ARE YOU PAYING TOO MUCH ON YOUR HOME LOAN?
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September 30th, 2021 by igniite
Did your Super Guarantee rise to 10%?
The Superannuation Guarantee (SG) is the minimum amount that an employer must pay into your super fund if you are an eligible employee.
As of 1 July 2021, the SG rose from 9.5% to 10% of your ordinary time earnings. Ordinary Time Earnings salary is generally what you earn for your ordinary hours of work, but not overtime payments.
Under the current legislated timetable, the SG will continue to rise incrementally by 0.5% each financial year to 12% by 1 July 2025.
Your super guarantee payment, that is accrued on your wages, will usually be listed on your payslip. Although, it usually only needs to be paid 4 or 12 times a year, depending on the size of the company you work for. Your total accrued super will also be listed, for the full financial year on your payslip.
There are some unscrupulous businesses out there, that will not be paying this super guarantee to you, despite it showing on your payslip.
They could be robbing you of this super, right in front of you. The only way to know for sure, is to get online access to your super fund and look for yourself.
One warning bell, will be that a company’s bookkeeping is done by an owner or director of the ‘actual company’ and kept ‘inhouse’.
As a BAS certified agent, we are obligated to ensure that employee super guarantee payments are made and on time. Huge penalties are given to companies that fail to do so.
As usual you are the best person to manage this, given you have the most invested interest in the return. Get interested in super.
It could just pay your way through retirement one day.
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