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Superannuation Worksheet

Superannuation is a mandatory retirement savings plan in Australia where employers pay a percentage of employees' salaries into a retirement fund. It is intended to provide income for people when they retire rather than relying solely on the government for support. Employers must contribute an additional 9% of monthly salaries over $450 into approved superannuation funds. If employers do not make required contributions, employees can file a complaint with the Australian Taxation Office to recover owed funds and impose penalties on employers.

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219 views2 pages

Superannuation Worksheet

Superannuation is a mandatory retirement savings plan in Australia where employers pay a percentage of employees' salaries into a retirement fund. It is intended to provide income for people when they retire rather than relying solely on the government for support. Employers must contribute an additional 9% of monthly salaries over $450 into approved superannuation funds. If employers do not make required contributions, employees can file a complaint with the Australian Taxation Office to recover owed funds and impose penalties on employers.

Uploaded by

Aaron
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Year 10 Topic 2: Employment Issues Commerce

Superannuation

What is superannuation?

 žIt is a __________________ savings plan designed to provide income for


____________________.

 Employers pay a superannuation ____________________ each quarter into


an _____________________ superannuation fund, for all employees who
earn more than $_________ per month.

 The contribution is a ‘__________’ additional to workers pay, based on a


_________________ of gross income (rate of 9%).

 The purpose of superannuation is for employees to have _____________ on


retirement rather than relying on the ______________________ to provide
the aged pension.

 Superannuation is ____________ away until a worker reaches a certain


______ and retires (e.g. 55-65 years)

 One reason that superannuation is attractive as a savings option is that the


______ rates are _____________ than for other forms of saving.

 Employer contributions and investment earnings on superannuation are


taxed at ______%, which is lower than the tax rate paid on ___________ or
salary.

 _____% of superannuation contributions go into _________________ funds.

 _______________ planners, retail fund managers and ___________ have the


rest of the superannuation funds.

 Each fund ____________ a certain percentage to ______________ your


funds.

 The main difference between funds is the __________ they charge.

 Fees can vary between ____________%.

1
Year 10 Topic 2: Employment Issues Commerce

 The ______________ the fee, the _______ you have to retire on.

 When deciding on a superannuation fund to join, it is important that you take


into consideration the following:

o Your ________________ circumstances

o How effectively the ______________ manages their money

o The __________ charged

Employers’ obligation

 If an employee earns more than $450 a month, the employer must contribute
an additional 9% of the employee’s salary into a superannuation fund.

 The employer’s:
o Contribution must be paid into an ________________ superannuation
fund

o Detail of the contribution must be given to the employee in writing at


least once a _______________

o The employer must keep a _____________ of contributions paid

What happens if your employer doesn’t pay?

 Ask the employer for a _______________

 Contact __________ and lodge a ________________ showing the


amounts outstanding

 The ATO will try to _______________ the funds and apply a


______________ to the employer if necessary.

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