Training Session 13 04 02 2021 Payroll superannuation fund 3

Summary

The video script discusses the Australian superannuation system, where employees can choose their pension fund, with employers making contributions on their behalf. It emphasizes the importance of correct fund selection, as it is heavily regulated. The script also covers the Fair Work Information Statement, outlining 10 minimum workplace entitlements, including maximum weekly hours, parental leave, annual leave, and termination notice. It highlights the differences between full-time, part-time, and casual employees, ensuring viewers understand their rights and the employer's responsibilities.

Takeaways

• 📋 In Australia, employees have the right to choose their superannuation fund, which is akin to a pension fund.
• 💼 Employers are responsible for making superannuation payments on behalf of employees but must follow the fund selection indicated by the employee.
• 📝 Employees need to fill out a form specifying their chosen superannuation fund, which is crucial for payroll setup in accounting software like Xero.
• 🏦 Superannuation is a heavily regulated payment in Australia, and self-managed super funds must not provide any benefit until the pension phase.
• 🚫 Employers must ensure compliance with superannuation regulations, as it is a critical aspect of employee benefits.
• 📚 New employees are provided with a Fair Work Information Statement, outlining the national employment standards.
• 🔢 Full-time employees are entitled to a maximum of 38 hours per week, with the possibility of reasonable additional hours.
• 👶 Employees have the right to 12 months of unpaid parental or adoption leave, with the option to request an additional 12 months.
• 🏖 Full-time employees are entitled to four weeks of paid annual leave, while part-time employees receive a pro-rated amount.
• 🏥 Employees have access to paid sick leave, paid compassionate leave, and unpaid family and domestic violence leave after one year of service.
• 🏛 Casual employees have specific entitlements, which should be reviewed and understood in the context of national employment standards.

Q & A

What is a superannuation fund in Australia?

A superannuation fund in Australia is a type of pension fund where employers contribute on behalf of their employees. It is a mandatory retirement savings scheme.

How do employees choose their superannuation fund?

Employees have the right to choose which superannuation fund they want to be a part of. They can specify their choice on a superchoice form.

What is the importance of the superchoice form in the context of superannuation?

The superchoice form is crucial as it allows employees to indicate their preferred superannuation fund. Employers use this information to make contributions to the correct fund.

Why is it important for employers to correctly enter superannuation fund details in accounting software like Xero?

Correct entry is essential to ensure that the superannuation contributions are made to the right fund. Errors can lead to legal and financial issues.

What are self-managed super funds and what restrictions apply to them?

Self-managed super funds (SMSFs) are retirement savings schemes managed by the members themselves. They are strictly regulated and cannot provide any benefits until the members are in the pension phase.

What is the Fair Work Information Statement and why is it provided to employees?

The Fair Work Information Statement outlines the national employment standards, including minimum workplace entitlements. It is provided to new employees to inform them of their rights and obligations.

What are the 10 minimum workplace entitlements under the national employment standards in Australia?

The entitlements include maximum weekly hours, the right to request flexible working arrangements, parental and adoption leave, paid annual leave, paid sick and carers leave, compassionate leave, unpaid family and domestic violence leave, community service leave, long service leave, and public holidays entitlements.

What is the maximum weekly hours for a full-time employee in Australia?

The maximum weekly hours for a full-time employee in Australia is 38 hours, with the possibility of reasonable additional hours.

How does the right to request flexible working arrangements work in Australia?

Employees have the right to request flexible working arrangements, but employers are not obligated to agree. It is a negotiation process that must be in the best interest of both parties.

What is the duration of unpaid parental and adoption leave in Australia?

Unpaid parental and adoption leave in Australia is 12 months, with the right to request an additional 12 months.

What are the entitlements for casual employees as compared to full-time or part-time employees?

Casual employees have different entitlements, which can be found in the Fair Work Information Statement. It is important to review this document to understand the distinctions.