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To have a clear understanding of how much super you should be getting, here are some of the most frequently asked questions we get about calculating your superannuation.
The minimum super payment set by the Australian Government, is known as the Superannuation Guarantee (SG).
Your SG rate is based on your Ordinary Time Earnings salary to calculate the minimum SG contributions for eligible employees, which is generally what you earn for your ordinary hours of work, including commissions, shift loadings and allowances, but not overtime payments.1 This is your gross (before tax) payment.
Generally, you’re entitled to the SG if you’re working and 18 years old or over. If you’re under 18 years old, you must be working more than 30 hours per week to be entitled to super contributions.
The SG rate is 10.5% as of 1 July 2022. Some employers, including the Queensland Government, may contribute more to your super.
If you’re eligible, from 1 July 2022 employers must pay 10.5% of ordinary time earnings (OTE) into your choice of super fund.
You can calculate how much super you should be paid by using the Moneysmart employer contributions calculator.
How much super you should have for your age?
If you’re a contractor, you may or may not be eligible for super, depending on the nature of your engagement and the work you do.
According to the Australian Taxation Office, you may be eligible for SG if:
The Australian Taxation Office (ATO) has a useful employee/contractor decision tool to help work out if workers are contractors or employees for tax and super purposes.
Learn more about growing your super.
1. Australian Tax Office, updated 26 May 2021, List of payments that are ordinary time earnings, accessed 7 June 2022 at ato.gov.au
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