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Super guarantee

Contributions at 9.5%

How to calculate superannuation

Super is calculated by multiplying your gross salary and wages by 9.5%, this is known as the Superannuation Guarantee. Overtime and expenses are excluded but most bonuses and allowances are included. For example if you earn $70,000 and a $4,000 bonus then $74,000 x 9.5% = $7,030.

The calculator below provides an easy way to do this.

If you earn $55,270 per quarter or more in FY2019/20, you’ll need to check with your employer how much superannuation they are paying into your fund. The maximum super guarantee amount an employer is required to contribute is the equivalent of 9.5% of $55,270 per quarter (equivalent to $221,080 for the year), which works out to be a contribution of $5,250.65 per quarter.

How much superannuation do I pay/get paid?

Employers must pay 9.5% of ordinary time earnings into your super fund. For Super Guarantee purposes, that is usually 9.5% of the amount you earn from your ordinary hours of work. It includes: 

  • Shift loadings and allowances
  • Commissions
  • Some bonuses

Overtime payments however are usually not included.

Your super contributions must be shown on your pay slip. You can also log on to your super fund’s website to see them or wait for your annual statement.

When is super paid?
See the payment dates

Contractors and the Super Guarantee

If you’re a contractor paid entirely or principally by one company for your work, then you’re considered an employee for super purposes and, as such, entitled to super guarantee contributions under the same rules as employees.

Super Contribution Calculator

Please enter an income amount
tool tip Please enter in the contribution rate. Contribution rate needs to be between 9.5% and 12%

Please note: The answers you get from this tool are based solely on the information you provide. Calculations are only estimates of potential superannuation eligibility and assume no change to hours worked or remuneration received and may not equate with the eligibility period for the calculation of superannuation entitlements. You must check the information you enter is correct, as we will not be held accountable for any incorrect calculations.

Is the Super Guarantee enough?
Do your own super projection

Super Guarantee explained

Under Australian legislation, generally your employer must pay 9.5% of your salary into a super fund. It’s designed to help you build up and save for retirement.

Generally, you’re entitled to Super Guarantee (SG) contributions from an employer if:

  1. You’re 18 years old or over, and
  2. You earn more than the threshold of $450 or more before tax in a month

OR

  1. You’re under 18 years old, and
  2. You work more than 30 hours per week, and
  3. You earn $450 per month or more.

The scheme applies to full time, part time and casual employees who are Australian residents or here on a working visa.

Industrial Agreements  

Some workplace agreements between employers and employees will provide for higher superannuation than the legal minimum. This might include a higher superannuation percentage rate; the payment of super on overtime or the payment of super regardless of the employee not earning $450 per month.

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