Socially Responsible Investing – A Super Fund that adheres to the Islamic Principles of Dar Al Istithmar. (Brief explanation of what this is)
Disciplined Sharia screening – through our double layered, external (MSCI) and internal screening process we have an Approved Product List that provides rigor and assurance in our adherence to our ethical/Islamic mandate.
Investment expertise and products within Australian Islamic Super are not just limited to direct Australian shares but include gold, International shares, Infrastructure, Property and alternative ethical assets, thus providing a fully diversified asset allocation.
Performance – Track record of outperformance in a variety of market conditions. See recent performance statistics.
Platform – Outsourced to top tiered providers as the trustee and custodian (Trust Company of Australia), Power Wrap as the administrator and Deloittes as the Auditor. Thereby providing transparency, cost control and both internal and external risk management.
Effective cost structure – Cost to members is equivalent to best practice and best value for members on offer in the market place.
Process – Multi style investment approach, with investment ideas filtered from fundamental, technical and quantitative analysis.
Australia’s Super Guarantee rate is 9.5%. This means as an employer, you are required to pay into your employee’s superannuation fund.
To help provide a realistic income in retirement, the Super Guarantee rate will continue to gradually increase up to 12% by 2025. The Government now proposes that it remain at 9.5% until 30 June 2021 and then increase by 0.5% each year until it reaches 12% on 1 July 2025. The table below shows the yearly rate increases:
As an employer, you must make a payment at least quarterly to your employees. Payments made on time, before the Australian Taxation Office (ATO) SG contribution deadlines can be claimed as a tax deduction.
When a cut-off date for payment falls on a Saturday, Sunday or public holiday, you can make the payment on the next business day.
If you don’t meet the SG contribution deadline, as an employer you may have to pay the required amount, plus interest and an administration fees imposed by the ATO.
Keep on top of your employee’s super to avoid penalties and charges:
As an employer, it’s recommended that you know your obligations and the deadline dates of your employee’s super contribution.
It is a requirement that employers pay SG contributions on time. The government does charge penalties and interest for late payments. Some steps to avoid late SG contribution payments are:
Make your super contribution on a quarterly basis: The ATO specifies the government cut-off dates as to when you must make super payments for an employee. However, some super funds suggest that you make monthly payments as it may help you with your cash flow. As employer you need to make sure you know how frequently you need to make payments.
Directors can become personally liable for late Super contributions for employees.
If an employee is leaving, the employer needs to calculate his employee’s final pay and super. Your leaving employee may be entitled to payments for annual leave, but they will not receive super on top of these payments.
If you are existing your business, still you need to pay your employees their wages and super. If you believe you won’t be able to afford this, then you may need some financial advice on how to manage this as soon as you realise this may be a possibility.
Enter income after you have deducted any salary sacrifice amount.
Super Guarantee contributions are payable quarterly.
If you earn $54,030 per quarter or more, you’ll need to check with your employer how much superannuation they are paying into your fund. The maximum SG that an employer is legally required to contribute is the equivalent of 9.5% of a person's salary up to a maximum salary of $54,030 per quarter, which works out to be $5,132.85 per quarter (that is $20,531.40 SG for the year).
Your employer must pay 9.5% of your ordinary time earnings (OTE) into your super fund. For Super Guarantee purposes, your OTE is usually the amount you earn from your ordinary hours of work. It includes:
Shift loadings and allowances
Overtime payments however are usually not included.
The super contributions have to be shown on your pay slip. You can also log on to your super fund’s website to see them or wait for your annual statement.
If you are an employer, you have to pay super if your employee(s) earn at least $450 gross per calendar month.
The exceptions are employees who are:
Under 18 years of age and working less than 30 hours per week.
Performing work of a private or domestic nature for not more than 30 hours a week for a non-business employer.
Please note: You may still be required by a Federal or State award, Industrial Agreement or Employee Contract to pay super for the above employees. It’s important to investigate your particular circumstances in relation to your employees.
It’s a government owned platform designed to make superannuation systems easier to use. Employers are obliged to use SuperStream to pay employees Super Guarantee Contribution to their Superfund.
SuperStream pass on money and data electronically across the super system “employers, funds, service providers and the ATO”. The data is linked to the payment by a unique payment reference number. Superstream must be used by business owner (employers), SMSF, and APRA regulated fund.
*note: By the 30th June 2016 all employers in Australia, must use a SuperStream compliant payment system when making super contributions.