If your employees don’t provide their Tax File Number (TFN) to their super fund by 30 June 2011, they could face paying triple the tax on their super contributions.
Why pay triple the tax?
If your employees don’t provide a valid TFN to their super fund, your employer SG contributions, plus any voluntary salary sacrifice contributions they make, may be taxed at the top tax rate of 46.5% (instead of just 15%).
Plus, super funds can’t accept any personal after-tax contributions without a valid TFN, which means your employees could miss out on other super bonuses like the Government co-contribution – even if they do qualify.
So, remind your employees to check they’ve supplied the correct TFN to their super fund before 30 June 2011. For more information or for help with your business super needs, call Susan Alexander on
1300 697 873.
AustralianSuper is a leading industry super fund that provides employers with easy and flexible administration. Run only to benefit members, we offer low fees and strong long-term investment returns to help members retire with more.
This document was prepared in June 2011 by AustralianSuper Pty Ltd ABN 94 006 457 987 AFSL 233788 the Trustee of AustralianSuper ABN 65 714 394 898