Work out how much super guarantee you must pay and what's considered ordinary time earnings (OTE) and overtime.
Superannuation in Australia, or " super ", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages.
Superannuation guarantee (SG) The superannuation guarantee is the official term for compulsory super contributions made by employers on behalf of their employees. The superannuation guarantee amount for 2024-25 is 11.5% of an employee’s ordinary time wages or salary. This rate will increase to 12% on 1 July 2025, where it is scheduled to stay.
The super guarantee rate is currently 11.5% of ordinary earnings. See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO) for the 2024-25 financial year. Learn more.The Australian Taxation Office (ATO) has released the key superannuation rates and thresholds for the 2024 - 2025 financial year.
The Australian Bureau of statistics recently released the average weekly ordinary time earnings (AWOTE) and consumer price index (CPI) figures for the quarter ending December 2024. These statistics are used to determine key superannuation rates and thresholds that will apply from 1 July 2025.
The upcoming financial year brings significant changes to Australias superannuation system, affecting contribution limits, tax rates, and access ages. Key updates include an increase in the Superannuation Guarantee (SG) rate, an adjustment to the Transfer Balance Cap (TBC), and new taxes on balances over $3 million. These changes present opportunities for enhanced retirement savings and ...
Thomson Reuters has released the latest superannuation rates and thresholds for the 2025-26 financial year, based on the Australian Bureau of Statistics' AWOTE figures and in line with Subdivision 960-M of the ITAA 1997. While the concessional contributions cap remains unchanged at $30,000, several other important thresholds are set to increase from 1 July 2025.
Superannuation Rates and Thresholds for 2023 – 2024 The Australian Taxation Office (ATO) has released the key superannuation rates and thresholds for the 2023/24 financial year.
With Super Guarantee (SG) contribution rates changing again, it pays to understand the rules and the rate your employer is required to pay in 2024-25.
On 1 July 2024 the Superannuation Guarantee rate increased to 11.5%. Here's the difference it could make and what to do if your employer isn't paying you the correct amount of super.
If your pay is quoted as "a package" in your employment contract, i.e. includes superannuation, our pay calculator recalculates your gross salary. That means you know what's your actual salary, superannuation and taxes are. Use this calculator as a superannuation calculator to work out how much your employer should be paying into your Super account.
The Superannuation Guarantee Adminstration Act is administered by the Australian Tax Office, which monitors compliance by employers. The ATO also helps employees find their “lost superannuation” contributions, unclaimed super, and can assist employees wanting to transfer their super from one account to another. Recent Super Guarantee Amendments
Australia’s superannuation system provides most Australians with a decent income in retirement. Employers are required to pay a set percentage of your pay packet into your fund each pay cycle ...
The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.
The superannuation guarantee rate The superannuation guarantee, or SG, dictates the minimum percentage of your earnings your employer needs to pay into your super fund. The Australian Government controls and legislates the super guarantee.
What is the current super rate? Under Australia’s Superannuation Guarantee laws, employers are normally required to pay the equivalent of 11.5% of ordinary time earnings in FY2024/25. Because of a concern that this will still leave many retirees too reliant on the age pension, the Parliament legislated an increase of the percentage to 12% by ...
Superannuation guarantee (SG) The superannuation guarantee is the official term for compulsory super contributions made by employers on behalf of their employees. The superannuation guarantee amount for 2024–25 is 11.5% of an employee’s ordinary time wages or salary. This rate will increase to 12% on 1 July 2025, where it is scheduled to stay.
Superannuation Rates and Thresholds The following is a brief overview of key rates and thresholds that apply to superannuation.
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