Ato super contributions. gov. Ato super contributions

 
govAto super contributions  Make sure your super fund has your tax file number (TFN)

Find out more. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Division 293 tax may reduce the tax concession on super contributions for individuals. Too easy! eligibility for the super co-contribution. Make sure your super fund has your tax file number (TFN). If you choose to have the contributions offset. It is generally taxed at a lower rate than your regular income. Employee age – for employees who are. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. The exception is downsizer contributions, which you could make if you were 65 years or older. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. You need to be less than 71 years old by the end of the financial year and meet certain lower and higher income thresholds, which vary depending on the. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. This means it will count towards the annual concessional contribution cap of $27,500. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). The tax offset is calculated as 18% of the lesser of: $3,000, reduced by $1 for every $1 that the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $37,000. ExamplesDefinition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. Your income statement will show your year-to-date: salary and wages. Module 3: Setting up super for your employees. Division 293 tax may reduce the tax concession on super contributions for individuals. 28 January. Instructions; More informationIf you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. Your 15% contributions tax on this amount is $567 (which is paid by your super fund to the ATO). Once you lodge your tax return for the 2023-24 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. To be eligible to make after-tax contributions, you must have less than $1. Contributing more than the caps to your super may mean having to pay extra tax. you exceed the concessional or non-concessional contribution caps. 3 min read. e. Where possible, we will notify you if we do this. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. This change will help address the $5 billion a year scourge of unpaid super by making it easier for workers to keep track of payments and for the Australian Taxation Office (ATO) to monitor compliance. Super contributions. How it works. Source: ato. Reportable superannuation contributions are contributions made into superannuation over and above mandated super contributions. The SG rate on the date the salary is paid applies. Payments from super. Super may be taxed at 3 points in its life cycle: on contributions. Division 293 tax may reduce the tax concession on super contributions for individuals. You may have to pay more tax if you exceeded the non-concessional contributions cap. for personal super contributions visit the Australian Taxation Office (ATO) website at ato. Division 293 tax. Tax offsets. Your total income for 2021–22, was less than $56,112. They need to be reported to the Australian Taxation Office since the ATO uses them to calculate tax concessions, taxes, Centrelink benefits, and a range of other thresholds. You may have to pay more tax if you exceeded the non-concessional contributions cap. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). au/super TAX 1 Plus Medicare levy. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Estimating your super. Learn about your super guarantee employer obligations by completing our online course. The clearing house distributes the payment to each employee's super fund according to your instructions. APRA regulated funds report contributions to the ATO when received and 30 June balances by 31 October, and the ATO will make the determination following receipt of this information. Claiming deductions for personal super contributions. All tax calculations should be performed by a qualified tax accountant. to help consolidate super accounts within and across funds. The FHSS scheme allows you to save money for your first home in your super fund. Maximum spouse contributions eligible for the tax offset. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement. See the ATO website for more information about how much tax you'll pay on super contributions. you may miss out on a super co-contribution, if eligible. Contributing more than the caps to your super may mean having to pay extra tax. Step 2: Send the form to AustralianSuper via our contact us page or post. you exceed the concessional or non-concessional contribution caps. A downsizer contribution is a non-concessional contribution, but it doesn’t count towards the contribution cap. An LPO can only be used for contributions paid before you receive an SGC assessment. If your employee's details are incorrect, their super fund may:. The super capital gains tax cap is a lifetime limit. Step 2: If your spouse claimed a deduction for personal superannuation contributions at question D12 on their tax return (supplementary section), add the deduction amount to the result from step 1. It is possible for your reportable super contributions in any one year to consist of both personal concessional contributions and reportable employer super contributions. Module 5: Paying super contributions. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. 7 million. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. It is a legal requirement for rollovers to be processed electronically, using 2 components: a data message. The super fund pays the $47,000 to the ATO in compliance. SuperStream is the way all employers must pay employee superannuation guarantee contributions to super funds. The TFN is required at the time you make the super guarantee contribution. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. NGS Super Opportunities and limits for super contributions 2. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. You can also make payments more frequently than quarterly, for example fortnightly or monthly. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. a. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). 7 million. Non-resident foreign income. It still applies if you want to claim a personal super contribution deduction. