How to calculate superannuation
To calculate superannuation in Australia, follow these steps:
- Input your gross salary and wages: This should include your base salary, regular allowances, and any eligible bonuses that are part of your Ordinary Time Earnings (OTE).
- Exclude overtime and expenses: Do not include overtime payments and expenses unless they are within your normal rostered hours of work.
- Include applicable bonuses and allowances: If there are any bonuses or allowances that form part of your OTE, make sure to include them in the calculation.
- Multiply your OTE by the current superannuation guarantee rate: The current rate is set at 11%. Multiply your OTE by 0.11 to determine the superannuation contribution.
For example, let’s assume you have a gross salary of AU$70,000 with an additional AU$4,000 bonus. Your total OTE would be AU$74,000. To calculate the superannuation contribution, multiply AU$74,000 by 0.11 which equals AU$8,140.
*Please note that individual circumstances and relevant agreements or awards may result in variations when calculating superannuation. It is advisable to consult either with your employer or a financial advisor for specific details related to your situation.
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Read More: Guide To Superannuation