Superannuation is a great way to save for the retirement days. More popular in Australia the superannuation is a super fund which allows you to save for a rainy day and reap great profits. The Australian superannuation is a compulsory element and a specified percentage of the income shall be paid to the fund. However, if the employee has an annual income less that $450 a month, then the superannuation may be made on the behalf of the employee.
The Australian superannuation is not limited to the full time employees alone. Part timers and those that work on casual basis may also avail the superannuation facility. Even if the employee is under the age of 18, superannuation may still be mandatory. The amount contributed must be at least 9% of the ordinary time earnings of the employee. It must be paid by the 28th day after the end of each quarter. The amount that an employee earns doing overtime may not be included in the superannuation calculation.
The superannuation is indeed a great way to avail the best returns. The nominal interest charge is close to 10% and is calculated from the start of the quarter to the time the guarantee charge statement of superannuation is lodged. The administration charge is $20 for every employee and once the employee has paid some superannuation contributions the charges will reduce. If the employee makes contributions at a later date the contributions may be offset against the shortfall. The nominal charges would be levied but there would be no administration charges.
The Australian superannuation ensures that employees get good returns. Therefore it is one of the most preferred means of availing huge returns in the post retirement days.
No comments:
Post a Comment