How super works

Superannuation or ‘super’ is for the most part a compulsory means of saving for retirement throughout working life.

As such, super is likely to be one of the largest investments a person will make in their lifetime.

As an employer of staff, you are currently required to contribute 9.5% of your eligible employees’ ordinary time earnings to super, called Superannuation Guarantee or SG contributions.

The current SG rate is scheduled to increase incrementally until it reaches 12% in the future. To confirm the most up to date rate, please check the ATO website.

Eligibility

An employer must make SG contributions where an employee is:

You need to pay SG contributions at least once every quarter for eligible employees and cut-off dates for payments apply. See Pay super now for more information.

For more information about employers’ super obligations, visit the ATO website at ato.gov.au/Business/Super-for-employers/

Super payments must be made via an ATO approved electronic system after 1 July 2016. Read about Prime Super’s payment and data solutions at Pay super now and Clearing House.

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Want to know more?

Talk to the Prime Super team - call 1800 675 839

Talk to the Prime Super team