Employers must pay 10% of ordinary time earnings into your super fund. For super guarantee purposes, that is usually 10% of the amount you earn from your ordinary hours of work.

How much super can I contribute 2020?

From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age. For the 2017-18, 2018-19, 2019-20 and 2020-21 financial years, the general concessional contributions cap is $25,000 for all individuals regardless of age.

What is the maximum employer super contribution for 2020?

The current caps are: Before-tax super cap: $27,500 (including employer contributions) – but could be more where members use the ‘carry forward’ rule. After-tax super cap: $110,000 – but could be more where members use the ‘bring forward’ rule.

What percentage should I contribute to super?

10%
Your employer must pay at least 10% of your ‘ordinary time earnings’ into your super account. The minimum amount that your employer must pay into your superannuation fund. It is currently 10% of your gross salary. Ordinary time earnings are what you earn for your ordinary hours of work.

When Must an employer pay superannuation?

18 years
Generally, an employer must pay super for an employee if: The employee is 18 years or over, and. You pay them $450 or more (before tax) in regular income per calendar month.

Do employers have to pay super on JobKeeper?

Your employer still needs to pay your compulsory super contributions known as the Superannuation Guarantee. However, your employer is not required to pay Superannuation Guarantee on any JobKeeper Payment that exceeds your original fortnightly pay.

What does it mean to make a personal super contribution?

Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). These contributions: are in addition to any compulsory super contributions your employer makes on your behalf; do not include super contributions made through a salary-sacrifice arrangement.

Are there limits on how much you can contribute to Super each year?

There are limits on the amount of before-tax and after-tax contributions you can make each year, and these may vary depending on the financial year and your age. If you contribute too much to your super, you may have to pay extra tax.

What kind of tax do you pay on super fund contributions?

The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions include: employer contributions, such as compulsory employer contributions and salary sacrifice payments made to your super fund contributions that you are allowed as an income tax deduction

What happens if I Go Over my Super contribution cap?

If you go over your cap amount, you will have to pay extra tax. For more information see SuperGuide article What to do if you exceed your super contributions caps. Super contributions are not counted when the payment is sent by your employer. They only count towards your contribution cap once the payment is received by your super fund.