And the superannuation guarantee
The Australian superannuation system requires your employer to make regular contributions into your super account. This is the superannuation guarantee and it is currently 11% of your wage. Super is compulsory for most employed Australians, it’s a universal scheme designed to help you build up and save for retirement.
Ideally, it’s transferred to your chosen super fund at the same time you receive your pay.
Compulsory superannuation rate
Generally, you’re entitled to super guarantee contributions from an employer if you are over18 years old. It doesn’t matter if you’re full time, part time or casual, or if you’re a temporary resident of Australia – you’re still entitled to receive superannuation contributions.
It’s important to remember that the compulsory superannuation contribution does not come out of your pay – it’s an extra payment made by your employer on your behalf.
Under 18 years of age?
To be entitled to receive compulsory super contributions if you’re under 18 years of age, you must work more than 30 hours in a week.
What about contractors?
Under superannuation law, if you’re a contractor who is paid wholly or mostly for your labour, you’re generally considered to be an employee and therefore entitled to super guarantee contributions just like any other employee.