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Salary Packaging
Additional Superannuation
Description
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- Payments made under this salary sacrifice option will be subject to preservation rules and cannot be withdrawn before reaching retirement age and retiring from the workforce;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.
Substantiation Documentation
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..
Other Information
Contact the Superannuation Team on (03) 8344 6075 or (03) 8344 6150.
How to Apply
Complete the form HR 32A (.doc) (Salary Packaging: Additional Superannuation) and return to HR Specialist Services, Raymond Priestley Building or email to payroll-forms@unimelb.edu.au.