10 Oct Australians Are Losing Thousands – Are You One of Them?

In the last few weeks there has been a lot of news around employees not receiving their full Super contributions, this is most prevalent in the building, mining and hospitality sectors but it is important to check where ever you work.

The cash-in-hand economy has been the biggest driver of non-compliance as many employers have found it easier to simply pay employees in cash rather than properly pay their employees PAYG with super benefits.

What does this mean for you?

It is estimated that $2.5 Billion of superannuation payments have been lost for Australian’s due to their employers not following government-mandated payments.

With the Australian working population being roughly 11.6 million people, this works out to every working Australian losing $215.51 each. It is important to note that for the vast majority of Australians who work, they are regularly paid their Super.

For those that are not however this means the numbers could potentially be drastically higher meaning you haven’t been paid the full amount you are owed. Money that will help protect you in your retirement and help you to enjoy the lifestyle you have spent your life to build.

How can I find out if I’m owed money?

Our SMSF specialists can show you how you can check to make sure you are being paid what you are owed at one of our upcoming events. These specialists will help you go through your entire superannuation finances and help you to find any lost or outstanding Super payments you may have.

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