The FACTS ABOUT SUPER: Any other way of calculating super is incorrect and outside the Superannuation Guarantee Legislation administered by the ATO. As always there is a myriad of speculation and misinformation as to how Super is calculated and how much super any person is entitled to. There are 3 very clear rules: 1. A Super entitlement is owed to you by the Employer once you earn $450 per month. In the case of nursing agencies the $450 per month can be earned over multiple hospitals in one month. 2. Super is currently paid at 9.25% of your gross income calculated after reaching the threshold of $450 per month. 3. Super is paid into a fund of your choice 28 days after the end of each business quarter. The business quarters are: Quarter (1) being July to September. Quarter (2) is October to December. Quarter (3) is January to March. Quarter (4) is April to June. At the end of each financial year your elected Super Fund will send you a statement for the financial year just passed. Your statement will not have the payment for Quarter 4 as that payment is not due until 28th July and the statement is made as at the 30th June. In essence Super is very easy to understand and there should be no confusion if the above rules are considered. Any queries please do not hesitate to speak to us on 03 8768 7700 during 9am to 4pm daily.
Posted on: Mon, 23 Sep 2013 02:55:51 +0000
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