Let's get started Your guide to working with AustralianSuper
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Let’s get started Your guide to working with AustralianSuper
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Contents Page
1. Welcome 3
a. Message from Group Executive, Membership & Brand, Rose Kerlin 3
b. Benefits of partnering with us 4
2. Understanding the basics 5
a. Super Guarantee 5
b. Reporting super payments 5
c. Employee tax file numbers 5
d. Your business details 5
e. Default super funds 6
f. Stapling to a single super fund 6
g. The AustralianSuper difference 6
3. Set up your business super 7
a. Benefits of QuickSuper 7
b. Register for QuickSuper 7
c. Add AustralianSuper as your default super fund 7
d. Setting up a new employee in QuickSuper 8
e. Paying your employees’ super with QuickSuper 8
4. Employee benefits 9
a. How we invest your employees’ super 9
b. Employee super education 9
c. Insurance through super 9
d. Making a claim 9
5. Admin fees 10
a. Balanced option fees 10
AustralianSuper fund details:
SPIN TA0100AU
ABN 65 714 394 898
SFN 2683 519 45
USI STA0100AU
MySuper Authorisation 65 714 394 898 856
AustralianSuper – Quick Start Guide 01
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Australia’s largest, most trusted
super fund*, we’re committed to
helping members achieve the future
they work so hard for. With a history
of strong, long-term returns,
2.71 million† members can prepare
for retirement with confidence.
Awarded Outstanding Value in At AustralianSuper, we want you to feel
Superannuation and Account Based confident you’re partnering with the right
Pension‡. One in ten working Australians super fund. We’ve made the process of
are with us. We’re run only for members, setting up AustralianSuper as your default
which means we don’t pay profits or fund as simple as possible, so you can
dividends to shareholders. focus on running your business.
2
202
Su
p e r a n n u a ti o n
*Reader’s Digest Most Trusted Brands – Superannuation category winner for ten years’ running 2013–2022, according to research conducted by
independent research agency Catalyst Research. Awards and ratings are only one factor to be taken into account when choosing a super fund.
† As at 31 March 2022.
‡AustralianSuper received the Canstar Outstanding Value Award for Superannuation in 2022, and Account Based Pension in 2021. Awards and
ratings are only one factor to be taken into account when choosing a super fund canstar.com.au/star-rating-reports/superannuation
AustralianSuper – Quick Start Guide 02
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Message from Group Executive,
Membership & Brand, Rose Kerlin
Welcome to AustralianSuper and thanks This guide provides an overview of your
for choosing to partner with us. super obligations, getting set up, how to
make AustralianSuper your default fund,
We work with many different businesses along with information about insurance
and employer groups across every industry offered through super and educational
Australia wide, and recognise each of webinars for your employees. I encourage
them is different. As your super business you to use the wide range of resources
partner, you can have confidence that available, to make the most of your
we’re focussed on supporting businesses financial journey with AustralianSuper.
like yours.
On behalf of the AustralianSuper team,
Your employees are your most important we look forward to supporting you and
asset and for many of them, super will your employees.
be one of their most important assets.
Sincerely,
Our purpose is to help members achieve
their best possible financial position in Rose Kerlin
retirement. We do this by delivering strong Group Executive,
long-term returns*, low fees† and provide Membership & Brand
help, guidance and support so they can
have confidence about their life after work.
* Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
†Chant West Super Fund Fee Survey at 31 December 2021. Based on $50,000 invested in the AustralianSuper MySuper Balanced option.
AustralianSuper – Quick Start Guide 03
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Benefits of partnering with us
Congratulations, you’ve joined A history of strong
more than 397,000 registered performance
businesses* enjoying the benefits AustralianSuper is a top-performing super
fund†. That’s thanks to the performance of our
of partnering with AustralianSuper. Balanced option.
This guide takes you through
your obligations as an employer, Our Balanced option delivered an investment
return of 9.05% for the 12 months to 31 March
and how to make paying and 2022. Over the long term, the option has returned
administering employee super as an average of 9.84% a year over 10 years†.
efficient as possible.
