Superannuation Contribution Choices Form

Transcription

1 Superannuation Contribution Choices Form Only use this form to make or change your choices for your superannuation contributions Your available choices What you should do How you wish to receive the Company contributions your employer makes to your super above the 9.5% Superannuation Guarantee minimum (if any). (Note: Does not apply to FAR employees or defined benefit members) To direct your Company contributions to a complying super fund other than the Incitec Pivot Employees Superannuation Fund (IPE Super), which is the default super fund for employees of the Incitec Pivot Group. To make or change the amount of your additional voluntary contributions to super and, if so, whether these contributions should be deducted from your before-tax or after-tax salary. You can also use this form if you wish to cease making additional voluntary contributions. Complete Sections 1, 2 and 5 Complete Sections 1, 3 (including the Standard choice form) and 5 Complete Sections 1, 4 and 5 Section 1: Your personal details (please print) Title: Employee no.: Given name: Surname: Home address: Date of birth: / / Page 1 of 8

2 Section 2: Your Company contributions Under superannuation law, your employer is required to contribute a minimum of 9.5% of your Ordinary Time Earnings to super. These Company contributions are also known as Superannuation Guarantee (SG) contributions. Depending on your employment conditions, your employer may contribute an amount higher than the 9.5% SG minimum (Note: does not apply to Fixed Pay* employees). If so, you can choose to have this higher amount either paid to your super or added to your salary and paid to you in cash (subject to income tax). To see the level of Company contributions you receive, refer to your employment contract. * Note: The Company contribution for Fixed Pay employees is calculated automatically as 9.5% of your Ordinary Time Earnings up to the maximum superannuation contribution base (i.e. 9.5% of $216,120 for the 2018/19 financial year). This means the maximum SG contribution will be $20,531 p.a. It is assessed quarterly so the maximum quarterly contribution is $5, Tick ONE box below to tell us what you wish to do. I would like my entire Company contribution to be paid to my super (including any amount above the 9.5% SG minimum). I would like to take any amount above the 9.5% SG minimum as cash salary (this amount is subject to income tax). Your choice will be effective from the next pay period after your form is received by the HR Services Centre. Section 3: Choice of super fund / Standard choice form Under the Choice of Fund laws, you can choose which super fund you would like your Company contributions paid to. Incitec Pivot has nominated IPE Super as the default fund for your Company contributions. This means that your Company contributions will be paid to IPE Super automatically unless you choose another super fund. If you want your Company contributions to be paid to another super fund, you should complete Section A of the Standard choice form (on page 4) and return it to the HR Services Centre. Be sure to attach all of the necessary documentation listed on the Standard choice form. Without this documentation, IPL cannot process your Choice of Fund request. Important: Choice of Fund and the implications for your super If you re a current member of IPE Super, directing your Company contributions to another super fund has implications for your super. For example: Your existing death and disablement insurance cover (including any voluntary insurance) will cease if you close your account in IPE Super. You will need to make insurance arrangements through your new super fund or take out personal cover. You should check the fees of any fund you are considering, as they may be more than you pay as a member of IPE Super. Further, if you re a Defined Benefit member and you wish to choose another fund, you will first be required to transfer your defined benefit to IPE Super s Accumulation section. This means that you will no longer have access to a Lifetime or Deferred Pension through the Fund and, once you have transferred your benefit, you cannot transfer your super back into the Defined Benefit section. Page 2 of 8

