centre.
Superannuation Guarantee (SG)
What is the Superannuation Guarantee?
In 1992, the Federal Government introduced a law that requires employers to help their employees save for retirement by contributing a percentage of the employee's salary to a complying superannuation fund. This is known as the Superannuation Guarantee.
What is the current Superannuation Guarantee rate?
Currently SG is 9%.
Contributions
Am I eligible to receive employer contributions?
If you are a full-time, part-time or casual employee, your employer must make superannuation contributions on your behalf. The exemptions to this rule are:
- If you are paid less than $450 per calendar month
- 70 years of age or over
- Under 18 years and working 30 hours a week or less
- Working for non-business employer doing work of a domestic or private nature for 30 hours a week or less
- Covered by a bilateral superannuation agreement
- Have vested benefits in excess of their pension reasonable benefit limit (RBL) and elect not to receive any more employer contributions
How much must my employer contribute on my behalf?
Your employer must contribute a minimum of 9% of your annual salary. This contribution is often referred to as the SG. If you are under an award there may be different rules regarding your annual salary and your ‘superable' salary. Check with your employer or the Australian Taxation Office to find out what your entitlements are.
Can my employer contribute more than the 9% minimum?
Yes, if you request so. With your employer's approval, you can restructure your salary so that additional superannuation contributions are taken out before tax. This is known as salary sacrifice. Alternatively your employer might contribute more than the required 9% to your superannuation fund as part of your salary package to help you save more for retirement.
When will my employer make contributions?
Your employer must contribute to your superannuation fund each quarter (October, January, April and July). Some employers may prefer to make your super contributions with your pay cycle (i.e. weekly, fortnightly or monthly). MTAA Super employer sponsors must pay superannuation contributions at least monthly.
As your employer makes contributions you will receive notice as to how much was contributed and to where.
What happens if my employer doesn't make contributions?
If your employer fails to make your superannuation contributions by the required SG due date, penalties may apply from the Australian Taxation Office.
Tax File Numbers (TFN)
Do I have to provide my Tax File Number?
It is not compulsory to supply your TFN. However, if you do not there may be consequences such as:
- MTAA Super cannot accept personal after tax (non-concessional) contributions if you have not provided your TFN.
- Where you, or your employer on behalf of you, make a concessional contribution (Superannuation Guarantee and/or salary sacrifice) and MTAA Super does not hold your TFN, MTAA Super will be required to deduct and pay to the ATO an additional 31.5% tax (in addition to contributions tax of 15%) on the contribution recieved.
- Your benefit upon exit from the Fund may be taxed at the top marginal rate if MTAA Super does not hold your TFN.
- Should you have multiple benefits in the Fund, MTAA Super may not be able to locate and amalgamate these benefits.
SuperSite
What is SuperSite?
SuperSite™ is an online service for members to view their account balance. Safe, and easy to use, SuperSite helps you keep track of your superannuation.
Is it Secure?
SuperSite is completely secure, with password protection unique to you. Your records are totally protected and only accessible through your unique PIN. When you or your authorised personnel, such as your employer, access SuperSite™ for the first time, you will receive a prompt to change the PIN allocated to you, to one of your own choice. This will ensure peace of mind and make the number easy to remember. After changing the PIN, only the personnel that you authorise will have access to the systems.
What Does it Cost?
There is no set up charge to you for SuperSite. After registering, you will receive a confirmation letter and a Quick Reference Guide, which will take you through these services step-by-step.