|
 |
 |
| March 2008 | Enquiries/Feedback
|
| The clock’s ticking on 1 July 2008 changes New SG earnings base: audit alert The ATO will be spot-checking employers to make sure they are using the new earnings base for Super Guarantee contributions. If you fail to meet the new requirements, it could have a big impact on you and your business. From 1 July 2008, employers must use ordinary time earnings (OTE) to calculate the 9% SG contributions they pay. OTE may include bonuses, commissions, shift allowances, some motor vehicle expenses etc. As this is a payroll function, the Aon Master Trust will not be in a position to check that you are satisfying the new requirements – this is something that individual employers must do. If the ATO audits an employer and finds they are not complying, the employer will be liable for a Super Guarantee Charge and other penalties and charges may also apply. If you would like Aon to help you prepare for the new requirements, please call your account manager for more information or to arrange a meeting to discuss your needs. Mandatory minimum insurance cover From 1 July 2008, super funds selected by employers as their default under Choice of Fund legislation must provide members with a minimum level of death cover. Our Choice of Fund factsheet outlines this mandatory minimum cover. To help clients prepare for 1 July 2008, we are auditing our fund records to identify members who currently have no insurance cover and who may not have been offered a level of cover that will satisfy the mandatory minimum. If this applies to any of your members, we will be in touch with you shortly to outline our approach to complying with the new requirement. Many of our members will soon be reaping the rewards of the SuperMatch search we did last year. With several thousand matches identified by the ATO, there’s a good chance that some of your employees will be among them. During March, they’ll receive a Look what we found brochure and an invitation to roll their new-found super into their Aon Master Trust account. The Aon Master Trust has been awarded an ‘outstanding’ five star rating from independent research firm, Heron Partnership for the third consecutive year. SuperRatings, an independent agency that reviews Australia’s major super funds, has awarded its highest rating – Platinum – to the Aon Master Trust for the second consecutive year. Investment market peaks and troughs Australian and overseas investment markets have fallen substantially since the beginning of the year. Getting some perspective around super fund performance will help members to deal with the recent falls in their super investment. As noted in Member
Directions, the key messages for super fund members are:
We recommend that members seek professional financial advice and guidance when making (or changing) their investment plans. Members who don't have a financial adviser but would like to be put in touch with one* can contact us on 1300 880 588. * Financial planning services are not provided by Aon Superannuation Pty Limited. BNP to provide unit pricing services The Aon Master Trust uses daily unit prices to process member transactions including investment switches and benefit payments. Receiving on-time and accurate daily unit prices is therefore a critical part of our member service delivery. BNP Paribas Fund Services Australasia Pty was appointed custodian of the Aon Master Trust's assets during 2007. The trustee is expanding the scope of this partnership, appointing BNP to also provide unit pricing services from 17 April 2008. BNP’s ability to meet our unit pricing needs has been the key driver behind moving this key service to a specialised provider. The move to BNP will bring:
Employer contributions in April While this change will not affect you on a day to day basis, we will need to suspend cashflow processing for several days in the lead up to the 17 April transition date. If you wish your employer contributions to be processed and loaded before this suspension, please submit them to us (with all supporting documents) by 9 April. Any contributions or cashflow instructions received after that date will be processed from 17 April. Aon to outsource super admin services Aon has recently made the decision to outsource its superannuation administration services to the specialised provider Pillar. This partnership is a positive move for Aon and its clients, as we look to leverage off Pillar’s scale, technology platforms and specialised experience to continue to provide our clients with excellent superannuation administration services in this increasingly complex and competitive industry. This move also underpins our continuing development of innovative and quality superannuation solutions through the Aon Master Trust, as seen in our market-leading product developments such as minimum level default insurance cover. The transition will occur in the background and you will see minor changes to letterhead, forms, website logins and email addresses later in the year. For feedback, questions or more information…
Disclaimer The information in this document is general in nature. Your personal objectives, needs or general situations were not taken into account when preparing this information. You should consider the appropriateness of any general advice before acting on it, having regard to your own objectives, financial situation and needs. If the information relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement before making any decision to purchase that financial product. Depending on the terms of the particular plan, the Trustee may receive remuneration in respect of the superannuation interests that it issues. For providing personal advice that results in the issue of an interest in the Aon Master Trust, Aon Consulting Pty Limited may receive remuneration from the Trustee. Employees and directors of Aon Consulting Pty Limited are remunerated by way of salary, but may receive bonuses based on the quality and amount of services provided. This document has been prepared by Aon Consulting Pty Limited (ABN 48 002 288 646, AFSL 236667) a related body corporate of the trustee of the Aon Master Trust (RSE R1000566), Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL 237465, RSE L0000437). This is a relationship that might reasonably be expected to be capable of influencing Aon Consulting Pty Limited when the company provides financial advice to clients in respect of the Aon Master Trust. © 2008 This work is copyright. Apart from any
use permitted under the Copyright Act 1968, no part may be reproduced
by any process nor may any other exclusive right be exercised without
the permission of Aon Consulting Pty Limited.
|
|