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Apr 09 2013

Compulsory Superannuation Scheme in Australia


Quicklens Australia Contact Lenses

The minimum Superannuation contribution from your Employer is rising to 9.25% from July 2013.

The majority of Workers in Australia, have had individual Superannuation schemes since 1992 when the Compulsory Superannuation Scheme was first set up.

From 1 July 2013 the Superannuation Contribution will start a gradual climb from 9% to 12% by 2019-20, as shown below.

The minimum Superannuation Contribution that the Employer must pay into your fund started at 3%, but has been at 9% since 2012, and is changing, from July 2013, with annual increases rising slowly to 12% over the next 6 years.

 

Compulsory Employer Contribution rates will be:

  • 2012-13 9.0%
  • 2013‐14 9.25%
  • 2014‐15 9.5%
  • 2015-16 10.0%
  • 2016-17 10.5%
  • 2017-18 11.0%
  • 2018-19 11.5%
  • 2019-20 12.0%

Details from the Australian Tax Office

Generally, you’re entitled to super guarantee contributions from an employer if you’re between 18 and 69 years old (inclusive) and paid $450 or more (before tax) in a month. It doesn’t matter whether you’re full time, part time or casual, and it doesn’t matter if you’re a temporary resident of Australia.

How much your employer should pay

If you’re eligible for super guarantee contributions, at least every three months your employer must pay into your super account the current minimum of percentage of your ordinary time earnings, up to the ‘maximum contribution base’. These contributions are in addition to your salary or wages.

The employer does NOT need to pay the rate on any overtime the employee has worked.



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