DISCLAIMER: Before making any financial or investment decisions, Sunnyfield recommends you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs. Sunnyfield, ABN 72 000 415 127, and its Authorised Representatives do not accept any liability for any errors or omissions of information supplied on request in regards Superannuation for disabled employees.
Having said all that, if your disabled family member works for Sunyfield then payments are made as required by law into a Superannuation fund.
If you have NOT given yet Sunnyfield a Tax File Number then 46.5% of the deduction is taken the the Federal Government as Tax. Thirty three (33) disabled employees have so far not given a TFN and are losing about half their superannuation in Tax.
If you have not OPTED OUT of Insurance then you are now paying $6.00 per week (it was previously $3.45/wk) in management fees.
The combined effect of both these items may mean that your family member's superannuation may effectively be lost in Tax deductions and Insurance fees and you might just receive no long term benefit whatsoever.
Of our 282 disabled employees:
64 have already opted out,
130 have had their insurance cancelled because there are insufficient funds in the super account (presumably because of tax and high fees), and,
88 actually do have insurance cover.
Ask yourself the hard question: What benefit will your disabled family member get from Insurance cover? Also ask the Super Fund: given the tax deductions and management fees what is their estimate of the value of the fund when they retire?
Sunnyfield's formal advice is detailed in the attached PDF document - click here to download.
If you want more information then talk to Sunnyfield's Enterprises GM, Fred JP Van Steel.
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