3 How to complete your Standard choice form SECTION A: Employee to complete If you choose your own super fund you will need to obtain current information from your fund to complete items 3 or 4. Item 3 Nominating your APRA fund or RSA Complete this item if you are nominating your own APRA fund (fund regulated by the Australian Prudential Regulation Authority) or a retirement savings account (RSA). You must include the unique superannuation identifier (USI) provided by your fund. You must attach a letter from the fund trustee or RSA provider confirming that the fund or RSA: is a complying fund or RSA, and will accept payments from your employer. This letter may contain other information to help your employer make super contributions using the SuperStream standard. Item 4 Nominating your self-managed super fund (SMSF) Complete this item if you are nominating a self-managed super fund (SMSF). You must include your SMSF s ABN, bank account details and electronic service address (ESA) (so the fund can receive electronic messages and payments from your employer using SuperStream). FIND OUT MORE ato.gov.au/smsfsuperstream for information about how SuperStream applies to SMSFs If you are using an SMSF message service provider they will provide you with an electronic service address alias to include as the ESA on the form. You must attach copies of the following documents to support your SMSF choice: a document confirming that the fund is regulated this can be printed from superfundlookup.gov.au a letter from the trustee of the SMSF confirming that the fund will accept payments from your employer if you are the trustee, or a director of the corporate trustee, you can confirm acceptance by placing an in the relevant box on the form. Things you should know Your employer is not liable for the performance of the super fund you or they nominate. You should not seek financial advice from your employer unless they are licensed to provide it. Your employer is only required to accept one choice of fund from you in a 12-month period; however, they may accept more. Your employer has two months after you return this form to them to action your request. Any money you have in existing funds will remain there unless you arrange to transfer it (roll it over) to another fund check the impact of any exit fees you will incur or benefits you may lose before leaving the fund (your employer cannot do this for you). If you quote your TFN to your employer for super purposes, they must provide it to the super fund. You may have lost super It is important to keep track of your super if you ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. You can register for our online services and use SuperSeeker to check all your super accounts, find any lost or ATO) held super and transfer your super into one account using a simple online form. FIND OUT MORE ato.gov.au/superseeker, ato.gov.au/super for information about super or choosing a super fund, and moneysmart.gov.au (on the Australian Securities & Investment Commission [ASIC] website) search for choose super fund for tips on how to choose a fund. Page 3 of 8

4 Standard Choice Form For use by employers when offering employees a choice of fund and by employees to advise their employer of their chosen fund. Section A: Employee to complete 1. Choice of superannuation (super) fund I request that all my future super contributions be paid to: (place an in one of the boxes below) The APRA fund or retirement savings account (RSA) I nominate Complete items 2, 3 and 5 2. Your details Name The self-managed super fund (SMSF) I nominate Complete items 2, 4 and 5 The super fund nominated by my employer (in section B) Complete items 2 and 5 Employee identification number (if applicable) Tax file number (TFN)! You do not have to quote your TFN but if you do not provide it, your contributions may be taxed at a higher rate. Your TFN also helps you keep track of your super and allows you to make personal contributions to your fund. 3. Nominating your APRA fund or RSA You will need current details from your APRA regulated fund or RSA to complete this item. Fund ABN Fund name Fund address Suburb/town State/territory Postcode Fund phone Unique superannuation identifier (USI) Your account name (if applicable) Your member number (if applicable) Required documentation You need to attach a letter from your fund stating that they are a complying fund and that they will accept contributions from your employer. Correct information about your super fund is needed for your employer to pay super contributions. Page 4 of 8

5 4. Nominating your self-managed super fund (SMSF) You will need current details from your SMSF trustee to complete this item. Fund ABN Fund name Fund address Suburb/town State/territory Postcode Fund phone Fund electronic service address (ESA) Fund bank account BSB code (please include all six numbers) Account number Required documentation You need to attach a document confirming the SMSF is an ATO regulated super fund. You can locate and print a copy of the compliance status for your SMSF by searching using the ABN or fund name in the Super Fund Lookup service at If you are the trustee, or a director of the corporate trustee you can confirm that your SMSF will accept contributions from your employer by making the following declaration (place an in the box below): I am the trustee, or a director of the corporate trustee of the SMSF and I declare that the SMSF will accept contributions from my employer. If you are not the trustee, or a director of the corporate trustee of the SMSF, then you must attach a letter from the trustee confirming that the fund will accept contributions from your employer. 5. Signature and date If you have nominated your own fund in Item 3 or 4, check that you have attached the required documentation and then place an in the box below. I have attached the relevant documentation. Signature Date / / Return the completed form to your employer as soon as possible. Page 5 of 8

6 6. Your reasons for choosing another fund The Trustee would like your feedback about the reasons you have chosen to direct your future contributions to another fund. Your response will be treated in strict confidence and will be used by the Trustee solely for the future management of the Fund. I have chosen to direct my future contributions to another fund because (you can tick more than one box): I already have super in my chosen fund. My chosen fund provides me with a greater choice of investment options. The past investment returns achieved by my chosen fund are strong. I will receive a comprehensive insurance package in my chosen fund. The insurance premiums quoted by my chosen fund are lower. I expect to pay lower fees in my chosen fund. My financial adviser recommended that I transfer to my chosen fund. I have been waiting for the opportunity to set up a self-managed fund. Other reason (please use the space below): MORE INFORMATION For more information: visit the Australian Tax Office (ATO) website at ato.gov.au visit ASIC's MoneySmart website for financial tips and safety checks at moneysmart.gov.au subscribe to 'What's New' at ato.gov.au to receive regular updates phone to ask about choosing a super fund phone between 8am and 6pm, Monday to Friday, to speak to an ATO tax officer phone the ATO publications ordering service on for copies of publications, or write to the ATO at PO Box 3578, ALBURY NSW If you do not speak English well and want to talk to an ATO tax officer, phone the Translating and Interpreting Service on for help with your call. If you have a hearing or speech impairment and have access to appropriate TTY or modem equipment, phone If you do not have access to TTY or modem equipment, phone the Speech to Speech Relay Service on Page 6 of 8

