Australian Pension Reform: Income no longer tied to super! Stay informed with the latest regulations
"Attention Business Owners! Pension Reform: Income no longer tied to super! Stay informed with the latest regulations! 2
Employers are obligated to pay the super guarantee for their employees based on specific criteria. Here's a breakdown to help you understand when and how to fulfill these requirements:
1. When Super Guarantee is Required:
Amount of Pay: You must pay super guarantee regardless of the worker's earnings. The earnings amount is not relevant.
Employee Age: For employees 18 years or older, super guarantee is mandatory, regardless of the number of hours worked. For those under 18, it applies if they work more than 30 hours per week.
Rate: The super guarantee rate is fixed at 11%.
Calculation Basis:** If payments are made on time, use the employee's Ordinary Time Earnings (OTE) to determine the minimum contribution. OTE refers to the amount paid for ordinary hours of work. If payments are missed or late, use the salary and wages to calculate the super guarantee and super guarantee charge.
2. Earnings Amount is Not Relevant:
Prior to July 1, 2022, super guarantee was not required for workers earning less than $450 per month. However, this threshold has been removed, and now super guarantee must be paid regardless of earnings.
3. Paying for Work Done Before July 1, 2022:
If making a payment after June 30, 2022, for work performed before July 1, 2022, calculate the super guarantee based on the payment date, not the date the income was earned.
For example, if an eligible employee is paid on or after July 1, 2022, super guarantee is required, irrespective of the earnings period, even if it includes time before July 1, 2022.
4. Eligibility:
Generally, all employees are eligible for super guarantee, regardless of employment type:
Full-time, part-time, or casual.
Those receiving a super pension or annuity while working, including those on a transition to retirement.
Temporary residents, such as backpackers.
Company directors.
Family members working in the business.
Ensuring compliance with these guidelines is crucial to meeting super guarantee obligations and maintaining legal and ethical employment practices. It's recommended to stay informed about any updates or changes to superannuation regulations to remain compliant with current laws.
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