Superannuation Guarantee

What is superannuation?

Superannuation (‘super’) is a compulsory contribution made by an employer on behalf of an employee to use when they retire. 

Under the current arrangement employers are required to contribute 11% of an employees wages into their nominated fund. This amount is set to increase by .5% at the beginning of each financial year until it reaches 12% in 2025.

Who gets super?

An employee who is over 18 years old or is under 18 years old but works over 30 hours a week is eligible for super contributions. This applies to full time, part time and casual employees. Most contractors are required to deposit their own super contributions.

If you'd like to know more please visit the ATO here.