How much superannuation do i need to pay

Depending on how far you are from retirement, you might think about switching to a more growth-focused super investment option. Find out more about super contribution types and how much you can contribute , noting limits apply and if you exceed caps, additional tax and penalties may apply. You can join us on:. Taxation issues are complex.

You should seek professional advice before deciding to act on any information in this article. The super health check is provided by AWM Services and is general advice only. It does not consider your personal circumstances.

You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive relating to products and services provided to you.

You can also ask us for a hardcopy. All information on this website is subject to change without notice. Personal Super Super basics How much super should I have at my age? If you don't make your superannuation contributions by these dates, you'll face penalties.

Find out what to do if you haven't made your contributions on time. If you have employees, you must use SuperStream the superannuation data and payment standard to pay super. SuperStream makes it easier to make super contributions. Employers will report their employees' payroll information, such as salaries and wages, pay as you go PAYG withholding and super information to the ATO each time you pay them.

STP-reporting became mandatory for large employers with 20 or more employees from 1 July , and employers with 19 or fewer employees from 1 July There are a number of concessions still in place to help certain types of businesses to switch over, such as micro employers. Many of these concessions will end 1 July You may want to consider super as a way of saving for your retirement.

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Toggle navigation. Superannuation Last Updated: 24 September Superannuation super is money you pay for your workers to provide for their retirements. If your business employs people, make sure you know the requirements for paying super. Find out what you need to do when paying super for employees, super fund choices including requesting stapled super fund details, making super contributions and using SuperStream.

On this page Super for employers Providing a choice of super fund Request stapled super fund details for employees Paying by the super due dates Using SuperStream to pay super Single touch payroll Free clearing house service Paying super to yourself as a sole trader or partner.

Super for employers. Super is money you pay for your workers to provide for their retirements. As an employer, you need to: offer eligible employees choice of super fund.

Some contractors may also be entitled to super pay and report super electronically in a standard format, ensuring you meet SuperStream requirements pay super to complying super funds check if employees are eligible to choose their own super funds provide eligible employees with a Standard choice form advise employees of your employer nominated fund, also known as your default fund. The SG percentage can be manually increased in the calculator. If an employee earns over this amount, the employer is not obligated to make SG contributions for anything above the limit.

This calculator is not intended to be relied upon for the purposes of making a financial decision. You should consider your objectives, financial situation and needs, which are not accounted for in this information, before making any investment or financial decisions.

You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions. Is the Super Guarantee enough? Do your own super projection. Some workplace agreements between employers and employees will provide for higher superannuation contributions than the legal minimum. Industry Super. Home Understand super Super guarantee.