7 Section B: Employer to complete You must complete this section before giving the form to an employee who is eligible to choose the super fund into which you pay their super contributions.! Sign and date the form when you give it to your employee. 7. Your details Business name Incitec Pivot Limited ABN Signature Date / / 8. Your nominated super fund If the employee does not choose their own super fund, you are required to pay super contributions on their behalf to the fund that you have nominated below: Super fund name Incitec Pivot Employees Superannuation Fund (ABN ) Unique superannuation identifier (USI) Phone (for the product disclosure statement for this fund) Super fund website address Section C: Employer to complete! Complete this section when your employee returns the form to you with section A completed. 9. Record of choice acceptance In the two months after you receive the form from your employee you can make super contributions to either the fund you nominated or the fund the employee nominated. After the two-month period you must make payments to the fund chosen by the employee.! If you don t meet your obligations, including paying your employee superannuation contributions to the correct fund, you may face penalties. Date employee s choice is received / / Date you act on your / / employee s choice! Employers must keep the completed form for their own record for five years. Do not send it to the Australian Taxation Office, the employer s nominated fund or the employee s nominated fund. PRIVACY STATEMENT The ATO does not collect this information; we provide this form as a means for employees to identify and provide necessary information to their employer. An employer is authorised to collect an employee s TFN under the Superannuation Industry (Supervision) Act It is not an offence for an employee not to quote their TFN. However, quoting a TFN reduces the risk of administrative errors and if the employee does not quote their TFN their contributions may be taxed at a higher rate. An employee can get more details regarding their privacy rights by contacting their superannuation fund. Page 7 of 8

8 Section 4: Additional voluntary contributions to super As well as receiving Company contributions, you can make additional voluntary contributions, either from your before-tax or after-tax salary, to the superannuation fund of your choice. Tick ONE box below to tell us what you wish to do. I want to commence making additional voluntary contributions. I want to change the amount of additional voluntary contributions. I want to cease making additional voluntary contributions to super. If you ticked either of the first two boxes, please tell us how much you want to contribute and whether you want your contributions to be deducted from your before-tax* or after-tax** salary. I want to contribute % of my salary OR $ each pay period. I want to make by contributions from my (please tick ONE box only): Before-tax* salary After-tax** salary * Along with Company contributions, any before-tax contributions you make are subject to a concessional contributions cap. For the 2018/2019 tax year, the limit is $25,000 p.a. regardless of your age. Contributions in excess of the cap (that you do not elect to release from the superannuation system) will be taxed at your marginal tax rate less the 15% contributions tax already deducted by your super fund, plus an interest charge. Before-tax contributions (salary sacrifice) are subject to Company approval. ** Any after-tax contributions you make to super, along with certain other amounts, are referred to as non-concessional contributions. These contributions are not taxed when paid into superannuation, provided the amount paid is limited to $100,000 p.a. If you are under age 65 and you want to make larger non-concessional contributions to your super fund, you may be able to bring forward up to two years of caps, to make total contributions of up to $300,000 over three years. The maximum you can contribute over three years is $300,000 and further restrictions may apply if your total superannuation balance on 30 June 2018 was greater than $1.4 million. Transitional rules apply if you brought forward contributions in 2016/17. If you exceed the cap and you do not withdraw the excess contributions and associated earnings from super, the excess will be taxed at up to 47% (including the Medicare levy). Non-concessional contributions can only be accepted by a fund if that fund has your Tax File Number. Section 5: Your approval Please sign and date the form below to indicate your agreement with the choices you have made on this form. Your signature: Date: / / When you have completed your form, return it to HR Services Centre, Incitec Pivot, Level 8, 28 Freshwater Place, Southbank VIC Alternatively, your completed form to hrsc@incitecpivot.com.au (Note: completed forms returned by will only be accepted if sent from your Company address). Office use only Payroll Payroll Administrator name (please print): Signature: Checklist (please tick) Super Fund change Date: / / If Fund change, was appropriate paperwork included? If not, issue follow up letter Cash out change Employee contribution change Form sent to Superannuation Administrator Date of effect: / / Issued by Incitec Pivot Limited (ABN ). July Page 8 of 8