Superannuation is like a savings account for your retirement. It’s made up of contributions from your employers over the course of your working life and is designed to support your lifestyle when you retire.
Your employer must pay at least 9.5% of your ordinary time earnings into a super fund on top of your annual salary if you are an employee in Australia and meet the minimum requirements to receive the Superannuation Guarantee (SG). Your ordinary time earnings, according to the Australian Taxation Office (ATO), are what you generally earn for ordinary hours of work, including your base salary or wages along with certain bonuses, allowances, and some paid leave.
If you meet the eligibility requirements then you must be paid super, whether you work casually, part-time, full-time, or potentially even as a contractor, and even if you are a temporary resident.
This percentage may change in the future, which is just one of the reasons it’s so important to have a knowledgeable wealth management advisor by your side.
Our team can help you navigate superannuation estimates, finding the correct super fund (including DIY super options), strategies for your super, your (and your employer’s) super responsibilities, the tax benefits of super contributions, how to access your super, and much more.