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We offer general information about your superannuation obligations. As superannuation is complex, we suggest seeking financial advice about your specific circumstances.
The superannuation guarantee
You must make compulsory superannuation payments (contributions) for your employees into their complying super fund or retirement savings account, under the Superannuation Guarantee (Administration) Act 1992.
The contribution rate is set at the below corresponding per cent of an employee’s ordinary time earnings (OTE). OTE refers to what an employee is paid for ordinary hours of work and includes casual loading, shift loading, commission, lump sum payments, paid leave and certain allowances.
| Financial year | Contribution rate (%) |
|---|---|
| 2016/2017 | 9.5 |
| 2017/2018 | 9.5 |
| 2018/2019 | 9.5 |
| 2019/2020 | 9.5 |
| 2020/2021 | 9.5 |
| 2021/2022 | 10.0 |
| 2022/2023 | 10.5 |
| 2023/2024 | 11.0 |
| 2024/2025 | 11.5 |
| 2025 and onwards | 12.0 |
Right to superannuation in the National Employment Standards
From 1 January 2024, an enforceable workplace right to superannuation contributions will be added to the National Employment Standards (NES).
Whilst the primary responsibility of recovering unpaid or underpaid superannuation contributions will remain with the Australian Taxation Office (ATO), the Fair Work Ombudsman will continue to take a complementary role to the ATO in pursuing superannuation by referring involving unpaid superannuation to the ATO.
The introduction of the new NES entitlement will increase the number of employees who can take action in court to recover superannuation against an employer.
Need more information?
If you haven’t found the answer to your questions on our website, give us a call or email us.
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