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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 $54,030 per quarter or more, you’ll need to check with your employer how much superannuation they are paying into your fund. The maximum SG that an employer is legally required to contribute is the equivalent of 9.5% of a person's salary up to a maximum salary of $54,030 per quarter, which works out to be $5,132.85 per quarter (that is $20,531.40 SG for the year).

How much superannuation do I pay/get paid?

Employer must pay 9.5% of ordinary time earnings into your super fund. For Super Guarantee purposes, that is usually 9.2% 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.

The super contributions have to 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.

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

Are you 18 years of age or over? 
Do you work for more than 30 hours in a week?

 

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.

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.