On Friday night the current affairs show, Today Tonight reported that $300 million of superannuation has been stolen by employers. It’s a shocking situation for sure. Could some of your superannuation have been stolen?
The way employers “steal” your superannuation is by not paying compulsory superannuation guarantee contributions (9%) into your account on time, if ever. Some people in the story went 2 or 3 years without superannuation having been paid.
The truth is, if your superannuation is unpaid for over one year you must take some responsibility for that.
If superannuation goes unpaid for over a year it means that you ignored your annual superannuation statement when it was sent to you. Superannuation is your money; your wealth; your future lifestyle – ignore it at your peril!
How To Avoid Your Superannuation Being Stolen
If you want to avoid working for an employer who does not have the integrity to pay their full obligations then check your superannuation at least every three months. Employers are obligated to pay their superannuation guarantee by the 28th day after the end of each quarter. If you salary sacrifice into superannuation then your employer is obligated to contribute more regularly. And I dare say you have a greater interest in ensuring they do.
So I recommend that you check your superannuation account at least 4 times per year; on the 1st day of February, May, August and November. It should take less than five minutes each time, since most funds offer online access these days. Set a recurring reminder in your diary right now. Go on, set one now.
And once you’ve done that quickly check your account to ensure that last quarter’s contributions have been paid. You don’t want to working one day longer for an employer who won’t or can’t pay their obligations.
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My superannuation was never paid to me when Rhone Poulenc closed down it’s Pinjarra, W.A. Gallium Arsenide plant & they owe me a lot of money !!
My husband has worked for a friend who runs a Painting business for the last few years. But the employer/friend has decided to spend his Superannuation. It was a very tricky fix to be in and now we seem to be getting some help. But we have found out that this isn’t the first business and that 2 previous business went into liquidation. The company then reopened in the same name but different ABN and ACN number, so that they could simply contine working without causing attention to themselves. The company Paint Rite Australia Pty Ltd is a scam business run by an english couple who seem to think that they can spend our hard earned Super. It’s wrong and heavy penalties need to be in place.