Under Australia’s Superannuation Guarantee laws, employers are normally required to pay the equivalent of 11.5% of ordinary time earnings in FY2024/25. Because of a concern that this will still leave many retirees too reliant on the age pension, the Parliament legislated an increase of the per...
Understand the gift of employer contributions. Employers are generally required to contribute a percentage of your income to your super fund. At the moment, their contribution rate is set at 11% but it will increase to 12% on July 1, 2025. Knowing how to optimise employer contributions through...
How much your employer should pay If you’re eligible for super guarantee contributions, at least every three months your employer must pay into your super account the current minimum of percentage of your ordinary time earnings, up to the ‘maximum contribution base’.These contributions are inad...
The Federal Court has ordered two entities in NAB’s wealth management division (NULIS Nominees (Australia) Limited (NULIS) and MLC Nominees Pty Ltd (MLC Nominees)) to pay a total $57.5 million penalty after the court found the trustees had made false and misleading representations to superannu...
Australia's superannuation system (comprising a compulsory employer-funded superannuation (retirement income) system supplemented by a narrowly focused (age, means and income tested) public pension) continues to grow apace with superannuation savings forecast to increase from US$1.1 trillion (90 per cent...
Legislating the Objective of Superannuation; Australian Government: Canberra, Australia, 2023. Australian Prudential Regulation Authority. Quarterly Superannuation Performance Statistics Highlights March 2023; APRA: Sydney, Australia, 2023. Klineberg. Superannuation and economic security for older Australians: A...