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. The super guarantee rate is currently 11% of ordinary earnings. The following table illustrates how salary sacrificing and. Effective salary sacrifice arrangement. your total superannuation balance at 30 June 2021 was less than $1,600,000. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. 6 million on 30 June of the year. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. Eligibility. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. Adjustments. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. 2. super. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. They are taxed at a flat rate of 15% in your super fund. 2 million to the Australian Taxation Office (ATO) in 2023–24. An eligible, active super account is one that: is held by a living person. Your employer is required to make SG contributions into your super account of $3,780 ($36,000 x 10. Employee age – for employees who are. On this page. After-tax (non-concessional. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. SuperStream transmits money and information consistently across the super system – between employers, funds, service. The tax rate depends on your income plus your before-tax super contributions. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. The amount is generally a non-concessional contribution if you're an individual contributing a retirement exemption amount to a super fund or RSA. concessional) rate of tax. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. which employees are eligible for super contributions? YES/NO. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. EFT or BPAY direct to the fund Example: 2 part tax offset for spouse super contributions. The 2021–22 concessional contributions cap is $27,500 unless you carry-forward unused concessional contributions amounts from previous financial years. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. The ATO website is getting a refresh soon. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. Your employee benefits because the salary-sacrificed amount is: taxed in the super fund at the concessional rate of 15%, which is usually less than the PAYG tax rate. Payments from super. Your total income for 2021–22, was less than $56,112. Step 3. au The total income used by the calculator to estimate the applicable Division 293 tax is equal to your annual salary before tax and before any salary sacrifice. Sam will sacrifice. or more you pay 30% tax. This is the maximum you can contribute in any one financial year. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Part of your obligations as an employer is to pay super guarantee (SG). Overview. If your contributions amounts go over these caps, you may have to pay extra tax. You were under 71 years old on 30 June 2022. Employers will be able to check with the ATO to see if the employee has an existing super account. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. Contributions caps. If you are eligible for LISTO, the ATO automatically refunds $500 into your super account. If you are unable to access our ATO online services, you can check with your fund or phone us. Offer employees a choice of super fund and keep records that show you've done this. You should also contact your super fund to discuss: the contributions that were made; how a contribution cap was exceeded. Generally, the ATO will not pursue unpaid super enquiries relating to contribution periods that ended more than five years ago. The normal annual contribution caps apply. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. Check if you need to report your super. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. reportable employer super contributions; deductible personal super contributions. Division 293 tax may reduce the tax concession on super contributions for individuals. You only need to do this if you missed paying the minimum super. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. The tax must be paid from the super fund and the ATO will issue a compulsory commutation notice to the fund who will pay the tax to the ATO. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. If you did not have a spouse for the full year, print X in the No box at L and write the dates you had a spouse in 2021–22 at M and N. As at 1 July 2021, your annual non-concessional cap is $110,000. gov. your total super balance, which is relevant to how some key superannuation rules apply to you. Ben’s concessional contributions cap. A couple, George and Jane, sell their home for $800,000. They are taxed at a flat rate of 15% in your super fund. gov. As an example, say your salary is $36,000. How to personalise your tax return. Payments from super. Extra contributions may include salary sacrificed amounts an employee has arranged to have deducted from their pre-tax income and paid into their super fund. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. A personal super contribution is a contribution that you make into superannuation from your personal bank account. Super guarantee contributions for quarter 3, 2023–24 (1 January – 31 March 2024) to be made to the fund. Superannuation is money employers pay eligible workers to provide for their retirement. Maximum after-tax. Contributions caps. haven’t given your TFN to your super fund. Super contributions to defined benefit and constitutionally protected funds. Module 6: Correcting late super payments. you will have to pay Division 293 tax, which applies when your combined income and concessional super contributions for Division 293 purposes is more than $250,000. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution). If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. Start the course now. the matching rate was set at 50%. Offer employees a choice of super fund and keep records that show you've done this. Such contributions are the. The SG rate increased to 11% on 1 July 2023. haven’t given your TFN to your super fund. Enter Income (including any salary sacrifice amounts) 2. For more information visit ato. Information you need. Division 293 tax may reduce the tax concession on super contributions for individuals. Your SMSF must lodge an. If your spouse is also 55 or older, you can add up to $600,000 in total between the two of you. Note: Payments may take up to 7 business days to be transferred through the ATO and super fund before they reach the employee's super fund account. