What is the superannuation guarantee contribution?
The superannuation guarantee (SG) levy requires employers to provide most Australian workers with superannuation contributions. The aim is to ensure that as many Australians as possible enjoy the benefits of a superannuation income in their retirement. The SG is an employer obligation. The contributions are a minimum set down by the Federal Government and must be paid into a complying fund, which is one that meets government standards. If an employee’s ordinary time earnings are $1000 a month, your contribution to their super fund each month would be $90. Ideally, this amount should be paid into your employee’s super fund of choice at the same time they receive their pay.
