First Job - Superannuation

• 

  tsunamisurfer on 01/09/2022 - 15:22

  +8

  I work in Super.

  Your super contributions should not be taxed at the employer level, only pre-taxed monies go into your Super fund where it is then taxed (at 15%) upon entry into your account.

  Very few employers would get this wrong or cheat as it is a requirement to report such numbers and the penalties are very heavy for those caught cheating the system (gov wants full confidence in the Super system).

  Could you be mis-reading the data? perhaps the date range is not matching per payslip and website?

  • 

    hellousyd on 01/09/2022 - 15:25

    ohh my bad. thank you for your reply

    I thought it was always tax free until you withdrew it at the time of retirement. I've just run the 15% and its lining up now. Is that 15% a flat rate for every situation/person?

    • 

      Muzeeb on 01/09/2022 - 15:28

      Are you salary sacrificing super?*

      *This question does not constitute financial advice

    • 

      bobbified on 01/09/2022 - 15:33

      But the tax still shouldn't be taken out by your employer. And yes, it's a flat rate for most people, deducted by your super fund.

    • 

      tsunamisurfer on 01/09/2022 - 15:37

      +4

      Is that 15% a flat rate for every situation/person?

      Yes, unless you earn over $261k then you exceed the limits and a higher rate applies.

      So this will only apply to half of Ozbargainers.

      • 

        Muzeeb on 01/09/2022 - 16:13

        +3

        So this will only apply to half of Ozbargainers.

        Or 97.3% of whirlpool members

        • 

          tsunamisurfer on 01/09/2022 - 16:15

          +1

          @Muzeeb:

          Or 97.3% of whirlpool members

          I stand by low socio-economic brethren.

    • 

      parsimonious one on 01/09/2022 - 16:28

      Plus, iirc, super is only paid on your base pay so overtime and allowances don’t count towards your compulsory super

• 

  freefall101 on 01/09/2022 - 15:27

  +1

  Your company should have a payroll team if they're big enough, try reach out to someone there.

  Your super payments are only made to your super account quarterly as well, so if you try match your current payslip against your super account they won't match. Payment for each quarter is due on the 28th after the quarter end.

  And as above, no tax is taken out by employer, it's taxed 15% when it hits your super account. This is standard for everyone.

  • 

    MercSal on 01/09/2022 - 15:35

    +5

    Slight correction, it only has to be made at least quarterly - many employers pay it alongside their regular payroll these days.

• 

  Drakesy on 01/09/2022 - 15:37

  Your pay will be taxed separately to your super contribution (15%)
  So you'll see tax taken out when it hits your super (however this hasn't been taxed twice).

• 

  jv on 01/09/2022 - 15:45

  The question I have is that super contribution from my employer has had tax taken out of it, even though I've already paid tax on my payslip. Is this normal?

  It should only be taxed by the Superannuation company by 15%, not by your employer.

  You employer should be calculating your tax based on AFTER super is taken out.

  Did you fill in to claim the Tax Free threshold for this job on your Tax declaration?

  Contact ATO to get it sorted out.

• 

  redforever on 01/09/2022 - 15:59

  Are you absolutely sure that the super contributions paid by your employer are based on your after tax amount? The contribution should be based on the pre-tax wages.

• 

  randomusername2017 on 01/09/2022 - 16:06

  +1

  paid tax on my payslip. Is this normal?

  Yes ..it's a feature of every payslip

  I think you'll find SGC is a separate line item… add tax withheld and nett to confirm it equals gross amount.