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.
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/