To help you prepare for your future, we offer the BT Super – For Life Plan. Adobe contributes 9.5% of your salary, up to AUD 300,000 to your super account—and you can contribute to it as well, through salary sacrifice.
How much can you contribute to your super fund?
The maximum concessional contributions (employer contributions plus salary sacrifice contributions) will be AUD 25,000.
Any contributions paid above this amount will incur additional tax at your marginal (average) tax rate. It is your responsibility to ensure that you do not exceed this concessional cap.
If you are on a 457 visa, you may not want to make personal contribution to the superannuation as your fund will deduct tax from you when you claim your super upon leaving Australia. Visit ATO Websites to learn more.
How can you join or change super funds?
If you join the BT Super – For Life Plan you will receive a New Member Welcome Pack with your account details and information to access your account online.
- If a new Super Choice Form is received after the payroll cutoff (typically the last day of the prior month), your contributions will be paid into your new superannuation fund in the month following. For example, if a Super Choice Form (directing Adobe to contribute superannuation into a new fund) is received on the 5th April, the April contributions will be paid into your old account (or in the case of a new starter, into a new BT default account). From May onwards, the contributions will be paid into the fund as per your nomination.
- If the superannuation fund we have on our record is made inactive or closed, it is your responsibility to notify ERC of your new fund information as soon as possible. If we do not receive your new superannuation information by the payroll cut off in the following month, Adobe will open a default BT account in your name in order to make the mandatory contribution deposit. It is worth noting that your existing fund may become inactive or closed in the event of a full rollover.
How can you contribute through salary sacrifice?
How is it taxed?
Contributions will be taxed at 15%, as opposed to your marginal tax rate of up to 45% plus Medicare Levy. Employees earning more than AUD 250,000 will also have an additional 15% tax on their contributions under division 293, unless modified by ATO.
Earnings on your superannuation investments will be taxed at a maximum of 15%.
What if you do not complete a Super Choice Form when you join Adobe?
Adobe is legally required to contribute superannuation funds in a timely manner on your behalf. If we do not receive your Super Choice Form by your first payroll cut off we will open a default BT account in your name.
Your investment options
If you do not choose an alternate investment allocation for your superannuation account from the BT Super – For Life choices, you will be defaulted into the BT MySuper Lifestage investment option that corresponds to the decade you were born in. This option is designed to get more conservative as you get older.
For individuals who wish to access a larger choice of investment options, Adobe also provides employees the option to access the BT Super Invest retail product. Further information can be found in the Super Invest presentation [PDF] and Investment Options Booklet [PDF].
- The annual AUD 540 account-based administration fee within BT Super Invest is payable by you, the member. Adobe will continue to pay the asset-based administration fees.
- In order to be covered for Life, TPD and Salary Continuance insurance, a minimum of AUD 2,500 must be retained within the default BT superannuation account.
- The BT Super Invest account needs to be set up through Rohan Punj at BT to ensure that the fee discounts are passed on.