Generally, employees are entitled to super contributions equivalent to 9.5% of their Ordinary Time Earnings (OTE). OTE is not simply ‘gross’ or ‘net’ wage, but includes an employee’s total earnings in respect of ordinary hours of work plus over-award payments, shift loading, bonuses, certain paid leave and commission.
If your employee works in the black coal mining industry, you’ll need to pay within 21 days after the end of the month in which the mine worker’s pay period ended.
Other industries must observe the relevant awards and Super Guarantee obligations set out by the Australian Taxation Office. The quarterly cut-off dates for payments are:
|Quarter||Period||Payment cut-off date|
|1||1 July - 30 September||28 October|
|2||1 October - 31 December||28 January|
|3||1 January - 31 March||28 April|
|4||1 April - 30 June||28 July|
You must record your employees’ Reportable Employer Superannuation Contributions (RESC) and report this information to the ATO.
The government uses RESC to work out a person’s eligibility for a range of government benefits, including Family Tax Benefit and to calculate child support and Medicare levy obligations.
It’s important to tell us quickly of any new starters and terminations.
For example, a member might be eligible to have Basic Insurance Cover and standard Income Protection insurance added to their account when you send us a super contribution for them.
Mine Super accounts contain insurance products and investment options. By providing your employee’s correct date of birth, you ensure earnings, insurance benefits and charges from these products are correct.
We use your employees' salary to work out how much Income Protection insurance they need and how much it will cost. To ensure your employees are adequately insured and are paying the correct premium, make sure you tell us their most recent salary. The salary you give us mustn't include the super contributions you pay for your employees but needs to include salary sacrifice contributions.
The salary you provide should be what your employee earns before tax is taken out (gross salary). It should include incentive based payments and bonuses, overtime, shift loadings and allowances and any salary package amount they could otherwise take as cash.
If your employee provides you with their TFN you must pass it on to us with the next super contribution or within 14 days, whichever is the later. If you don’t pass on your employee’s TFN:
This can affect the charges applied to the member’s account.
Financial services law prohibits unlicensed persons from giving any advice that takes into account an individual's objectives, financial situation or specific needs.
You can give employees factual information only, for example:
You can’t make a recommendation or give an opinion that may influence a person's decision about a financial product unless you’re licensed to do so.