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 10% 1 July 2016 - 30 June 2017 10.5% 1 July 2017 - 30 June 2018 11% 1 July 2018 - 30 June 2019 11.5% 1 July 2019 - 30 June 2020 and onwards 12% This is an effort to help Australian’s fund their own retirement rather than rely on the Centrelink Age Pension. What are ordinary time earnings (OTE)? Ordinary time earnings are simply the salary or wages you pay your employees for ordinary hours of work, not including overtime. It includes over-award payments, shift allowances, commissions, and paid leave up to the maximum contributions base for the quarter. The maximum contributions base is a maximum limit on the amount of superannuation contributions you’re expected to pay for any employee, and it’s subject to annual indexation. The maximum contribution you have to make for any quarter in the 2013-14 year is $4,443.70. This is 9.25% of the quarterly maximum contributions base of $48,040. The following link shows some of the most common payments covered by salary or . Cooling Off Provisions The Financial Services Reform Act 2001 replaced several pieces of legislation that related to insurance and financial services and replaced them with Pt 7.9 of the Corporations Act 2001. Pt 7.9 requires superannuation funds, risk insurance products; investment linked life policies and approved deposit funds to have provisions for a 14 day cooling off period after a person has lodged an application for a policy or initial investment.
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 10% 1 July 2016 - 30 June 2017 10.5% 1 July 2017 - 30 June 2018 11% 1 July 2018 - 30 June 2019 11.5% 1 July 2019 - 30 June 2020 and onwards 12% This is an effort to help Australian’s fund their own retirement rather than rely on the Centrelink Age Pension. What are ordinary time earnings (OTE)? Ordinary time earnings are simply the salary or wages you pay your employees for ordinary hours of work, not including overtime. It includes over-award payments, shift allowances, commissions, and paid leave up to the maximum contributions base for the quarter. The maximum contributions base is a maximum limit on the amount of superannuation contributions you’re expected to pay for any employee, and it’s subject to annual indexation. The maximum contribution you have to make for any quarter in the 2013-14 year is $4,443.70. This is 9.25% of the quarterly maximum contributions base of $48,040. The following link shows some of the most common payments covered by salary or . Cooling Off Provisions The Financial Services Reform Act 2001 replaced several pieces of legislation that related to insurance and financial services and replaced them with Pt 7.9 of the Corporations Act 2001. Pt 7.9 requires superannuation funds, risk insurance products; investment linked life policies and approved deposit funds to have provisions for a 14 day cooling off period after a person has lodged an application for a policy or initial investment.