What should superannuation be paid on

If you are late or you miss a payment, there are substantial fines that can be imposed by the ATO known as the Super Guarantee Charge. This is paid on top of any outstanding super, and is not tax deductible. By law, businesses must maintain accurate, easily accessible superannuation payment records that show:. If an employee salary sacrifices, then the super is calculated from their salary before the salary sacrifice amount is deducted. Therefore, it is important that you pass on the TFN to the chosen super fund as soon as possible — usually with the first contribution, or within 14 days of receiving it.

Check out the OTE page for more tips on how to avoid common mistakes. Leave loading is not included in calculations where the loading is to make up for a loss of opportunity to work overtime. On the other hand if it can be shown that the loading has no relationship to overtime, then super is payable on it. Are there other types of superannuation payments? Reportable superannuation contributions In most cases, the extra voluntary payments made at the request of an employee out of their wage.

The most common of these is salary sacrificing. Employer super calculator. Income before tax weekly fortnightly monthly yearly Please enter an income amount Employer super contribution Please enter in the contribution rate. Yes No Does your employee work for more than 30 hours in a week? Yes No. See contribution amount. The super contribution amount is. Assumptions We assume that the employee is an Australian resident and has provided a tax file number to their employer.

This calculator is not intended to be relied upon for the purposes of making a financial decision. You should consider your objectives, financial situation and needs, which are not accounted for in this information, before making any investment or financial decisions. You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions.

Is the Super Guarantee enough? Do your own super projection. Some workplace agreements between employers and employees will provide for higher superannuation contributions than the legal minimum.

Industry Super. Home Understand super Super guarantee. The calculator below provides an easy way to do this. It includes: Shift loadings and allowances Commissions Some bonuses Overtime payments however are usually not included.