Countless times I’ve asked a prospective client whether their employer is making regular super contributions.
With eagerness the prospect opens their payslip and shows me the amount of super contribution their employer has “paid”.
Beware! Just because your employer has made a “provision” for your super on your payslip, (which they have to do by law), doesn’t necessarily mean they’ve deposited the funds into your super fund.
The super legislation states that an employer has until the 28th day after end of quarter to pay their super obligations. This means that your employer is required to make a super contribution by the 28th Jan, 28th April, 28th July and 28th October.
Some generous employers pay monthly, which is great, and many employers pay quarterly, which is the minimum requirement. However some employers simply don’t pay at all due to cash flow problems or simply being slack. Beware! Just because an amount appears on your payslip, doesn’t mean your employer has actually paid it.
So next time you receive your super statement, check how frequently your employer is paying your super contributions. You may be surprised, one way or the other!