Superannuation Funds

Holley Nethercote’s expertise in superannuation law means we can help you in a number of ways:

Self-Managed Superannuation Fund (SMSF) Assistance 

We can aid you with:
  • establishing trust deeds and completing trustee declarations, resolutions, and registration  
  • forming a corporate trustee company, including preparing incorporation documents, completing and submitting application forms and formalising a company constitution
  • varying trust deeds
  • meeting your ongoing compliance requirements of superannuation law

Retail, Public Sector, Industry or Corporate Superannuation Assistance 

We can assist you with:
  • establishing, transferring, varying or winding-up a superannuation fund
  • satisfying your superannuation responsibilities as an employer
You can contact us online or call the head of our superannuation team, David Court, on tel: +613  9670 8200 to see how we can help you.  

On this page we provide an overview of the Australian superannuation industry; an outline of employer responsibilities; links to valuable superannuation resources; and resources provided by Holley Nethercote Commercial & Financial Services Lawyers that may be of value to you.

The Australian superannuation industry

The superannuation industry in Australia has undergone substantial growth over the last 10 years, in tandem with regulatory changes governing the industry. 

Whilst the sector took a hit during the global financial crisis it recovered strongly, fuelled by employer and employee contributions and the rise in SMSFs.

As at October 2012, total superannuation assets were around $1.46 trillion.  These assets were spread across five different types of superannuation fund: Industry, Public Sector, Corporate, Retail and SMSF. 

Employer responsibilities relating to superannuation funds

Employers have a myriad of responsibilities to employees. One of these is to provide employees with the correct amount of superannuation, into the right super fund, on time.

Below is a general list of responsibilities that employers have towards their employees. Superannuation law can be very technical. We recommend seeking advice if you are unsure of your obligations.
  • Employers need to provide at least 9% (increasing as of July 2013) of their employees’ ordinary time earnings at least every three months (up to the maximum contribution base) into their super account, in addition to salary and wages. 
  • The employment status of the employee does not affect your obligation to contribute to super (ie. Casual, part-time, temporary resident).
  • Employers must provide eligible employees with a ‘Standard Choice Form’ and an opportunity to choose their own super fund.
  • Super contributions are not required if:
    • the employee works part time and is under age 18;
    • the employee is aged 70 or over;
    • the employee is paid less than $450 before tax per month.
  • In most cases, employers can claim a full tax deduction for super payments made for employees under 75 years old. 

Stay up to date in relation to regulatory reforms

Subscribe to our financial services blog, where we will provide periodic updates in relation to superannuation regulatory changes and proposals. 

Visit our Online Compliance Forum, where you can sign up to our Tailored Regulatory Exchange (T-REX) service. T-REX is a subscription service for Australian Financial Services Licensees, which provides regulatory updates relevant to the subscriber. This includes updates relating to superannuation products and the financial services to which these relate.

Contact us now to see how we can assist you.

  • By David Court

    Seven reasons why you should use a corporate trustee for your SMSF

    Tuesday, 28 July 2015
    Like most professional advisers, we are strongly of the view that a self-managed superannuation fund ("SMSF") should have a corporate trustee.  This article looks at the trustee requirements for SMSFs and sets out a number of reasons for preferring a corporate trustee.

    Keep Reading

  • By Grant Holley

    New rules for SMSF auditors

    Wednesday, 11 July 2012
    The Minister for Financial Services and Superannuation Bill Shorten has released details regarding a proposed SMSF Auditor Registration Scheme. We’ve produced a one-page Mindmap that covers the proposed changes including information on requirements for registration, transitional arrangements, implementation timelines and other helpful pieces of information.

    Keep Reading

  • By David Court

    ATO SMSF Compliance Focus for 2011-12

    Thursday, 4 August 2011
    Due to the self-assessment nature of the tax system the ATO does not review the returns of all taxpayers. Rather, it sets up a compliance program which audits and reviews particular classes of taxpayers and particular aspects of the taxation laws having regard to the perceived risks of tax avoidance. SMSFs are no exception in this regard.

    Keep Reading

Business Types