LAWS3101 Study Guide - Midterm Guide: Legal Personality, Nanny
Document Summary
These contributions will be tax deductible to the employer (ss 290-60 and 290-80 of itaa 1997). Superannuation guarantee was introduced in australia on 1 july 1992. Superannuation guarantee is a compulsory pension/retirement savings system to provide better incomes in retirement for individuals, which in turn reduces the burden on the state to provide age pensions. The deduction is available under section 8-1, since superannuation contributions are employment costs. Employers must make their super guarantee contributions at least every quarter: 28 october: 28 january: 28. Contributions must be made on time, or the superannuation guarantee charge will apply. Note that quarter four (q4) contributions, due on 28 july, must be paid to the relevant complying superannuation fund by 30 june to be incurred in that income year. For example, if an employee has an annual salary of ,000, the employer must contribute ,600 (,000 * 9. 5%) into the employee"s superannuation account. Superannuation guarantee is not payable if the employee is:
