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In 2001, the Commercial Radio Industry Superannuation Scheme was taken over by the Australian Retirement Fund (ARF). ARF is one of the largest superannuation funds in the country. The Fund has over 670,000 members, 40,000 participating employers and $10 billion in assets. ARF is a member-focused fund. Its main objective is to maximise the superannuation savings of its members, and return all profits to members - not to shareholders or commissioned agents. ARF is the fund of choice for Commercial Radio Australia.
The ARF website contains a range of interactive and educational tools. To view the ARF website click
The Australian Tax Office also has a good website that provides a wide range of information on superannuation. To view the ATO website click here.
Significant amendments to the superannuation legislation commenced on 1 July 2008. These changes affect how the minimum amount of compulsory superannuation contributions are to be calculated by employers.
- All superannuation guarantee contributions must be calculated on ordinary time earnings. This includes over-award payments, shift loadings, bonuses and allowances.
- The new rules prevail over existing award provisions or other arrangements which provide for a lower earnings base.
- Employers must make adjustments to ensure that they are making superannuation contributions of at least 9% of ordinary time earnings (particularly where employers currently use a concessional earnings base). Significant penalties apply if an adjustment is required but not made.
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