Our considered global investment strategy
helps us achieve this investment performance
Less admin for your business for members. With investment teams around
the world, we invest for members like no other
Streamlined systems help process and
fund can.
manage paying super contributions, making
the super component of your accounting
As a profit-to-member industry super fund, we
clear and efficient.
don’t pay dividends or profits to shareholders,
so members are the only ones who benefit.
Employee benefits
Choosing a top performing fund† gives you the
peace of mind that your employees are in safe
hands. Whether your employees are starting their
career or approaching retirement, we can help
them achieve the future they’re working hard for.
* As at 31 March 2022.
†Based on the AustralianSuper Balanced option compared to the SuperRatings Fund Crediting Rate Survey — SR50 Balanced (60–76) Index, periods to 31 March 2022.
Returns from equivalent investment options of the ARF and STA super funds are used in calculating returns for periods that begin before 1 July 2006. Investment returns
are not guaranteed. Past performance is not a reliable indicator of future returns.
AustralianSuper – Quick Start Guide 04
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Understanding the basics
Super Guarantee Reporting super payments Employee tax file numbers
The Super Guarantee (SG) is the percentage Single Touch Payroll (STP) is the approved Employers must provide an employee’s tax
of wages employers pay into employees’ super method of reporting tax and super information to file number (TFN) to their chosen super fund
funds on their behalf. It’s called a ‘guarantee’ the ATO. Employers must report their employees’ when an employee’s super account is set
because it’s set out by law the minimum regular payroll information, including salaries and wages, up. This helps the fund to locate members’
payment made to each eligible employee. pay as you go (PAYG) withholding and super accounts and correctly distribute contributions
payment to the ATO each pay cycle. to their accounts.
Employers are generally responsible for
contributing super to their employees’ fund However, employers with fewer than four If an employee doesn’t have a TFN, they might
if the employee meets the following requirements: employees can do this in other ways, including have to pay more tax and may not be eligible
reporting quarterly through a registered tax or for any government benefits. Applying for a
1 they’re over 18 years, or business activity statement (BAS) agent. TFN is free and your employees can apply here.
Employers with SG obligations must make
2 they’re under 18 and work at least 30 hours their quarterly payments by the dates set out Your business details
per week, and by the ATO. It’s also important to keep us up to date if
your business contact details change, so we’re
3 they’re employed on a full-time, part-time able to contact you to help out with issues or
ATO Super Guarantee payment due dates
or casual basis (including those employees let you know the latest about your business
working in Australia temporarily). Financial year Payment period ATO legislative super. Please provide the contact details of the
quarters dates due date person submitting super contributions or your
Currently, the SG is 10.5% of each employee’s finance department, rather than the name of the
Quarter 1 1 July to 30 Sep 28 Oct
ordinary time earnings (OTE). Some employees company owner.
work under awards or employment agreements Quarter 2 1 Oct to 31 Dec 28 Jan
that specify a higher super payment than To update your contact details or an employee’s
the minimum SG rate. If you have employees Quarter 3 1 Jan to 31 Mar 28 Apr personal information, you can supply the required
covered under these awards, you’ll need to pay information here or through our contact centre
Quarter 4 1 Apr to 30 Jun 28 Jul
the higher amount. on 1300 300 273.
Find out more about the Super Learn more about paying super
Guarantee by visiting the ATO website
If you have any questions about needing to pay a higher amount because of an award,
you can call Fair Work Australia on 1300 799 675 or visit fwc.gov.au
AustralianSuper – Quick Start Guide 05
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Default super funds Stapling to a single super fund
Also known as an employer-nominated fund, Introduced as part of the federal government’s
a default super fund is one that an employer recent Your Future, Your Super measures,
makes super contributions to if an employee the super ‘stapling’ measure took effect
doesn’t nominate a fund of their choice or have on 1 November 2021, with employers required
a stapled super fund. to take a key role.
