Your ongoing responsibilities
Why your contributions are important
Superannuation is a way of saving for retirement. Contributions can be made into a superannuation fund or retirement savings account.
Funds are run by trustees who must follow fund and government rules designed to ensure that all contributions are properly managed.
Over time, superannuation contributions accumulate and earn investment income, building up the value of the superannuation account. When a person retires, this money is paid out as a lump sum or as a superannuation pension.
The Superannuation Guarantee
The Superannuation Guarantee was introduced on 1 July 1992 to ensure that most employees receive superannuation support from their employer.
It requires employers to pay compulsory superannuation contributions into a complying superannuation fund or retirement savings account for most employees.
Failure to make sufficient contributions for employees will result in an employer being liable for a tax called the Superannuation Guarantee charge.
| State Government employers are required to pay Superannuation Guarantee contributions fortnightly. |