Eligble staff may salary package additional superannuation contributions to a complying superannuation fund.
Salary packaging additional superannuation does not affect the University of Melbourne's normal employer contributions.
Payments made as pre tax superannuation deductions are subject to a number of regulations:
- Payments made under this salary sacrifice option will be subject to preservation rules and cannot be withdrawn before reaching retirement age and retiring from the workforce;
- A contribution tax of 15% is applicable;
- Pre tax superannuation contributions may be subject to the superannuation surcharge levy of up to 15%.
The superannuation fund you choose must be a complying fund in accordance with the Australian Prudential Regulation Authority (APRA) and the Insurance and Superannuation Commission (ISC). For self managed funds a copy of the compliance certificate will be required.
It is recommended that you seek financial advice before packaging additional superannuation.
What is allowable?
Top up superannuation contributions paid into a complying fund of which the employee is a member.
The employer on behalf of the employee makes contributions to the fund.
A staff member must produce proof that the nominated fund is a complying fund.
Form of Payment
If the additional contributions are to a Superannuation fund other than UniSuper there will be a cost of $4 per fortnight to cover additional administration and processing costs. This will be deducted as a pre-tax deduction from your fortnightly pay..
Contact the Superannuation Team on (03) 8344 6075 or (03) 8344 6150.