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The Australian superannuation system requires your employer to make regular contributions into your super account. This is the superannuation guarantee and it is currently 11.5% of your wage.
Super is compulsory for most employed Australians, it’s a universal scheme designed to help you build up and save for retirement.
Ideally, it’s transferred to your chosen super fund at the same time you receive your pay.
The mandatory 11.5% compulsory super rate is calculated by taking into account your income from: regular earnings + bonuses + commissions + shift loading + casual loadings (but not overtime earnings).
Even if you’re over 65, your employer must make the compulsory super contribution into your super account.
Generally, you’re entitled to super guarantee contributions from an employer if you are over 18 years old. It doesn’t matter if you’re full time, part time or casual, or if you’re a temporary resident of Australia – you’re still entitled to receive superannuation contributions.
It’s important to remember that the compulsory superannuation contribution does not come out of your pay – it’s an extra payment made by your employer on your behalf.
To be entitled to receive compulsory super contributions if you’re under 18 years of age, you must work more than 30 hours in a week.
Contractors do get super paid by their employer if they earn most of their income from that one business, especially if the contractor is paid by the hour, rather than by project. This applies even if the contractor has their own ABN and sends an invoice to the employer. Super is calculated at the standard 11% rate.
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