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UTS Superannuation

 

The Superannuation administration at UTS is part of the Payroll Branch located within the Financial Services Unit.

Located at:

Level 6, Building 10 235 Jones Street ULTIMO  NSW  2007.

Superannuation and Packaging Co-ordinator:     TBA

Phone:        (02) 9514  2845

Fax:            (02) 9514 2839

superannuation@uts.edu.au

Acting Superannuation Officer:     Swati Flora

Phone:        (02) 9514 2853

Fax:            (02) 9514 2839

superannuation@uts.edu.au

 

UniSuper is now on your campus - On Tuesdays and Wednesdays

A UniSuper representative is now on campus to help you make the most of your retirement savings.

They can help you with basic information and general advice about your superannuation and their range of products.

You can obtain advice on:

  • services such as MemberOnline
  • the UniSuper website and its range of tools and calculators
  • the UniSuper helpline
  • referrals to the UniSuper Advice Team for personal advice that's tailored to you, from qualified financial advisers.

 

Book an appointment on campus


In accordance with the Financial Services Reform Act of 2001, staff in the Superannuation area at UTS are not able to provide financial advice.

 

UTS recommends that all staff should seek advice from a qualified Financial Advisor, Accountant or Tax Agent.

 


SUPERANNUATION INFORMATION:

 

SUPERANNUATION GUIDELINES

Please refer to the Human Resources website.

 

CHOICE OF FUND

From 1 July 2005, Choice of Fund laws allowed many Australians to choose which superannuation fund will receive the 9% Superannuation Guarantee (SG) contributions that their employers make on their behalf.

Because of numerous exemptions in the legislation, choice of fund does not apply to many people in the higher education and research sector.  Most university employees are covered by an Enterprise Bargaining Agreement (EBA) that already stipulates the payment of superannuation.

UTS staff are exempt from choice of fund rules.

 

 

CONCESSIONAL CONTRIBUTION CAPS

From 1 July 2012 the Federal Government has changed the concessional contribution cap to $25,000 for the 2012/2013 and 2013/2014 financial years.
 
However commencing from 1 July 2013 Federal Government has increased the superannuation concessional contributions cap to $35,000 for the 2013-2014 financial year for individuals aged 60 years and over, and to $35,000 for the 2014-2015 financial year and later financial years for individuals aged 50 years and over. 

Concessional superannuation contributions are made up of:

  • Compulsory superannuation guarantee payments (SGC – 9.25% from 1/7/2013)
  • Employer contributions – 14% or 17%
  • Salary sacrifice/Salary Packaged contributions to all superannuation funds.
Information on these contributions will be shown on your payslip as a fortnightly and/or YTD (year to date) amount under the sections Pre Tax Deductions and Employer Contributions
 
The amounts shown on your payslip may not match your concessional contribution balance as advised each year by your superannuation fund/s to the Australian Taxation Office.
 
 
POTENTIAL OPTIONS TO REDUCE YOUR CONCESSIONAL CONTRIBUTION BALANCE.
  • Cease salary sacrifice contributions to superannuation.
  • UniSuper Contribution Flexibility. Refer to the UniSuper website: www.unisuper.com.au .
  • UTS Superannuation Flexibility for Support and SSG staff only.  See the link to the HR website: http://www.hru.uts.edu.au/docs/manual/5_6a.pdf .
  • SSS, SASS and the UniSuper Defined Benefit Plan have different ways of calculating the concessional contribution balance that they advise the ATO.  Please refer to their websites for the appropriate fact sheets.  Please discuss with UniSuper on 1800 331 685, SSS on 1300 130 095 or SASS on 1300 130 096. 
If you exceed your concessional contributions cap, you may pay a higher tax rate on any contributions that exceed these limits.  It is your responsibility to monitor and be aware of your total contributions and possible tax impact.
To discuss strategies or mechanisms to manage your concessional contributions please contact UniSuper, State Super or your financial adviser.  For more information concerning concessional contributions, please refer to UniSuper on 1300 331 685, State Super or contact the Australian Taxation Office.
 
Staff in the Superannuation area at UTS are not able to provide financial advice for individual circumstances.
 

 

NON-CONCESSIONAL CONTRIBUTION CAP

In the 2012/13 financial year, you can make up to $150,000 of non-concessional (personal after-tax) contributions to your super before tax applies. If you exceed this $150,000 cap the excess contributions will be taxed at 46.5%.

If your contributions exceed both the concessional and non-concessional contributions caps in a financial year, the excess amount could end up being taxed at 93% overall.

It is your responsibility to monitor the contributions made into your UniSuper account, and to any accounts you may hold in other super funds, to ensure you do not exceed the caps.

 

 

RESC - REPORTABLE EMPLOYER SUPERANNUATION CONTRIBUTIONS

 

 

  • CONTRIBUTION FLEXIBILITY:

Under UniSuper’s contribution flexibility arrangements, you can reduce your standard member’s contributions to specific levels – down to zero if you are receiving 17% employer contributions or to a minimum of 2.55% if you are receiving 14% employer contributions.  In both cases UTS will maintain the appropriate level of contributions.

For more information:

Defined Benefit members:

http://www.unisuper.com.au/members/super-options/defined-benefit-division

Accumulation 2 members:

http://www.unisuper.com.au/members/super-options/accumulation-2

 

 

  • SUPERANNUATION FLEXIBILITY:

Superannuation Flexibility is available under the Support Staff Agreement and Senior Staff Group Collective Agreement and UniSuper Trust Deed.  Only UniSuper members of the Senior Staff Group and Support Staff who receive the full employer contribution level of 17% and who make standard member contributions are eligible to apply for Superannuation Flexibility.  Superannuation flexibility enables eligible staff to elect to reduce the employer contribution level paid into their UniSuper account by UTS from 17% to 14% of salary, and instead receive the 3% balance as a non-superannuable cash payment in their fortnightly pay. 

Academic Staff are not eligible for superannuation flexibility because there is no equivalent clause in the Academic Staff Agreement.

The Superannuation Flexibility Application Form includes further information about arrangements for Superannuation Flexibility.

 

 

  • SUPER CO CONTRIBUTIONS:

For more information please refer to the ATO website.

http://www.ato.gov.au/individuals/content.asp?doc=/content/42616.htm&mnu=41871&mfp=001/007

 

 

  • TEMPORARY RESIDENTS DEPARTING AUSTRALIA:

For more information please refer to the ATO website:

http://www.ato.gov.au/content/00276719.htm

 

 

  • SEMINARS:

State Super Financial Services and UniSuper hold seminars at UTS for their members.  For more information please refer to the UTS Staff Notices.

 

  • CONTACT PHONE NUMBERS:

UniSuper

UniSuper Advice

SSS

SASS

State Super Financial Services (Sydney Office)

 

1800 331 685

1300 331 685

1300 130 096

1300 130 095

1800 620 305