Super or Superannuation is a Government scheme designed to help Australians to save for their retirement. For most people superannuation begins when you start work and your employer starts paying super for you - these payments are known as super guarantee contributions or concessional contributions.
You need to earn more than $450 per month (before tax) and be between 18 and 69 years old (inclusive) to be eligible for superannuation guarantee contributions from your employer. 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.
If you wish to check if employer is paying the correct superannuation rate or calculate superannuation from a total package, please use our ATO Tax Calculator "Super" row:
Superannuation Guarantee Rate
Until recently if you're eligible for super guarantee contributions employer had to pay a minimum of 9% of your ordinary time earnings. Payments must be paid into your chosen Superannuation Fund at least every three months. However from the 1 July, 2013 Superannuation guarantee rate will increase gradually until it reach 12% by 2025-2026 financial year.
The super guarantee charge percentage (%)
|
Period |
Super guarantee rate (charge percentage) |
|---|---|
|
1 July 2003 - 30 June 2013 |
9% |
|
1 July 2013 - 30 June 2014 |
9.25% |
|
1 July 2014 - 30 June 2015 |
9.5% |
|
1 July 2015 - 30 June 2016 |
9.5% |
|
1 July 2016 - 30 June 2017 |
9.5% |
|
1 July 2017 - 30 June 2018 |
9.5% |
|
1 July 2018 - 30 June 2019 |
9.5% |
|
1 July 2019 - 30 June 2020 |
9.5% |
|
1 July 2020 - 30 June 2021 |
9.5% |
|
1 July 2021 - 30 June 2022 |
10% |
|
1 July 2022 - 30 June 2023 |
10.5% |
|
1 July 2023 - 30 June 2024 |
11% |
|
1 July 2024 - 30 June 2025 |
11.5% |
|
1 July 2025 - 30 June 2026 and onwards |
12% |
Your salary might be quoted as a "package" where the figure includes the superannuation contribution. In this case the superannuation contribution must be deducted from you salary as tax is not charged on superannuation. Our tax calculator probably the only calculator in Australia which shows what the net salary would be in this case.
