What is cash date processing?
To be consistent with standard industry practice, from 27 July 2009, Health Super changed its procedure for allocating contributions to member accounts. Health Super now allocates contributions to member accounts on the date of cash receipt rather than on the payroll end date.
The change to cash date processing brings Health Super into line with other super funds and makes our contributions processing the same for all members.
As this is the first financial year that Health Super has recorded contributions using cash date processing, you may notice some changes from last financial year. These are outlined below.
How will this affect my annual statement?
If the payments for your super contributions (including those from your employer) are not received at Health Super by 30 June 2010, they will not be recorded as being received for the 2009-10 financial year. As a result, these contributions will not appear on your annual statement.
However, once you receive your annual statement, you can check your account online via eSuper to view all your latest contributions or call us on 1800 331 719. You can login or sign up to eSuper at the top of this page.
How will this affect my contribution caps?
Every member of a super fund has a limit (contribution cap) of how much money they can contribute to their account each financial year. This cap is legislated by the Government and includes Superannuation Guarantee (SG) contributions.
Any payment for contributions that is received after 30 June 2010 will count towards your contribution caps for the following financial year (2010-11).
Remember that before-tax contribution caps (which include SG) are limited to $25,000 (subject to indexation) per individual each financial year. If you are aged 50 or over, this cap is $50,000.
After-tax contributions are limited to $150,000 per individual each financial year (or if you’re under 65, $450,000 over three years).
If you go over the Government prescribed contribution limits, those contributions over the limit will be taxed at a higher rate.
It’s important to monitor the amount of contributions going into your account. Once your contributions have gone over the limits, we cannot necessarily refund the contributions.
Will this affect the contributions recorded in my online eSuper account?
If you check your contributions online through our eSuper facility, you may have noticed a change in the dates contributions are allocated to your account for this financial year (2009-10).
eSuper will now show the date the super contribution payment was received by Health Super rather than the payroll end date.
If you would like to start an online eSuper account to check and manage your super account, click on the register button at the top of this page.