Since 1 October, new bilateral social security agreements* with several countries (including recent agreements with Korea, Japan, Greece and Finland) address "double super" coverage that affects people who work in Australia and overseas.

Until now, employees working temporarily in certain countries have been subject to both countries' superannuation contribution laws, requiring payments to be made to each country's super system. Under the bilateral agreements, Australian employees temporarily working in these countries will be subject only to Australia's Super Guarantee (SG) legislation.

More information is available on the Australian Taxation Office website.

As reported widely in the media, financial markets have had significant downturns in the past financial year, which in turn has affected superannuation. It is important to remember that superannuation is a long-term investment and financial markets are subject to economic cycles.

Should your employees have any queries or concerns, our Member Services Team can assist by providing information on the markets and how it has affected their superannuation. Please contact the Consultant in your state for more information.

Upcoming Super Guarantee (SG) quarter deadlines.

Our 2007/08 annual market commentary is now available via our website. The commentary details market returns and provides insight into recent market movements.

The Australian Taxation Office (ATO) has recently launched an online calculator to help employers calculate the Super Guarantee (SG) charge they owe, should they fail to pay their employees' super on time or to the right fund.

The calculator, called the Superannuation Guarantee Charge Statement and Calculator Tool, is free to use and available from the ATO website, www.ato.gov.au

For more information, visit the ATO Website or call them on 13 10 20.

A Member Representative Trustee election is now in progress, and all members are invited to vote. Your vote is important to ensure the person best qualified to act in your interests has the chance to represent you.

Candidate information has been posted to our website. Voting is online and closes at 5pm on 6 November 2008. To vote, visit our website, www.aesuper.com.au and use the Trustee Election banner.

You will need to supply your membership number and date of birth for identification purposes and an email address so your vote can be confirmed. If you can't access the internet, you can contact our Customer Service Centre on 1800 555 024 to request a postal vote kit.

To avoid an additional tax of 31.5% on all SG contributions made, all your employees should ensure they have submitted their Tax File Number (TFN) to their chosen superannuation fund.

Employees will not be able to make personal contributions if their fund does not have their TFN.

As an employer, you must pass on your employees' TFNs to their nominated super funds where they have quoted it to you for superannuation purposes. Not doing so may attract a penalty.

For further information, call the Customer Service Centre or visit the ATO website.

Our 2008 Trustee Report has now been sent to members, and is available for download from our website, www.aesuper.com.au

The report includes information on AESuper's investment performance, market review and our plans for the 2008/09 financial year.

Through AESuper's alliance with The Superannuation Clearing House (The SCH), you can access free* superannuation clearing house services!

The SCH can take care of all your superannuation contributions for you - it's easy, and saves you time and money. Simply send all of your contributions as a single payment to them, and The SCH will forward the relevant information and payments to all the super funds you contribute to.

If you are interested, please contact one of the consultants listed below to learn more.