Employers who have employees in an industry superannuation fund such as CBUS, REST etc., have to be aware that they may have to pay their employees superannuation contributions monthly. The reason why is explained below:
Employees under an Award
For employees employed under an award, one of the award conditions may be that the employee’s superannuation contribution has to be paid monthly.
Another way that the industry funds can make an employer pay contributions monthly is under the conditions that an employer agrees to when they sign up to be an registered employer contributing to the industry funds. The business as an employer will be bound by the Terms and Conditions of the industry fund’s Trust Deed and Rules.
If you have any questions, please contact us.