If you have a salary-sacrifice arrangement with your employer, ensure your super fund receives all the salary-sacrifice contributions from your employer by 30 June, or the contributions will be counted towards your concessional contributions cap for the following financial year. For more information, see SuperGuide article Salary sacrifice and super: How does it work?
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Learn more about SuperGuide. Reading time: 5 minutes On this page So just what is the Superannuation Guarantee? How is my SG contribution calculated? Is there a limit on the SG contribution I can receive? What happens if I have several jobs? How are SG contributions taxed?
Watch your annual contributions limit. Case study Eric is employed at an IT service desk and his contract requires him to work a minimum number of hours a week. Source: Adapted from the ATO website. Learn more about making super contributions in the following SuperGuide articles:. Making superannuation contributions: Super for beginners guide September 2, How do tax-deductible superannuation contributions work?
July 7, Contributing to your super in your late 60s: What are the rules? July 1, Concessional super contributions guide —22 July 1, We undertake evidence-based advocacy to influence public policy settings which ensure the best retirement outcomes for fund members. The SG lifts the living standards of Australians in retirement and has a positive impact on the Australian economy.
The SG requires employers to pay 9. From July 1, , the SG is legislated to rise in half per cent increments each year until it reaches 12 per cent of wages in You can choose to supplement your super by sacrificing some of your pre-tax income into superannuation. Alternatively you can make voluntary after-tax contributions to super from your income or savings. You can claim a tax deduction for personal super contributions subject to meeting relevant criteria.
Excess amounts above these caps may be subject to additional tax es. Information on the contribution caps can be found on the ATO site. Remember that super contributions and their earnings are preserved, meaning they generally cannot be accessed until retirement after you reach preservation age age depending on your date of birth.
While most employees can choose the super fund to which their SG contributions are paid, there are some circumstances where contributions must be made to a specific super fund eg for a member of a defined benefit fund. Check with your employer as to whether you have the ability to choose the super fund to which your SG contributions will be paid.
If you have the option of choosing your own fund, you can complete an approved Superannuation Choice of fund form and provide this to your employer. You can do this by checking your pay slip, and also your superannuation member statements. This information is general advice only and does not constitute any recommendation or personal advice.
It has been prepared without taking account of your objectives, financial situation or needs. It is current at the time of publication 1 July , and is subject to change. The taxation position described is a general statement and should only be used as a guide.
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