Essential Super for employers

  • Set up and manage quickly and simply in NetBank; enabling you to meet your super guarantee obligations easily
  • Make super contributions in NetBank easily, with a dedicated page for superannuation payments
  • Essential Super is a MySuper compliant product that can be used as a default fund for your business
  • Competitive fees for your employees and no fees for your business
  • No decisions for you; your employees are defaulted in to age-appropriate investment and insurance options
  • Our consolidation Concierge Service is available for your employees who have super elsewhere
  • Essential Super also has a Gold rating from SuperRatings.

Essential Super for employees

Not only is Essential Super easy for employers, it benefits employees too. Once their account has been created, employees can manage their account simply in NetBank. Other features include:

  • An account with competitive fees and no hidden charges
  • A dedicated helpline for all their queries
  • Convenience of checking balances anytime in NetBank and making extra contributions when it suits them
  • Your employees will be invested in the default MySuper Lifestage product based on their age. Each lifestage option has an investment mix for people of a similar age, designed by a team of experienced investment professionals. We also offer three additional investment options for your employees to choose from
  • Your employees will be automatically approved for Death and Total Permanent Disability (TPD) cover at a level matched to their age:
    • No medicals required (provided they have money in their account within 120 days of opening it)
    • Flexibility to double, halve or remove their cover at any time.

Additional information

  • You must pay the current 9.5% super guarantee rate of your employee’s salary into their super fund if they are eligible to receive super guarantee contributions
  • To avoid penalties, employer super guarantee contributions must be made before the quarterly cut-off dates set by the Australian Taxation Office.

Australian businesses generally are required to select a default fund. A default fund is a super fund chosen by an employer, for the purpose of making super guarantee payments for employees who have not selected a preferred fund (by completing a super fund, standard choice form available from the ATO).

Once you have set up Essential Super as your default fund, you can easily join all your new employees to ensure you don't miss a cut-off date for any super guarantee payments.

Default funds need to comply with the MySuper requirements. Essential Super is a MySuper compliant product.

Employers are not liable for the performance of the super fund they choose on their employee's behalf as their default fund.

Quarter

Date you need to pay your employees’ super contributions

July-September

28 October

October-December

28 January

January-March

28 April

April-June

28 July

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Things to know before you Can:

Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the trustee and issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. This information may include general advice but does not take into account individual objectives, financial situation or needs. You should read the Product Disclosure Statement (PDS) for Commonwealth Essential Super and consider talking to a financial adviser before deciding whether to acquire or continue to hold this product. Click here to download the PDS, collect one from any branch of the Commonwealth Bank or call us on 13 4074 and we’ll post one out to you. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’). The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. An investment in Essential Super is subject to risk, loss of income and capital invested.