The obligation on employers to make superannuation contributions to eligible employees will remain at the rate of 9.5% for the new financial year.
This rate has remained the same since 1 July 2014 and is due to increase to 10% from 1 July 2021.
All employees are entitled to superannuation contributions provided they are paid $450 or more before tax in a month and are either over 18 years old or under 18 years and have worked over 30 hours in a week.
Superannuation must be paid at least every 3 months into the employee’s nominated account and regardless of the employer’s size.
To find out more, call the NRA today on 1800 RETAIL (1800 738 245) or contact one of our recommended superannuation partners, REST Super (retail) or Intrust Super (fast food).