It seems like everyone gets super, right? But is superannuation compulsory in every circumstance?
We learnt a heap of random facts at school (Pythagoras’ theorem, anyone?) - but absolutely NOTHING about superannuation. But here’s the thing: if you’ve worked in a part-time or full-time job before, it’s likely that you’ll have a superannuation account.
Generally, employers are required by law to make regular contributions to your chosen super fund as part of a system called the super guarantee (SG for short).
It doesn’t matter if you’re a full-timer, part-timer or even a casual, your boss will have to pay you super as long as you meet the age and minimum earning requirement.
Unfortunately, if ya don’t meet the age or minimum earning requirement, then your boss actually doesn’t need to make super contributions.
If you’re a contractor, then it will depend on the arrangement you’ve got with your employer. If you’re considered an employee, then you may be eligible to receive super.
You’ll need to look at your employment contract, or have a chat with your HR team to find out for sure.
If you’re self-employed, then it’s up to you to pay yourself super… soz. Yep, that’s right. The government reckons that if you’re responsible enough to employ yourself, then you’re responsible enough to pay your own super!
A little tip is to add 10.5% build into your rate - aka make sure you get paid a little extra so your can afford to top it up.
For example, if you’re a designer and you think you should charge out at $50 per hour, then you may opt to bump ya rate up to $55.50 per hour to account for super.
It’s the million dollar question. It’s always a good idea to check up on your super account to make sure your boss is actually transferring the right amount of cash in there… y’know, just in case.
The easiest way to do this is by logging into the online portal for your super fund. And keep in mind that payments should be going in at least quarterly, according to the rules.
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