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Superannuation.

Financial year Increase Rate
Before 1 July 2013 9%
1 July 2013 – 30 June 2014 0.25% 9.25%
1 July 2014 – 30 June 2015 0.25% 9.5%
1 July 2015 – 30 June 2016 0.0% 9.5%
1 July 2016 – 30 June 2017 0.0% 9.5%
1 July 2017 – 30 June 2018 0.0% 9.5%
1 July 2018 – 30 June 2019 0.0% 9.5%
1 July 2019 – 30 June 2020 0.0% 9.5%
1 July 2020 – 30 June 2021 0.0% 9.5%
1 July 2021 – 30 June 2022 0.5% 10.0%

These contributions are the minimum employers must make. Your obligations may be higher under an agreement, award or common law contract. Make sure you know about them.

Ordinary time earnings (OTE) 

Super is payable on all “ordinary time earnings”, the earnings you pay an employee for their usual hours of work. OTE includes base rates, shift loadings, bonuses, commissions and most allowances. OTE does not include payments for overtime or reimbursement of expenses.

Eligible employees 

You must make super contributions for all employees (full-time, part-time, or casual) who are 18 or older and earn $450 or more in a month (before tax). Employees under 18 also get super if they work at least 30 hours per week and earn $450 or more in a month (before tax).

Choice of superfund 

Employees are allowed to choose their own superfund or retirement savings account. You need to provide employees with a choice of fund form when they first start working with you. Also have a default fund for employees without a preferred fund. Many awards and agreements already contain default funds.

Contribution dates 

Make these contributions at least four times a year within 28 days of the end of each quarter:

Quarter

Period Final payment date
1 1 July–30 September 28 October
2 1 October–31 December 28 January
3 1 January–31 March 28 April
4 1 April–30 June 28 July

 

If you do not make payments before the final cut-off dates, you are liable for a superannuation guarantee charge (SGC). This is a tax penalty of unpaid super, interest and an administration fee.

Record keeping 

Always keep scrupulous records of super contributions you make for all employees and evidence of these transactions. Otherwise you may face unpleasant penalties.

Employsure can advise you on all aspects of superannuation payments.

For peace of mind, please call our 24 hour Advice Line now on 1300 651 415.

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