Insurance in Super Voluntary Code of Practice: We’re always looking for ways to improve our insurance arrangements. That’s why we’ve opted into the Insurance in Super Voluntary Code of Practice. The code is an industry-wide initiative to improve the cover provided by super funds to their members.
When paying super to your employees, you must use OTE, as defined in the Superannuation Guarantee (SG) law, to calculate the minimum SG contributions you are required to pay for your employees.
You have to pay the 9.5% superannuation rate of the employees ordinary time earnings (OTE). OTE is what the employee earns for their ordinary hours of work, including commissions, shift loading, bonuses, allowances and over-award payments. Overtime payments aren’t considered ordinary time earnings. Here’s an example of what you need to pay.
The superannuation rules stipulate that an employee’s earnings base must be the amount on which minimum superannuation contributions are payable to avoid the superannuation guarantee charge (SGC). This earnings base is determined as “ordinary time earnings” (OTE).
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Most working Australians know that the Superannuation Guarantee (SG) means their employer pays a percentage of their Ordinary Time Earnings (OTE) into a super fund. The Government sets a minimum percentage but employers may pay more than that.