You will have an Employer account in the Plan for contributions made by your employer, and if you make your own contributions you will also have a Member account. If you roll money into the Plan from another superannuation fund you will also have a rollover account. You may also have other accounts in the Plan and these will be described on your annual Member Statement.
Investment earnings (which may be positive or negative) are allocated to, and any taxes are debited from, these accounts. Any fees that are not paid by your Employer and voluntary insurance fees (if applicable) are deducted from your accounts.
There are three main types of contributions - those made by the Company, your contributions and spouse contributions.
Your employer contributes at the Superannuation Guarantee (SG) rate (currently 9.5% of your Ordinary Time Earnings) or such greater amount as may be agreed. Contributions start from the day you join the Plan and are allocated directly to your Company account.
Company contributions count towards your concessional contributions cap.
You do not have to contribute to the Plan. If you do choose to contribute, your contributions can be from either your before-tax salary (concessional contributions) or after-tax salary (non-concessional contributions).
You can make contributions on behalf of your spouse which are paid into a Spouse account (which is held in your spouse's name).
Spouse contributions count towards your spouse's non-concessional contributions cap.
You can also roll money into the Plan. This is paid into your Rollover account.
Some points to remember when choosing how much to contribute:
- There are caps on the amount of concessional and non-concessional contributions that are eligible for concessional tax treatment.
- You can stop, start or change your contributions at any time.
Spouse members cannot contribute to the Plan or direct their employer's contributions to the Plan.
Retained Benefit members can only contribute to the Plan from their after-tax salary within 30 days of leaving Oracle. Retained Benefit members cannot direct their new employer's contributions to the Plan or contribute from their pre-tax salary.
You should refer to the How super works guide for more information on your contribution choices.
Changing your contributions
If you want to change the amount you contribute you can log on to the Member Centre and make your changes online. Or you can download and complete the Super Options form.