Employers calculating superannuation guarantee amounts may find they increased as from 1 July 2008!
More of what is paid to staff and sub-contractors came into consideration as OTE (ordinary times earnings), which now includes performance-related bonuses; regular over-award payments; commissions; and expense allowances – with consequent effects on calculating superannuation guarantee amounts.
The statutory rate was not changed from 9%, but with these inclusions the amount to which the statutory rate is applied may well result in higher costs to ’employers’.
Note – If you engage sub-contractors in your business and they are principally working for your business and/ or who have to work according to your specific direction and control, you may need to be calculating superannuation guarantee amounts to remit for these people as though you were actually their employer.
If either of these matters are unclear for you, please contact your tax accountant or business adviser to take appropriate advice as to your obligations.
The advisers at Continuum Financial Planners Pty Ltd are experienced in dealing with Superannuation matters: ‘we listen, we understand; and we have solutions‘ – if you have any concerns about providing compliant superannuation guarantee contributions in relation to your employees and/ or your personal superannuation needs, please call 07-34213456, or Contact Us to arrange a meeting to discuss your needs.
(This article was originally posted in 2008; it has occasionally been updated and/or refreshed, most recently in January 2020.)
