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Under Australian federal law, employers must pay superannuation contributions to approved superannuation funds. Called the "superannuation guarantee" (SG), the contribution percentage as of 2025 is 12 per cent of the employees' ordinary time earnings, generally consisting of salaries/wages, commissions, allowances, but not overtime. [23]
Since 1 January 2014, unless an employee has chosen another investment option, employers must pay all compulsory SG contributions into approved MySuper accounts, i.e., into super products that have received a MySuper authority.
Superannuation in Australia provides people with workplace pensions in retirement, and employers must pay a "superannuation guarantee" of 12% of income from 2025 to approved funds. [74] There may also be no unauthorised deductions of wages, [75] and there is a right to be paid at least monthly. [76]
The employer contributions are not tax deductible [27] Employees must pay taxes on deferred compensation at the time such compensation is eligible to be received (not just when it is actually drawn out). [27] Deferred comp is only available to senior management and other highly compensated employees of companies.
The investment income of superannuation funds derived from those assets backing pensions (i.e., retirement phase accounts) is "exempt" income of the fund. In the 2016 federal budget, the government proposed to abolish, effective 1 July 2017, the exemption for investment income on a retirement phase account if the balance in the account exceeds ...
Since 1 January 2014, all employers must select an approved MySuper account as their default super fund into which they must pay all default super guarantee contributions (minimum employer contributions). [11] However, employees can nominate an alternative investment fund, called a stapled super fund. [11]
Pull a small amount for emergencies, if you must — but put it back as soon as possible. New IRS rules allow taxpayers to pull up to $1,000 from their retirement savings tax- and penalty-free.
Employers must receive the employees' 13 digit Tax Identification Number (TIN) and register them via a provided A47: 001 Employee Declaration Form along with a A47.004 PAYE Tax Deduction Remittance Form where after they must pay the employees' taxes to the Revenue Commissioner on or before the 15th of the month following the month in which it ...