Superannuation Calculator

To understand just how much you are actually paying in superannuation costs, you need to debunk the various means items and funds explain them. In June 2004 the SIS Act and Laws were amended to call for all superannuation trustees to apply to become a Registrable Superannuation Entity Licensee (RSE Licensee) in addition each of the superannuation funds the trustee operates is also needed to be registered.

Also taking extra current estimates from the Australian Prudential Regulation Authority (APRA) based on information extremely funds report to the regulator-- which does not count all costs and costs-- we are estimated to invest regarding $19.3 billion.

Such a setup is called "salary sacrifice", and for earnings tax obligation purposes the payments are treated as employer superannuation contributions, which are normally tax obligation insurance deductible to the company, and are exempt to the Superannuation Fee Comparison Calculator warranty (SG) guidelines.

The Howard federal government also minimal employer SG contributions from 1 July 2002 to a worker's normal time profits (OTE), which includes incomes and salaries, as well as bonuses, commissions, shift loading and laid-back loadings, however does not include overtime paid.

Special guidelines apply in relation to employers operating" specified benefit" superannuation systems, which are less typical traditional employer funds where benefits are established by a formula generally based upon an employee's final average wage and size of service.