How Much is Paid?
The amount of superannuation paid for staff with a contract of less than 12 months is based on:-
- the Superannuation Guarantee Administration Act 1992 and
- the Tertiary Education Superannuation Scheme (TESS) Award
The Superannuation Guarantee (SG)
The Superannuation Guarantee (SG) Administration Act 1992 is the primary legislation determining your superannuation.
Contributions in excess of the Superannuation Guarantee
Normally for SG contribution purposes, a minimum monthly gross earnings threshold of $450 and age thresholds of below age 18 and age 70 and above, exclude some staff from receiving a SG contribution.
From 1 Jan 2011 QUT has agreed to pay the the SG amount without applying the earnings and age thresholds that normally apply. This means:-
- you will receive SG contributions even if you earn under $450 and/or you are age 70 or over or under age 18.
- if you have a primary job with an entitlement to employer contributions of 17% to UniSuper or 14.65% to QSuper you will also receive 9% contributions for any extra earnings you receive in a separate casual/sessional or short term role.
As all employer contributions count towards the concessional contribution limits, these extra contributions could move you closer to exceeding the limit or make you further exceed the limit.
Amount of Contributions
Contributions are currently calculated as 9% of ordinary times earnings (OTE). Most of your gross salary earnings are also OTE but some elements, like payments for overtime, are not.
The contributions are not a deduction from your pay. They are paid in addition to your gross earnings.
When are Contributions Paid
Contributions are normally paid on a fortnightly basis at the same time as your salary. Adjustments sometimes need to be made and will normally be made before the 28th day after the end of the calendar quarter (ie before 28 April, 28 August, 28 November or 28 January).
The Tertiary Education Superannuation Scheme (TESS) Award
TESS Safety Net
Because The TESS Award (1988) establishes a “safety net” for those employees who may miss out on superannuation, by not meeting the criteria for the SG payments, outlined above, it is envisaged that the TESS Award will have little or no effect from 1 Jan 2011.
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