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Superannuation in Australia

In Australia Superannuation refers the arrangement where people save funds for life post retirement. Typically this begins when they start earning.

As per government laws the employer is obligated to pay the compulsory employer contribution.

What is the compulsory employer contribution?

Starting from 1st July 2014 the minimum employer contributions are 9.5% of the earnings.

Can the contributions exceed the minimum required?

Yes, employees can opt to have more funds in their superannuation in Australia by getting into a salary sacrificing arrangement.

Please note that there is a cap on the maximum amount that can be contributed into super in a financial year.

Does IPS offer guidance as regards superannuation?

Yes, of course we do collect and remit superannuation fund as a part of our statutory responsibility while offering payroll services. Please feel free to email us or call us for further details like concessional and non concessional contributions.

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