Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

Note 10. Superannuation
Employees of Tourism Victoria are entitled to receive superannuation benefits and Tourism Victoria contributes to both defined benefit
and defined contribution plans. The defined benefit plan provides benefits based on years of service and final average salary.
Tourism Victoria does not recognise any defined benefit liability in respect of this plan because the entity has no legal or constructive
obligation to pay future benefits relating to its employees; its only obligation is to pay superannuation contributions as they fall due.
The Department of Treasury and Finance discloses the State’s defined benefit liabilities in its disclosure for administered items.
However, superannuation contributions paid or payable for the reporting period are included as part of employee benefits in the
Comprehensive Operating Statement of Tourism Victoria.
The name and details of the major employee superannuation funds and contributions made by Tourism Victoria are as follows:
Fund
Contribution
for the year
Contribution
for the year
Contribution
outstanding
at year end
Contribution
outstanding
at year end
2011 2010 2011 2010
$ $ $ $
Defined benefit plans:
State Superannuation Fund – revised and new 189,411 157,520 – –
Defined contribution plans:
VicSuper 463,276 437,093 – –
Private Funds 186,817 145,509 – –
Total 839,504 740,121 – –
The bases for contributions are determined by various schemes.
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