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Year-end superannuation tips and traps
Thursday 25 May 2023 at 11:00 am AEST
Year-end strategies and procedures to get the best outcomes from your superannuation before the end of the 2022-23 financial year.
Q: Do you have any information on if superannuation is payable on overtime? Also, my employer has been paying my superannuation late every month. What are their obligations to pay it on time? Can they be penalised? And who can I escalate a complaint to?
Thank you for your question.
In 2022–23, the SG contribution rate is 10.5% of your ordinary time earnings (OTE) and is paid on top of your wages or salary.
Your OTE is usually the amount you earn for your ordinary hours of work and includes commissions, shift loadings and allowances, bonuses and any over-award payments. It does not include any overtime payments. However, for more detailed information about what payments are included in OTE, see the ATO’s website and refer to this article.
You can also refer to this article for general information on what to do if your employer doesn’t pay your super.
This is general information only. Please consult a qualified professional or the ATO for more details.
If you’re looking for another tax deduction, a personal deductible super contribution could be worth considering. You can trade in your marginal tax rate for 15% tax on super contributions if you stay within your limits.
Learn more about tax deductible super contributions.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.