Contributions deadlines for taking advantage of more generous caps
Superannuation | 8/06/2017 |
4 min read
If you want to take advantage of the more generous contributions caps available this financial year, or be eligible for co-contribution consideration, then you will need to ensure you meet these deadlines for getting them into Equip. You can find information on how the contributions caps are changing here.
We’ve outlined the different ways you can make contributions below. These dates allow time to allocate the contribution to your account before 30 June 2017:
1. After-tax, voluntary contributions (by BPAY®)
Before 5 p.m. (AET) 28 June 2017
We recommend making contributions to your account using BPAY before 5.00 pm on Wednesday 28 June 2017 to ensure they are reflected on your 30 June 2017 statement.
Any BPAY contributions received into the bank account after 30 June 2017 will not be eligible for the government co-contribution (if applicable).
You may wish to check with your financial institution to ensure any contribution made by BPAY reaches us in time.
2. Employer contributions (SG and salary sacrifice by payroll deduction)
If you plan on making a personal contribution via a payroll deduction, it is important that you take action early and speak with your employer’s payroll department immediately. This is necessary to ensure you allow sufficient time for your employer to process your request. How your employer makes contributions to Equip influences how long it takes for your contribution to be processed. In the worst-case scenario, this can be up to 10 days. Here's a guide to help you and your employer:
Employers using MercerSpectrum (normally those for whom Equip is the default fund):
• Paying for Equip members only: 3.00 p.m. (AET) on Tuesday 27 June 2017*.
- Via the clearing house: 3.00 p.m. (AET) on Tuesday 20 June 2017.
Using an alternative clearing house (usually where Equip is not the default fund):
• If your employer uses an external clearing house for remitting contributions to Equip, it is important that they provide the contributions and data in accordance with their required timeframes so that the dates above can be met. Clearing houses can take up to 10 working days to get the money through to the destination fund.
* Please note: Earlier deadlines apply where your employer does not use Mercer Spectrum to pay contributions for Equip members. For employers not on Mercer Spectrum, the deadline is 5.00pm on Tuesday 27 June 2017. Please call our Helpline 1800 682 626 if you have an issues in relation to the deadlines.
Must be received by Equip Administration by 10.00 a.m. AET on Friday 30 June 2017
If you are making a contribution via cheque, you must complete and attach the Application to make voluntary contributions form, make your cheque payable to Equip and mail it to the following address:
GPO Box 4303
Melbourne VIC 3001.
To be eligible for the government co-contribution for this year, all cheques must be received by Equip Administration (Melbourne) by this date. Please note that contributions received via cheque may take up to three working days to be allocated to your account following receipt of the cheque and your completed form.
Please note that Equip cannot accept responsibility for ensuring contributions are banked by 30 June 2017. For any cheques received after this cut-off, sent to an incorrect address or that cannot be banked due to incorrect payee details.
Please check all details on the cheque and Voluntary Contributions form before sending to Equip, and allow sufficient time for the cheque to reach us and be processed to your account before 30 June. Unfortunately, the trustee cannot accept responsibility for missed co-contribution payments where your contributions are received after the above cut-off times.
Please also consider the relevant contribution caps that apply to both concessional and non-concessional contributions for the 2016/2017 financial year before making any adjustments or additional contributions to your account. Please note that from 1 July 2017 the limits for both concessional and non-concessional contributions have changed.
If you would like assistance, please call our Helpline 1800 682 626 (8.00 a.m. to 6.00 p.m. (AET) Monday to Friday).