Employer contributions are taxed at 15% when contributed to super. Higher-income earners (above $250,000) may be subject to higher rates of tax.
Most wage and salary earners are entitled to receive regular payments to their super fund under the SG scheme.
The current Superannuation Guarantee rate is 10.5% (for financial year 2022/2023) of ordinary time earnings, with employers penalised by the Australian Tax Office if they fail to make payments at least quarterly.
Under current rules, employers are not required to make SG payments for employees aged under 18 and working less than 30 hours in a month.
Superannuation Guarantee payments alone may not be enough to fund a comfortable requirement, so it’s worth considering a salary sacrifice arrangement or payment of additional personal contributions.
Brighter Super can accept contributions from any employer across Australia.
So if you’ve started a new job, that doesn’t mean you need to start a new super fund.
We’ve made it easy for you take Brighter Super with you.
Like to learn more about employer super contributions and what they mean for your personal situation? Let us know and one of our advisers will be in touch.
Save on fees and hassles by bringing all your accounts across to Brighter Super.
Use our retirement income calculator to get an idea of your future finances.
We run free seminars on a range of topics right across Queensland.