Understanding Employer Super Contributions

Employer contributions, also known as the Super Guarantee (SG), are a key part of your retirement savings. Here’s what you need to know about how they work and how to track them.

What Are Employer Contributions?

• These are payments your employer is legally required to make into your superannuation fund.
• As of July 2023, the SG rate is 11% of your ordinary time earnings.

How Contributions Work

• Your employer calculates SG contributions based on your salary or wages.
• Contributions are typically paid quarterly, though some employers may pay more frequently.
• Payments are sent directly to your nominated super fund.

Checking Your Contributions

• Review your payslips to ensure SG contributions are being made.
• Log in to your super fund account to track payments and confirm they’ve been received.

Employer contributions form a significant part of your retirement savings. Keeping track of them ensures you’re receiving what you’re entitled to under Australian law.

FAQs

What happens if my employer doesn’t pay the correct amount?

Employers are legally obligated to pay the correct SG rate. If you suspect underpayment, contact your super fund or the ATO for assistance.

Can I choose my own super fund?

Yes, you have the right to nominate a preferred super fund. Provide your employer with your fund details to ensure contributions are sent to the correct account.