Employer obligations

Saving and investing through superannuation has been designed to be the foundation for a members' financial independence in retirement. Contributing to superannuation may provide tax advantages to the member.
Introduction
TFN laws will generally require you to pass on the TFNs of employees that have been quoted to you for superannuation purposes to ACSRF when you next make contributions for the employee.

Overview
Your TFN responsibilities are to:

• respect the privacy of employees who quote you their TFN
• accept TFN’s from your employees and
• pass them on when you next make a contribution to Catholic Superannuation and Retirement Fund

An employee is not obliged to provide their TFN to you or the superannuation fund.

TFN responsibilities
You should respect the privacy of employees who quote their TFN to you. The responsibility to respect the privacy of your employees who quote their TFN to you means a number of things for you.

• Only accept TFNs from your employees for superannuation purposes in the manner authorised by Australian Prudential Regulation Authority (APRA). Only use TFNs collected for superannuation purposes for passing on to a regulated superannuation fund such as Australian Catholic Superannuation & Retirement Fund.
• Collect and hold TFNs in a secure manner – an employee’s TFN must not be generally accessible by other employees.
• Under TFN laws, employees will be able to give you their TFN for superannuation purposes.
• You must accept TFNs given to you by your employees for superannuation purposes. The TFN will help in locating the superannuation benefits of employees who have lost contact with the superannuation funds. The TFN will also be helpful in protecting many small superannuation accounts held for an employee by allowing the accounts to be combined. The combined amount will be protected from the eroding effect of administration fees by being larger and having only one set of fees.
• You should have arrangements in place to handle the TFNs that employees may quote to you for superannuation purposes.

The Commonwealth Government’s Superannuation Guarantee(SG) contributions legislation requires employers to provide a minimum superannuation benefit for employees.

Currently the SG contribution is set at 9% of salary. The SG contribution amount paid to ACSRF will depend on arrangements in place with your employee.

Employers are required under legislation to pay Superannuation Guarantee(SG) contributions within 28 days of the close of the quarter in which the contributions were earned. Below are the quarter end and due dates for payment of SG contributions:

Quarter Date payment due 1 July - 30 September 28 October 1 October - 31 December 28 January 1 January - 31 March 28 April 1 April - 30 June 28 July

Members' own (employee) contributions must be remitted within 28 days of the month of the deduction from the member's pay. Employers should note that ACSRF provides members with information on their six-monthly benefit statement which lists the dates when contributions are received from the employer for processing.