SuperFunds Questions thanks Australian are required to pay superannuation contributions of 9% earnings base.?

Question

this super contributions of 9% is

Corporate SuperFunds or

Retail SuperFunds

Thanks you for your answer in Advance

Answer 1

Hi there,

"Australians are required to pay super..."

No, Australian employers for employee that work for them, unless exempted by the legislation, are required to pay 9% super contribution.

I am a salary wage earner. I myself am not required to pay any super for me. I can if I want to, but I can't claim any deduction.

The 9% is calculated on Ordinary Time Earning. Or if you are under certain award arrangement, the earning base could be different. But from next year, I understand everyone will be on OTE. Just an example, allowance falls under OTE, but reimbursements not.

In practice, at present, there will be almost no different whether you choose to put your money in a Corporate SF or a Retail SF. The employers still have to put the contribution where you choose to (unless you're excluded from Super Choice)

Corporate Super is the term used to describe a Standard Employer Sponsored Super. Legally, the parties in the deed are the employer and the trustee of the fund. The employer will be considered an in house party of the fund.

Retail Super Fund does not have a specific employer sponsoring the fund. Employers can become participants.