If you have suffered a work related injury and are receiving weekly payments of compensation, you may be eligible to receive superannuation contributions. These payments are in addition to your weekly payments and are paid directly into your fund of choice.
Am I eligible?
To be eligible to receive superannuation contributions, you must:
- Have been injured on or after 5 April 2010;
- Have been receiving or received compensation in the form of weekly payments for an aggregate of 52 weeks;
- Be still receiving weekly payments; and
- Be under retirement age.
What is paid?
If you are eligible, superannuation contributions will be paid to you at the superannuation guarantee rate, an amount equal to the charge percentage, based on your gross weekly payments.
What if I have returned to work?
If you are eligible, you are entitled to receive superannuation contributions even if you return to work. However, you must still be in receipt of weekly payments and be under retirement age to qualify.
If I meet the above criteria, how do I apply to receive superannuation contributions?
You must nominate your complying superannuation fund in the Choice of Superannuation Fund form (‘the form’) (see below) and return the form to the Agent. You are required to provide the Agent with the information within 3 months of receiving the form from the Agent, so it is very important to complete the form and return it as soon as possible. If you do not provide the form to the Agent within 3 months, you will only be entitled to receive payments of superannuation contributions from when you provide the information to the Agent.
If you have not received a form from your Agent, and think that you may be eligible, we advise that you contact your Lawyer to ensure that you are not missing out on your entitlements.
Information in the Choice of Superannuation Fund form
When completing the form, it is important that you:
- Nominate a superannuation fund;
- Provide the fund’s Unique Superannuation Identifier (USI);
- Provide the fund’s ABN;
- Provide your member number and account name (if applicable);
- Confirm that you have provided your nominated superannuation fund with your Tax File Number (TFN).
You can access the above information from your superannuation fund statements, the fund’s website or simply by calling your fund directly.
When do superannuation contributions stop?
Contributions will stop being made when either your weekly payments stop, or you reach retirement age.
*This piece was written by Sam Vasaiwalla, Lawyer in the Zaparas Lawyers WorkCover team.