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. cannot be used as a contribution for the current quarter or future quarter's super contributions. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. You are entitled to a tax offset of up to $540 for 2021–22 if: the sum of your spouse's assessable income (excluding any assessable First home super saver released amount or COVID-19 early release of superannuation payment), total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $40,000 By using ATO online services, you can keep track of your super. Taxable component of $300,000 = 75%. By registering with these funds, you agree to. For 2021–22, the annual non-concessional contributions cap is $ $110,000 if your total superannuation balance on 30 June 2021 was less than $1. For the full definition of 'income' used by the Australian Taxation Office (ATO) and other details on Division 293 tax and excess contribution rules, refer to the ATO website at. There are rules for accepting contributions that all trustees need to know. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. Please note, your total super balance includes super held outside of AustralianSuper. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. the higher income threshold was set at $15,000 above the lower income threshold. 7 million on 30 June of the financial year before the one in which you want to make your contribution. Super paid after a person's death is called a 'super death benefit'. Employers need to make super guarantee (SG) contributions to an employee's super fund for every quarter and ensure that they are received by the fund by the following dates: Quarter 1 (July–September) – due 28 October. small business roll-over. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. When and how you can transfer or roll over your super to another fund, and how to consolidate multiple super accounts. Opinion. Government super contributions workbook 2023. You may be able to elect to receive a late payment offset (LPO). Make sure your super fund has your tax file number (TFN). You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. 7 million in super on June 30 of the previous financial year. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. Source: ato. Your super contributions for the current quarter (ending 30 June, due by 28 July 2023) are still calculated at the 10. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). You may have to pay more tax if you exceeded the non-concessional contributions cap. You did not exceed your non-concessional contribution cap. They need to make sure the respective super funds receive these contributions before the due date specified by the Australian Taxation Office (ATO) for that quarter. Returning contributions. 28 July. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. AustralianSuper doesn’t accept liability for any loss or damage caused by use of the QuickSuper service and doesn’t receive any commissions from Westpac if employers use this service. Payment errors. you're a high-income earner. the Australian business number (ABN) of your employee's super fund. Your TSB is calculated by adding together all the amounts you have in the accumulation phase of super. the higher income threshold was set at $15,000 above the lower income threshold. You can ask your super fund to transfer up to 85% of a financial year’s ‘taxed splittable contributions’ to your spouse. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. If you do claim it as a tax deduction, the contribution will be recorded as a concessional contribution. You were under 71 years old on 30 June 2022. You will need to wait until your employer marks your income statement as 'Tax ready' before you prepare and lodge your tax return. This is the maximum you can contribute in any one financial year. 1 January – 31 March. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). She made a personal contribution of $10,000 to her super. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. • contributions by parents, other family or friends (not in the capacity of an employer) • government co-contributions. If you require tailored technical and interpretative assistance relating to super matters for a specific individual or group of taxpayers, you can contact us by: secure mail for business. On this page. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. 2. Work out the best way to grow your nest egg. You did not exceed your non-concessional contribution cap. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. The timing of employer deductions for contributions through the clearing house is discussed in Practical Compliance Guideline (PCG) 2020/6 Timing of income tax deductions for superannuation contributions made through the Small Business Superannuation Clearing House - ATO compliance approach has now been finalised and published. 28 April. Medicare and private health insurance. Instead of paying $4125 tax on a $27,500 super contribution, reducing the contribution to $23,375, a potentially extra $4125 in tax will reduce this to $19,250. For individuals between 67 and 74 wishing to claim a tax deduction for their super contributions, the ATO will administer the work test when the tax return is lodged. This may occur, for example, if the account has since been closed or a defined benefit account won't accept your contributions. au Concessional contributions These are before tax contributions, such as productivity, salary sacrifice contributions and membersalary-sacrificed super contributions are classified as employer super contributions that are taxed in the super fund (instead of being employee super contributions from after-tax income). How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Those are: the SG rate increased from 10% to 10. Super contributions should either be made to: the employee’s chosen fund; you should make a stapled super fund request and make contributions to the fund that we advise. a separate payment transfer. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Contributions made by an employer that are personal contributions. