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Superannuation Guarantee |
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The Superannuation
Guarantee legislation requires that employers provide contributions
to superannuation for their staff as a percentage of their earnings
base. This legislation has been put in place to allow Australians
access to better income levels in their retirement.
Under this guarantee employers must provide a minimum level of superannuation to their eligible employees or pay the superannuation guarantee charge to the ATO. Superannuation assistance provided to employees will usually be tax deductible up to certain amounts. The superannuation you provide must be paid to a superannuation provider. Each eligible employee should be provided with minimum superannuation contributions of 9% of each employee's earnings base. The superannuation guarantee is self assessing, so the only requirement of employers is that they keep adequate records to prove they have given their employees the minimum support required. There is no need for any forms to be filled in. The Superannuation Guarantee calculator on the ATO website can be used to work out the financial obligations of the employer.
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