Telstra has announced the findings of an external audit conducted into the payment of wages and superannuation of employees between 1 July 2015 and 30 June 2022.
The good news is that the audit did not uncover any underpayments of wages or large-scale deficiencies. It has however uncovered that in a few specific circumstances, superannuation payments were not made, where it was in fact payable.
The Union understands that these instances occurred where a certain payment, such as the frequent travel allowance, was deemed to not attract superannuation but that there is now a revised view. A total amount of $3.58 million, plus interest will now be repaid to those impacted. Given the discrete nature of these occurrences the average loss is less than $200 covering a seven-year period, with those impacted by this discovery, both former and current employees totaling approximately 17,000 people.
If you are affected by this, you will soon receive notice from Telstra, advising you of the amount owed to you and how this will be remediated. In most cases, the additional superannuation contribution will be paid either directly to your superannuation fund or to the Australian Taxation Office (ATO), which then ensures these payments are directed to your superannuation fund.
Former employees who have changed their contact details since ceasing employment are encouraged to contact Telstra directly, via email: email@example.com
In order for there to be no disadvantage to impacted employees (and former employees) an additional 10% per annum will be paid on the super contribution to be remediated, calculated from the start of the quarter where the shortfall occurred to 4 November 2022.
It is important to note that from 1 July 2022 onwards, Telstra has been paying this additional superannuation to eligible employees.
If you are concerned that the additional contribution you receive through this remediation process may cause you to exceed the superannuation contributions cap for the financial year ending 30 June 2023 ($27,500) an exemption may be sought via the ATO website.
Should you require any further information, please contact Assistant Secretaries Cameron Bird, Peter Chaloner or Nick Townsend, or Branch Officials Cade Anderson, Lisa Bahls, Nick Bentley, Chris Gleeson, Phil Kessey, TK Ly, Robbie McLauchlan, Liam Murphy, Peter O’Connell, Brett O’Neill, Giselle Saba, Dharmpal SIngh or Dennis Williams on (02) 9893 7822 when calling from NSW or the ACT, (07) 3255 0440 from QLD or (08) 8443 7389 from SA or the NT.
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