Training Session 13 04 02 2021 Payroll superannuation fund 3
Summary
TLDRThe 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.
Outlines
💼 Superannuation Fund Choices in Australia
In Australia, the concept of superannuation, akin to a pension fund, is decentralized, allowing individuals to choose their preferred superannuation fund. Employers contribute on behalf of their employees, but the employees have the autonomy to select the fund. This choice is documented on a form, which is crucial for setting up payroll in accounting software like Xero. It is emphasized that superannuation is a heavily regulated and important payment in Australia. Additionally, self-managed super funds are allowed, but they must adhere to strict regulations, particularly in terms of not deriving any benefit until the pension phase. Employers are obligated to ensure compliance with these regulations.
📋 Fair Work Information Statement Basics
The Fair Work Information Statement is a document provided to employees, outlining the national employment standards. It covers a range of minimum workplace entitlements, including a maximum of 38 hours per week for full-time employees with additional reasonable hours, the right to request flexible working arrangements, and parental and adoption leave of up to 12 months unpaid with the possibility of an extension. Paid annual leave, sick leave, and compassionate leave are also detailed, along with unpaid carers leave and family and domestic violence leave. The statement also mentions community service leave, long service leave, public holiday entitlements, notice of termination, redundancy pay, and the provision of the Fair Work Information Statement itself to new employees. This document serves as a comprehensive guide to the rights and expectations of both employees and employers in the Australian workforce.
Mindmap
Keywords
💡Superannuation
💡Decentralized
💡Accounting Software
💡Self-Managed Super Funds (SMSFs)
💡Pension Phase
💡Fair Work Information Statement
💡National Employment Standards (NES)
💡Flexible Working Arrangements
💡Parental and Adoption Leave
💡Paid Annual Leave
💡Notice of Termination
Highlights
Introduction to the concept of a superannuation fund in Australia, which is a type of pension fund.
Australian employers are required to pay into a superannuation fund on behalf of their employees, with the employees choosing the fund.
The importance of correctly identifying the superannuation fund to ensure accurate payments in accounting software like Xero.
Explanation of the strict regulations surrounding superannuation funds in Australia, including prohibition of deriving benefits until the pension phase.
Emphasis on the responsibility of employers to comply with superannuation regulations.
The necessity of a superchoice form for employees to select their preferred superannuation fund.
Introduction of the Fair Work Information Statement and its role in outlining national employment standards.
Listing of the 10 minimum workplace entitlements under the National Employment Standards.
Details on maximum weekly hours for full-time employees and provisions for reasonable additional hours.
The right of employees to request flexible working arrangements and the negotiation process involved.
Information on parental and adoption leave policies, including 12 months of unpaid leave and the option for an additional 12 months.
Details on paid annual leave, sick leave, and carers' leave entitlements for employees.
Explanation of compassionate leave and unpaid carers leave, including the conditions for their use.
Introduction of unpaid family and domestic violence leave as a new provision for employees after 12 months of service.
Details on community service leave, including jury duty and other forms of community service.
Information on long service leave and public holiday entitlements for employees.
Requirements for notice of termination, redundancy pay, and the provision of the Fair Work Information Statement to new employees.
A comparison of the employment standards for full-time, part-time, and casual employees in Australia.
Transcripts
the next thing is um you know
a superchoice form this is another part
of it in australia
um they decentralized um superannuation
funds and they said
um you know people have the right to
choose what superannuation fund that's
like the pension fund
so i'd really you know if you can write
these things down superannuation fund
equals pension fund
however you're going to remember it um
this is where we
uh are paying um every employer is
paying
uh on behalf of the employee
but they get to tell us which fund so on
this form
they're going to fill out this section
and they need to give you the
name details the fund name is usually a
number and when we're entering them in
xero or an accounting software we have
to make sure that we get the right one
i'll talk more about superannuation it's
it's a really it's a really important
payment that we have to make it's very
heavily regulated in australia
we are allowed to have our own
self-managed super funds
but we are not allowed to derive any
benefit from them
at all until we are in pension phase
so it's very strictly regulated and
it's really important that employers are
doing the right thing
so they basically have to fill this
format and this for you rely on this
form
to come to set them up in payroll
another thing that we have to give them
is this fair work
information statement it's just
something we attach and we give to them
basically it's telling them the national
employment standards
it's a minimum so i'm just going to
quickly go through these there are 10
minimum workplace entitlements in the
national employment standard that apply
to all employees
maximum weekly hours are 38 hours for a
full-time employee
plus reasonable additional hours
the right to request flexible working
arrangements but that doesn't mean that
the employer
absolutely has to um you know agree to
everything
it's a negotiation and it has to be in
the best interest of both parties
parental and adoption leave of 12 months
unpaid with the right to request
additional 12 months that's like
maternity leave or any or if you're
adopting
a maternity opportunity four weeks paid
annual leave each year pro writer if
you're a part-time employee
a total of 10 days paid sick and carers
leave each year
two days paid compassionately i will
explain these
um for each permissible occasion two
days unpaid carers leave
and then there's also unpaid family and
domestic violence leave
that has something that's um after
you've worked for 12 months
uh we have to allow them community
service leave for example if they're
called
for jury duty or they're doing some
other kind of community service
long service leave and the entitlement
is for
you to be absent on public holidays and
i'm sorry the entitlement for you to be
absent on public holidays and for you to
be paid for ordinary hours on those days
notice of termination and redundancy pay
and the right to receive this
fair work information statement if
you're a new employee so this basically
covers
the minimum requirements of hiring a
full-time or a part-time employee
down here it tells you a bit more about
casual employees um
you know so you can refer back to this
when i send it and get an idea and maybe
you know
look at it and go how how is it the same
and how is it different to
um you know to serbia just said that you
are familiar and you understand what's
happening in the background
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