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Is your super data accurate?

March 2nd, 2021

Did you know inaccurate, incomplete, or confusing super data may not only affect your employees’ super accounts, but could also impact your bottom line?

Here’s how: 

1. Lost super earnings 

If the data you provide to First Super (or your employee’s chosen fund) doesn’t meet data accuracy standards, this will cause a processing delay as we try to determine exactly who it is for.  

This delay means the contribution won’t appear in your employee’s super account in a timely manner. The longer it takes, the more this could potentially cost them in lost super earnings. 

2. Missing important updates 

Full contact details for each employee – including a personal email address and mobile phone number – should be provided when joining a new member or if they inform you that they have moved to a new house. If we lose touch with a member, they miss out on important updates that affect their super benefits. For example, with changes to the laws around insurance in super in recent years, we were unable to send multiple alerts to some members because we didn’t have an email address or mobile number on their record. 

3. Late payment penalties  

If we can’t make sense of the data you’ve provided to us, we may have no choice but to return your contribution to you. Because the money is now back with you instead of in your employee’s account, your Superannuation Guarantee (SG) payments will appear to be in arrears.   

Late payments attract a Super Guarantee Charge. While you may be able to offset or carry forward late payments, this creates more headaches and paperwork. By cleaning up your employee data, you’ll avoid this problem in the future. 

What data do you need to provide?  

If you have a new employee join First Super, you’ll need to include their:  

  • full name 
  • address (home, not workplace)
  • mobile number 
  • email address (personal, not a generic business or HR email) 
  • date of birth 
  • Tax File Number (TFN)* 
  • start date. 

*What if the employee hasn’t provided their TFN?  

It’s not compulsory for employees to share their TFN with you. If they don’t, you naturally can’t pass it on to us.  

While some funds won’t accept any contributions without a TFN, First Super accepts SG and salary sacrifice contributions, but these will be taxed at the top marginal rate. 

If your employee changes their mind down the track and provides you with a TFN Declaration Form, you must then pass it on to us within 14 days or with the next contribution payment. 

We can help you stay on track 

For support with super data accuracy, or any other super-related matter you can: