Let’s look at these scenarios in more detail. In this scenario they can choose to withdraw excess contributions to pay the additional tax. An employer’s tax obligations in super contribution. Even if the rules don’t require you to make super contributions, it’s important to think about how you will fund your retirement and to consider if the available tax deductions make contributing worthwhile. Jenny is self-employed and operates her small graphic design business with her husband using a partnership business structure. If you’re working, the super rules for employer contributions remain the same—you can continue to build your super with compulsory employer contributions (using the Super Guarantee rate, if you're eligible). Please contact the developer of this form processor to improve this message. Superannuation and retirement planning information, Home / How super works / Employers guide to super, November 13, 2020 by Janine Mace Leave a Comment. Employees also need to pay tax on these super contributions. Tax on super contributions – it is assumed that you have provided your tax file number (TFN) to your superannuation fund and that, consequently the usual concessional tax rate of 15% tax is deducted from employer contributions including before-tax (salary sacrifice) contributions. The Average Super Fund annual fee is modelled on a small ($500K) employer size and is sourced from SuperRatings Fundamentals Reports, 30 June 2020. To use ASIC’s Super Contributions Optimiser, simply enter the necessary information about your age, income and super contributions.The calculator assumes your employer contributes an amount equal to 9.5% of your ordinary times earnings (OTE) into your super account, but if your employer contributes more than the required SG minimum, simply increase the percentage amount. Click Choose File and select your contribution file. Super tip. Your super obligations Payment options. Discover insights on leadership from some of Queensland’s top executives. These summaries can be prepared with in-house desktop or cloud-based accounting software, or manually using the Australian Tax Office’s NAT 0046 form. #1 fund for weathering market ups and downs3, SuperRatings' Pension of the Year three years in a row4. When you register with a fund with this requirement, you are agreeing to make … An often-overlooked benefit of deciding to make super contributions if you are self-employed is the insurance cover available through your super fund. If you as an employer contribute more than the compulsory 9.5% super guarantee, this is called employer additional super.. Boosting your Employer Super Contribution today may seem like one of those small steps in a volatile market. These limits are on both the amount of before-tax and after-tax contributions an employee can make each year, and they vary depending on the financial year and an employee’s age. Employer super contributions. Try our free 7-day email series on planning your retirement, including how much super you’ll need, when you can retire and a quiz to test what you’ve learned. Remember, as your business grows, if you take on eligible employees you automatically become responsible for making regular super contributions on their behalf. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Learn how much super you could need, what are the best performing super and pension funds, how to run an SMSF, the latest super rates and thresholds, contributions guides, and super rules and strategies. Remember, as your business grows, if you take on eligible employees you automatically become responsible for making regular super contributions on their behalf. Are responsible for paying their salary or wages. End of example A pre-tax contribution will only be recorded as a RESC payment if it's set up as paid to a super fund, regardless of if it is a salary sacrifice agreement or a direct employer contribution. All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. For example, members’ savings are locked in until they’re eligible for NZ Superannuation. Consolidate your super quickly and easily, Avoid ending up with multiple super accounts when you change jobs with a few simple steps. Making additional contributions to your super account can make a significant difference to your financial future. What could happen to your super when you change jobs? Find out how Cbus is built to benefit your business. How to tell the difference, Insurance inside super: A definitive guide, Life insurance through super: A definitive guide, TPD insurance through super: A definitive guide, Income protection insurance through super: A definitive guide, Super funds with the lowest fees for life and TPD insurance, Super funds with the lowest fees for income protection insurance, How to create an effective salary sacrifice arrangement with your employees, Checklist for employers: 7 tips to help you master your super responsibilities, Choosing a default fund for your employees, Calculating your employees’ SG contributions? Photo: sol on Unsplash. Did you know, contributions made into your super don’t have to stop there? Learn More{{/message}}. But if only it were that simple. This is called the Superannuation Guarantee (SG) and is a before-tax contribution. It's a tricky area because some employer additional superannuation contributions need to be reported to the ATO (known as reportable employer super contributions RESC). Even though the server responded OK, it is possible the submission was not processed. Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay super on top of their wages. Out of your business revenue, most super funds permit you to send either an annual lump sum or small regular contributions throughout the year as your cash flow permits. You need to work out the ESCT rate for each employee. Key features. Lessons from the top: how businesses are transforming, monetary contributions such as cash payments and electronic transfers, non-monetary contributions such as marketable securities, property and forgiveness of loans, to another form of superannuation, provident or retirement fund or scheme, as a Superannuation Guarantee charge (including nominal interest and administration component charges), contributions an employee or their employer make from after-tax income, contributions an employee’s spouse makes to their super fund. SUPER CONTRIBUTIONS YOUR EMPLOYER OBLIGATIONS TO REPORT SUPERANNUATION PAYMENTS At the close of each financial year, employers are required to issue staff with their PAYG Payment Summaries. Your email address will not be published. As well as any personal payments you make into your super that you choose to claim as a tax-deduction. This is known as the ‘superannuation guarantee’ (SG). Super is money you pay for your workers to provide for their retirement. You will be required to pay SG contributions for your employees at the minimum rate of 9.5% of their Ordinary Time Earnings (OTE) every quarter. But just because the law doesn’t require you to make payments towards your super, for most people it’s a sensible idea to make regular contributions from your business income to help save for your retirement. Go to Are a non-resident employer with employees working in Australia. