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When it comes to superannuation, one of the most important things you need to know is how much to pay.
The amount you pay is usually a percentage of each employee’s monthly or quarterly “ordinary time earnings”. That percentage is called the superannuation guarantee and is currently set at 9%, although this may vary depending on individual awards. From 1 July 2013 the SG rate will increase from 9 per cent to 9.25 per and will continue to increase to 12 per cent over the next 6 years.
To work out the amount you need to contribute, you simply multiply the employee's “ordinary time earnings” for the relevant month or quarter by 9%.
“Ordinary time earnings” are generally what your employees earn for their ordinary hours of work and include:
“Ordinary time earnings” generally do not include overtime.
For more information on the superannuation guarantee (including the Federal Government's proposed changes) call the ATO on 13 10 20, or visit the ATO website.
Call 13 11 84
8am to 6.30pm (Brisbane time)Monday to Friday
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