SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
The minimum super you must pay each quarter for each eligible employee is called the super guarantee (SG).
Currently the SG is 9.5% of their ordinary time earnings (OTE).
OTE is usually the amount your employee earns for their ordinary hours of work. It includes things like commissions, shift loadings and allowances, but not overtime payments.
To work out what you must pay, multiply your employee’s OTE for the quarter by the SG rate (or the percentage you use if you’re paying super at a higher rate).
For employees who started in the quarter, their earnings are calculated from the day they started.
If you make super contributions under an award, check that they are enough to satisfy both the award and the SG.