According to ATO rules, employers must make SG ‘Stapling’ aims to reduce the number of super
payments on behalf of eligible employees, and a accounts an employee may acquire throughout
default fund is where those payments will go if an their working life.
employee doesn’t nominate their own super fund
or have a stapled super fund. The measure takes effect when an employee
changes jobs. They’ll automatically be ‘stapled’ to
The Australian Government developed MySuper their existing super fund (if they have one) and
to ensure default super funds are simple, cost- they’ll take this account with them, from job to
effective options for employees who are with job, unless they actively choose a different fund.
a company’s default fund. AustralianSuper’s
Balanced option complies with the MySuper For further details on the measure and
initiative, and has a history of strong long-term how it will impact employers, please visit
returns*. australiansuper.com/superstapling
Employees who joined AustralianSuper 15 years
ago could have been $33,754 better off today,
compared to those whose employers had offered
the average super fund as a default at the time.
Make AustralianSuper your default fund
Choosing AustralianSuper as your default fund is simple.
1 If you haven’t already, join AustralianSuper
Give new employees a Standard choice form within 28 days of their start date.
2
The AustralianSuper difference
This net benefit refers to investment earnings for the 15 years to 31 December 2021, in addition to
a $50,000 starting balance and employer contributions, assuming they started with a $50,000
annual salary, less admin and investment fees†.
AUSTRALIANSUPER
Balanced option $163,483
ALL SUPER FUNDS
Average $129,729
RETAIL SUPER FUNDS
Average $98,795
$50,000 $70,000 $90,000 $90,000 $110,000 $130,000 $150,000 $170,000
* AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey - SR50 Balanced (60–76) Index to 31 December 2021. Investment
returns are not guaranteed. Past performance is not a reliable indicator of future returns. Returns from equivalent investment options of the ARF and STA super funds are
used for periods before 1 July 2006. Returns are updated daily for all AustralianSuper investment options australiansuper.com/compare-us/our-performance
†Comparisons modelled by SuperRatings, commissioned by AustralianSuper. The outcome shows the average difference in ‘net benefit’, a measure of past investment
earnings after administration fees, investment fees and contribution taxes have been taken out. The results compare the AustralianSuper Balanced investment option and
comparable balanced options, for historical periods to 31 December 2021. Insurance premiums and other fees and costs may also apply. Outcomes vary between individual
funds. See Assumptions for more details. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns. AustralianSuper returns
before 1 July 2006 are calculated from equivalent options of the ARF and STA super funds.
AustralianSuper – Quick Start Guide 06
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Set up your business super
You need to pay employee super Benefits of QuickSuper Register for QuickSuper Add AustralianSuper as
contributions electronically and You can make employee super contributions Registering to use the QuickSuper clearing house your default super fund
using the QuickSuper clearing house. QuickSuper is easy and only takes a few minutes.
send the payment information in makes it easy to pay your employees in one single You need at least one employee who has
Make it easier to register employees in
QuickSuper by adding AustralianSuper as your
ways that meet the government’s payment, no matter what super fund they belong nominated AustralianSuper as their fund of default fund. Log into QuickSuper using your
SuperStream requirements. to. QuickSuper complies with SuperStream, is choice, or to have chosen AustralianSuper as your username and password and:
secure and free to use. default fund. Once you’re registered,
Registering to use a SuperStream- you’ll receive an email with your login details.
compliant clearing house, like With QuickSuper you can also: 1 In the QuickSuper menu on the left hand
side of the screen, select Administration
QuickSuper*, takes care of that • create accounts for new employees and then Fund Relationships.
for you. • make additional or voluntary contributions Register for QuickSuper using your
Read on to learn about: • update business and employee details AustralianSuper employer number 2 You’ll see a tab labelled Add Fund
Relationship. Select this and type in
• the benefits of QuickSuper • use reporting to reconcile payments AustralianSuper for fund name.
• registering for QuickSuper • create a detailed audit trail
• adding AustralianSuper as your default fund • hoose your super payment frequency:
c 3 Select the first option – AustralianSuper
weekly, fortnightly, monthly or quarterly. - STA0100AU – in the drop down menu
• setting up a new employee in QuickSuper that appears (see example below).
• aying your employees’ super with
p
QuickSuper.
4 Add your Employer Number – you would
Learn more about QuickSuper have received this when you registered
your business with AustralianSuper.
