Employers must pay a minimum of the superannuation guarantee charge rate times your ordinary time earnings into your nominated super account.
Ordinary time earnings are generally salary plus all allowances which are not reimbursing expenses and excluding any earnings (including allowances) related to overtime.
Minimum superannuation guarantee
Period | Superannuation guarantee rate |
---|---|
1 July 2021 – 30 June 2022 | 10.0% |
1 July 2022 – 30 June 2023 | 10.5% |
1 July 2023 – 30 June 2024 | 11.0% |
1 July 2024 – 30 June 2025 | 11.5% |
1 July 2025 onwards | 12.0% |
Queensland Government superannuation contribution
The Queensland Government pays a higher percentage (12.75%) of superannuable salary as an employer contribution, providing you contribute a percentage of your own salary (5%). Police Officers (due to retiring at age 60) receive a higher percentage again (18%) providing they contribute 6%.
Your superannuable salary is your base salary plus any approved allowances. It may be lower than your ordinary time earnings.