Modern Federal Real Estate Award
The Real Estate industry is now covered by new federal awards. To download a copy of the relevant Federal Award, please click here:
For information on commission only arrangments under the federal award please refer to this article courtesy of REEF (NSW).
Free webcast discussing the new Real Estate Award
A 55 minute interview between Robert Bevan (Best Practice) and Greg Paterson (REEF) has been recorded discussing the new Award. To view the webcast please click here:
For a local resource on the Federal Real Estate Award click here.
Please refer this page to any employers or employees you know may be impacted by the new Award.
Within the new real estate award is a superannuation provision, specifying the default super funds that can be selected by Real Estate offices. REI Super is the only national fund named in the award as a default. REI Super is also named in the federal clerical award as a default.
- What does the new federal Real Estate Award super clause mean for me as an employer?
- What happens to Super Choice?
- Why does our office need a default super fund?
- What is a clearing house?
- How do we inform our staff of our default super fund?
- Why choose REI Super
- How does our office join REI Super
- How can staff compare and consolidate their super?
- Where can I find more information on the new Award?
What does the new federal Real Estate Award super clause mean for me as an employer?
If your business was in operation on September 12 2008 and yo
u had an office default super fund in place, you can continue to use that super fund as your default.
If you are starting a new business, or are an existing business where there has been no default fund previously, you are now required to choose from the Award options as your office default fund.
back to topWhat about super choice?
Super choice still applies, so staff can still elect to have their super paid to a different complying super fund from the office default.
Why do we need a default super fund?
There are advantages in having a default fund, not least that you are telling staff where their super will be paid to if they do not inform you otherwise, so if they depart or delay in providing their personal super details you are entitled to pay to your default super fund.
Offering a default fund is part of meeting your SG obligations.
Many super funds offer additional services to employers that use them as their default super fund, including a clearing house.
What is a clearing house?
A clearing house enables you to pay all staff super to your default fund, who then forward it to the individually chosen super funds (including self managed super funds). This can condense multiple payments into one transaction.
REI Super offers a clearing house, MercerSpectrum, free to all employers who choose REI Super as their default super fund. More information on this service is available here.
How do we inform staff of our default super fund?
All staff can be provided with an ATO Standard Choice form. This is to be given to all staff within 28 days of their commencement. This form can also be used by a member of staff to inform you of their chosen super fund.
If you would like more information on joining REI Super as your default fund, please contact us.
More information on the Federal Real Estate Award
For more information on how the Federal Real Estate Award may impact on you, please contact your local Real Estate industrial relations expert:
In other states please refer to your Real Estate Institute or contact one of the organisations in the above list.
For assistance in managing industrial relations records within your office, you may like to consider People-in-site.