5 Select the tick in the Default Fund box.
6 Select Next, then check your details
and Confirm.
* QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable
to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by AustralianSuper. A Product Disclosure Statement (PDS) is
available from Westpac upon request. AustralianSuper doesn’t accept liability for any loss or damage caused by use of the QuickSuper service and doesn’t receive any
commissions from Westpac if employers use this service. You can choose to make your contributions using a different service, but it needs to meet the government’s
minimum data standards, visit ato.gov.au
AustralianSuper – Quick Start Guide 07
Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Paying your employees’ super with QuickSuper
We make it easy for you to make your employees’ super contributions online.
How to pay super by direct entry How to pay super by file upload
This method of payment is suitable for businesses
1 Select Online Contributions. that use a payroll system. This option adds your
employees’ information and schedules their super
2 Select Create New. You can start with payments at the same time.
a zero amount if no default amount
has been selected previously. To upload a contribution file, you need to use a
CSV file formatted to meet the Government’s data
standards.
3 Choose the contribution period and
select Next. When preparing your file, make sure:
• t he format of the data and columns match the
4 Enter the payment amount(s) for all required data specifications
employees, Super Guarantee Contribution
(SGC) amount, and any salary sacrifice or • t he data is always saved and uploaded as a
additional amounts if applicable. CSV file ONLY.
Setting up a new employee 5 Check the payment amounts and member
If you don’t follow the specifications, the file won’t
It’s important to make sure in QuickSuper details are correct.
upload to QuickSuper.
your employees provide Once you have logged in to QuickSuper
using your username and password:
their full, correct legal name 6 Click Save and go to summary. 1 Run your payroll system and output the
data as a CSV file.
and information, including 1 Click the Employees tab, then select
an active email account so View Employees. Confirm the submission for file processing.
7
2 Open the file in Microsoft Excel.
that we can communicate
with them. 2 Click Create New Employee, enter 8 Check the total amount of your
contribution is correct. 3 Make sure the format of the data and
in all details that have a green star, columns matches our specifications
including email address and mobile and reformat them if necessary, OR
number, then click Save. 9 Click Submit. copy and paste the required data into
When adding a new employee, make the relevant columns in our CSV file
sure to provide a valid email address. template. Download the file from
3 On the fund membership page, select 10 Your chosen payment details will show
australiansuper.com/PaySuper
Use Default Fund, then select I don’t have up on the next screen.
a member ID for this employee’s fund.
4 Save your contribution file in CSV format.
11 To make an Electronic Funds Transfer
(EFT) payment from your online account,
4 Click Next and Confirm.
use the details listed under Payment 5 To upload your file to QuickSuper, go to
Details, which includes the Account Name, Contribution Files then choose Upload
Once we have received your request to add a new Reference and BSB number. If you make File. Browse and upload.
employee, we’ll process their information and set a payment before 4pm AEST on a business
up their new member account. day, the transfer will occur the next
business day.
Learn more about making
super payments
AustralianSuper – Quick Start Guide 08Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Employee benefits
Your employees are a valuable Employee super education Insurance through super
part of your business, so we offer Financial and super education is beneficial in Eligible members can receive age-based Death, Insurance through super can
helping members grow their super while working Total & Permanent Disablement (TPD) and
members several financial and transition to retirement when the time comes. Income Protection cover. Age-based cover
help your employees build
wellbeing services and tools. That’s why we deliver a range of education provides a minimum amount of cover for your a secure future and protect
programs for employees, such as webinars and employees’ changing needs over time. their income.
We provide access to a team of experienced resources, all based on their needs.
financial advisers* who are available over the AustralianSuper automatically provides your
phone and ready to help your employees take If your employees require individual assistance, eligible employees with basic age-based cover
control of their retirement planning. Regular we can provide access to a team of qualified when they join the fund if they:
webinars available to your employees cover financial advisers ready to help. For simple
• are 25 or older; and
Making a claim
topics such as investment updates, planning for queries, we offer over the phone support at If your employees need to make an insurance
and transitioning into retirement. little or no additional cost. Or, if members • their super balance reaches $6,000; and claim, AustralianSuper’s team is available 8:30am
require more comprehensive support, they’re to 5pm AEST/AEDT weekdays.
