Moreover, what is the superannuation guarantee levy?
The Superannuation Guarantee Levy rate is the amount that an employer is required to pay into a superannuation account on behalf of an employee under the superannuation guarantee obligations. The Superannuation Guarantee Levy is represented as a percentage of an employees' wage.
Additionally, what happens if you pay more than $25000 into super?
If you exceed your concessional contributions cap, the excess amount is included in the amount of assessable income in your tax return and you will pay tax on it at your marginal tax rate. Important note: When concessional (before-tax) contributions are received by your super fund, you pay 15% tax on them.
How does Superannuation Work Australia?
Superannuation is one way Australians can save money for their retirement. Your employer should pay 9.5% of your salary into a super fund, through the Superannuation Guarantee (SG). The money deposited into your superannuation account is then invested, and the growth reinvested, to help the balance grow.
What is the superannuation rate for 2020?
Superannuation Guarantee rate (2002 to 2026)
|Period ||Super guarantee rate |
|1 July 2018 – 30 June 2019 ||9.50% |
|1 July 2019 – 30 June 2020 ||9.50% |
|1 July 2020 – 30 June 2021 ||9.50% |
|1 July 2021 – 30 June 2022 ||10.00% |