Holley Nethercote’s expertise in superannuation law means we can help you in a number of ways:

Self-Managed Superannuation Fund (SMSF) Assistance 

We can aid you with:

• Establishing trust deeds and completing trustee declarations, resolutions, and registration  
• Forming a corporate trustee company, including preparing incorporation documents, completing and submitting application forms and formalising a company constitution
• Varying trust deeds
• Meeting your ongoing compliance requirements of superannuation law

Retail, Public Sector, Industry or Corporate Superannuation Assistance 

We can assist you with:

• Establishing, transferring, varying or winding-up a superannuation fund
• Satisfying your superannuation responsibilities as an employer

You can contact us online or call the head of our superannuation team, David Court, on tel: +613  9670 8200 to see how we can help you.  
On this page we provide an overview of the Australian superannuation industry; an outline of employer responsibilities; links to valuable superannuation resources; and resources provided by Holley Nethercote Commercial & Financial Services Lawyers that may be of value to you.

The Australian superannuation industry

The superannuation industry in Australia has undergone substantial growth over the last 10 years, in tandem with regulatory changes governing the industry. 

Whilst the sector took a hit during the global financial crisis it recovered strongly, fuelled by employer and employee contributions and the rise in SMSFs.

As at March 2011, total superannuation assets were around $1.36 trillion. These assets were spread across five different types of superannuation fund: Industry, Public Sector, Corporate, Retail and SMSF. 

According to Treasury, of the 12 million Australians who currently hold a superannuation account, approximately 80% have their compulsory super contributions paid into a default superannuation fund.

The following graph indicates the spread of assets between the super funds.


 

Both employees and employers have the opportunity to contribute money into an employee’s super fund. The following two graphs indicate who does the contributing. The superannuation strategy of those with an SMSF is very different to those in the larger traditional superannuation funds.



Source: Australian Prudential Regulation Authority (APRA), Australian Taxation Office (ATO)

Employer responsibilities relating to superannuation funds

Employers have a myriad of responsibilities to employees. One of these is to provide employees with the correct amount of superannuation, into the right super fund, on time.

Below is a general list of responsibilities that employers have towards their employees. Superannuation law can be very technical. We recommend seeking advice if you are unsure of your obligations.

• Employers need to provide at least 9% of their employees’ ordinary time earnings at least every three months (up to the maximum contribution base) into their super account, in addition to salary and wages. 
• The employment status of the employee does not affect your obligation to contribute to super (ie. Casual, part-time, temporary resident).
• Employers must provide eligible employees with a ‘Standard Choice Form’ and an opportunity to choose their own super fund.
• Super contributions are not required if:

the employee works part time and is under age 18;
the employee is aged 70 or over;
the employee is paid less than $450 before tax per month.

• In most cases, employers can claim a full tax deduction for super payments made for employees under 75 years old. 

Stay up to date in relation to regulatory reforms

Subscribe to our financial services blog, where we will provide periodic updates in relation to superannuation regulatory changes and proposals. 

Visit our Compliance Forum, where you can sign up to our Tailored Regulatory Exchange (T-REX) service. T-REX is a subscription service for Australian Financial Services Licensees, which provides regulatory updates relevant to the subscriber. This includes updates relating to superannuation products and the financial services to which these relate.

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