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. offer eligible employees choice of super fund. If you have a tax file number (TFN) you can make personal super contributions into a super fund of your choice and you may: be able to claim a tax deduction for your super contributions; be eligible for the low-income super tax offset; be eligible for the super co-contribution on contributions you don't claim a deduction forThe super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. If your spouse died during 2021–22 and you did not have another spouse on or before 30 June 2022. This information should be included on your payslips. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. These contributions come from after-tax income, so they are non-concessional contributions. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. 1 min read. This is $1. This includes the small business retirement exemption and the 15-year CGT exemption. From 1 July 2021 the general concessional contributions cap is $27,500 as a result of indexation in line with average weekly ordinary time earnings (AWOTE). you are aged less than 65 years. For most people, 15% is lower than the marginal tax rate you pay on income. From 1 July 2022, two new SG changes applied. Provide employees' TFNs to their funds. Super contributions to defined benefit and. whether you take the benefit as an income stream or a lump sum. Eligibility. However, super contributions you make for an associate of an employee are subject to FBT. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. The super. Schedule 3 in the SuperStream legislation, standards and schedules. Instructions; More information If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. None of the amounts the employer contributes are. General concessional contributions cap. Your employer must pay SG contributions into your super account at least every three months. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) arranging for your spouse to. The super co-contribution calculator is a tool to help individuals, including the self-employed, estimate their co-contribution entitlement and eligibility, based on information provided about: income; personal super contributions. Check when to use this workbook and why we need the information, and how to get it in a portable document format (PDF). Module 3: Setting up super for your employees. Paying super contributions. super fund details before making a super contribution. Your employer must pay SG contributions into your super account at least every three months. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. you are aged less than 65 years. bring-forward arrangement for non-concessional contributions; total super balance. 6 million on 30 June of the year. You may be able to choose the super fund your SG contributions are paid into. Contributions for spouses or children. This means that the maximum super guarantee amount an employer is required to contribute is the equivalent of 11% of $62,270 per quarter (equivalent to $249,080 for the. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. Information you need before using the tool. $17,353 if no employee contributions are made. 5% for each $1 over $45,000 (in addition to $5092 in tax). See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). He indicates that he’d like to split $5,000 of his employer contributions. GST. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. $4,145 if employee contributions of $7,000 are made. Income. From 1 July 2021, the concessional contributions cap is $27,500. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Even if you outsource some parts of making super contributions, you're still responsible for ensuring your employees' super contributions are paid correctly. To be eligible to make catch-up CCs, one criteria is your total super balance must be below $500,000 at the prior 30 June. Pay electronically to complying super funds and retirement savings accounts. gov. Tax offset for super contributions on behalf of your spouse. About the non-concessional contributions cap. gov. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. What you can do and see in ATO online; Viewing your super accounts; Your account balances; YourSuper comparison tool; Things to consider before transferring; Transferring your super; What you can do and see in ATO online. Last modified: 26 Apr 2023 QC 72189. How to complete your tax return or refund of franking credits application using myTax. The SG rate on the date the salary is paid applies. you're a high-income earner. Withdrawing and using your super When and how you can access your super and whether you need to pay tax on withdrawals. Government super contributions include both super co-contributions and low income super tax offset. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. Your employer is required to make SG contributions into your super account of $3,780 ($36,000 x 10. At the Income tests heading: Enter at Tax-free government pensions or benefits the total amount of tax-free pensions and benefits you received during 2021–22. With SuperStream money and data are sent electronically in a standard format. The actual amount of tax will depend on various factors such as your age, the. Request to adjust concessional contributions. If you are eligible for LISTO, the ATO automatically refunds $500 into your super account. From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. 4 min read. The requirement to pay excess contributions tax will depend on which contribution cap you exceeded and whether or not you chose to withdraw the excess contributions from superannuation. 6 million. /individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions You can use a salary sacrifice arrangement to have some of your salary or wages paid into your super fund instead of to you. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your fund or RSA provider. Reportable superannuation contributions are extra money that you or your employer have paid into your super in addition to the mandatory super payments. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. You will be asked questions about the nature of the work arrangement.