Superannuation
Superannuation is a form of enforced savings for retirement.
Most Queensland employees are entitled to contributions paid by the employer into a superannuation fund: 9% of ordinary earnings as at 1 January 2005.
Some are exempt from the Commonwealth’s Superannuation Guarantee. They include:
- employees paid less than $450 a calendar month
- under 18s working 30 hours or less per week
- employees paid for work done outside Australia
- employees aged 70 or more
- foreign executives with an appropriate visa or entry permit
- employees doing domestic work (such as a nanny or housekeeper) for not more than 30 hours a week.
Employees can choose to make additional voluntary contributions out of their pay to build up their superannuation.
Refer to the Australian Taxation Office for more detail on superannuation requirements (non-Queensland Government link).
Last updated July 17, 2005
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