• t hey’ve received an employer super
able to meet with a financial adviser on a fee-for-
How we invest your service basis.
contribution after their super balance first
We use our size and scale to provide the best
reaches $6,000.
employees’ super possible insurance cover for our members.
AustralianSuper has a history of strong, Your employees can also apply to start their basic Over the past 10 years, we’ve paid over
long-term performance†. Expert investors cover before their super balance reaches $6,000‡. $3.90 billion across more than 61,800 claims
select a mix of assets designed to deliver Learn more about to help members and their families§.
long-term growth, including shares, infrastructure AustralianSuper’s investments We encourage your employees to consider
and property. their insurance needs based on personal
circumstances, so they’re confident that they’re
The Balanced option is the Fund’s default adequately covered. As members, they can apply Learn more about AustralianSuper’s
investment option and includes a wide range for, change or cancel cover anytime using our app insurance options
of assets, including shares, private equity, or logging into their account, or by completing
infrastructure, property, fixed interest, credit the Change your insurance form.
and cash. Designed to have medium to long-term
growth with possible short-term fluctuations.
It’s delivered an average return of 9.67% since
inception†.
*Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by
AustralianSuper Pty Ltd. Fees may apply.
† Since inception 1 August 1985 to 31 December 2021. Returns from equivalent investment options of the ARF and STA super funds are
used for periods before 1 July 2006. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
‡ Basic age-based cover can only start once they turn 25 (if they’re eligible).
§ Claims figures as at 31 December 2021.
AustralianSuper – Quick Start Guide 09Contents Welcome Understanding the basics Set up your business super Employee benefits Admin fees
Admin fees
Super funds charge fees to Balanced option fees
manage their members’ accounts. This table shows an example of how the fees
and costs for the Balanced option can affect your
With over 2.71 million* members, investment over a one year period.
our size and scale allows us to
deliver low fees that are transparent
and easy to understand.
Super account administration fees are $2.25 per
week plus up to 0.04% of your account
balance each year.
Fee type Balanced option fees Example of $50,000 balance
For every $50,000 you have invested in the
Investment fees† 0.72%
Balanced option, you’ll be charged $360 a year.
And you will be charged $117 in administration
$117 a year ($2.25 per week) fees regardless of your balance.
Plus administration fees Plus up to 0.04% a year of Plus up to $20 in administration fees will be
your account balance. deducted from investment returns for every
$50,000 that is invested. We’re here to help
$0 or no indirect costs will be deducted If you have questions or need help, our expert
Plus indirect costs Nil
from your investment. team is here to guide you. Contact us at:
If your balance was $50,000, then for that
Equals cost of product‡ year you will be charged fees of $497 for e australiansuper.com/email
the super product.
w australiansuper.com/employers
1300 300 273 (8am to 8pm AEST/AEDT weekdays)
t
Learn more about our fees and costs
This document has been prepared and issued in July 2022 and is subject to change.
Note: Insurance premiums and additional fees and costs may apply. This is not professional advice. Employers should seek professional advice that meets their own needs and addresses their own obligations and specific circumstances.
* As at 31 March 2022. AustralianSuper doesn’t take responsibility for any action an employer may take as a result of receiving this communication.
†The investment fee is for 2020/21 financial year. It’s likely to change from year to year and is different for each investment option. The fee is calculated looking This document may contain information that is general in nature and does not take into account any investors personal objectives, financial situation or needs.
back as at 30 June each year, the amount you’ll be charged in subsequent financial years will depend on the actual fees incurred in managing investments. Before making a decision about AustralianSuper, investors should consider their financial requirements and read our Product Disclosure Statement, available at
‡If your account balance for a product is less than $6,000 at the end of the financial year, the total combined amount of administration fees, investment fees and australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been
indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded. designed for. Find the TMDs at australiansuper.com/tmd AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
21137 07/22
AustralianSuper – Quick Start Guide 10You can also read
