How Essential Super works for your business
Features for your employees
Death and Total & Permanent Disablement (TPD) cover if they’re under 60 (provided they have money in their account within 120 days of opening it). They may change or cancel cover any time.
Knowing your super obligations
Here's some key information you need to know as an employer
- You must pay at least 9.5% of your employee’s salary into their super fund if they’re eligible to receive Super Guarantee (SG) contributions (until 30 June 2016).
- To avoid penalties, employer SG contributions must be made before the quarterly cut-off dates set by the Australian Taxation Office.
- If your employee doesn’t nominate their own super fund, you must contribute their super into a MySuper account.
- You need to follow the SuperStream standard for super payments – the government standard for processing superannuation data and payments electronically.
Things you should know
^Eligible employees will be automatically approved for Death and Total Permanent Disability (TPD) cover. No medicals required (provided they have money in their account within 120 days of opening it).
*MySuper accounts offer restrictions on the type of fees that can be charged, simple features so you don’t pay for services you don’t need and a single diversified investment option or a lifecycle investment option.
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 is not financial product advice and does not take into account any person’s individual objectives, financial circumstances 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.