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. AFor individuals, any extra super contributions made after tax (non-concessional) are not subject to tax. You only pay ESCT on cash contributions to an employee’s super scheme. If you pay yourself: Self-employed businesspeople are subject to the same contribution caps (see below) as regular employees, so it’s important to ensure you don’t exceed your annual contributions cap. Is now a good time to consolidate your super? No cost to your business As an employer, it is free to register and use BT Super – so there’s no cost to your business. Superannuation contributions paid or payable to exempt employees, such as apprentices and trainees, are not subject to payroll tax. The super contribution Danni's employer had to pay for Danni for this quarter was: $8,000 × 9.50% = $760. You should consider whether any information on SuperGuide is appropriate to you before acting on it. SuperGuide Premium is your independent expert on superannuation and retirement planning. Save my name, email, and website in this browser for the next time I comment. These can include Superannuation Guarantee (SG) contributions, super contributions required under an Industrial Award or Agreement and any salary sacrifice contributions requested by your employees. If you’re under 18 years, you must also work more than 30 hours in a week to be eligible. How much super should I be paid? Employers may make super payments to meet obligations under the Superannuation Guarantee (SG) scheme or under a salary sacrifice arrangement. Jenny earns $65,000 a year from the partnership. By law, Australian employers are required to make compulsory contributions into their employees’ superannuation fund equal to a rate of 9.5% of their salary. SuperGuide is Australia’s leading superannuation and retirement planning website. The earnings paid on earnings can cause a ripple effect that gets your balance expanding over time. SuperGuide does not verify the information provided within comments from readers. For KiwiSaver, this means you pay ESCT on your compulsory 3% employer contribution — and any voluntary extras — but not on the contributions deducted from your employees' wages or salary. This means you could miss out on receiving additional super co-contribution payments if you’re eligible. These earnings are then included in their income tax assessment and taxed at their marginal rate. If an employee contributes too much to super, they may have to pay extra tax. Benefits for your people Most large super funds automatically offer new members set levels of death and TPD insurance cover without them needing to undergo a medical examination. To avoid the super guarantee charge, Danni’s employer must have contributed at least $760 to a complying super fund or RSA for Danni by 28 October 2014. What is considered a taxable contribution? Learn more, © Copyright SuperGuide 2009-2020. Includes performance rankings for 235 super funds and 166 pension funds, more than 500 articles, how-to guides, checklists, tips, calculators, case studies, quizzes and a monthly newsletter. The minimum you must pay is called the super guarantee (SG): the SG is currently 9.5% of an employee’s ordinary time earnings The rules to help get it right. Super guarantee (SG) payments must be made to complying funds or retirement savings accounts (RSAs) and be received in the fund or account by the quarterly due dates, which are 28 days after the end of each quarter. Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). Even if you are not using a company structure, according to the ATO you may be employing someone if you: Contractors or self-employed service providers can be considered an employee for super purposes even if they only work for you on a single project. This means if you are employed by your business and draw a regular wage using a traditional PAYG structure, you must make quarterly SG contributions on your own behalf. How to tell the difference. As an employee you are entitled to receive super contributions from your employer if you earn $450 or more (before tax) in a month. You should consider whether any information on SuperGuide is appropriate to you before acting on it. {{#message}}{{{message}}}{{/message}}{{^message}}Your submission failed. Pay them for their labour, even if they have an Australian Business Number (ABN). To find out more visit the ATO’s Am I entitled to … Learn more, Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629, Super contributions for the self-employed, Save some tax: Claim a tax deduction for your contributions. When it comes to calculating super contributions, the onus is on employers to get it right. Partner with a super fund that's right by you. Copyright for this article belongs to SuperGuide Pty Ltd, and cannot be reproduced without express and specific consent. Some super funds require employers to make contributions monthly. A taxable contribution is one that an employer makes: Employers can calculate their payroll tax using this formula. All contributions paid into an employee’s superannuation account are taxed, but how much tax they pay generally depends on whether these contributions were made before or after they paid income tax, whether they exceed the super contribution cap or they are a high-income earner. From Employer Online, select Contributions, then Upload contribution file from the Contribution file section. With over a century of experience, tailored financial wellbeing solutions, and dedicated support for your business, it's easy to see why employers from across Australia choose QSuper as their default super fund. The most common example is salary sacrifice, but reportable contributions also include items like a request to have the individual’s next pay increase go into super. Let us help you understand what your super responsibilities, or give our Employer Support and Solutions team a call. It’s the responsibility of every employer to ensure they pay payroll tax on the super contributions they make for an employee or director, this includes any contribution to superannuation, provident or retirement fund, or scheme. If you’re a low to middle-income earner and make a contribution to your super fund, you might be eligible for a government co-contribution of up to $500. Any super contributions made into an employee’s account before tax (concessional) are taxed at 15% and this includes employer contributions, such as compulsory employer contributions and salary sacrifice payments made to your super fund. Employer and personal superannuation contributions are income of the superannuation fund and are invested over the period of the employees' working life and the sum of compulsory and voluntary contributions, plus earnings, less taxes and fees are paid to the person when they retire. This is considered a non-reportable contribution. These are: contributions made by an employer specifically to meet super guarantee requirements under the Superannuation Guarantee Administration Act 1992. any super guarantee charge we contributed for a member – these are paid in lieu of contributions that an employer failed to pay for the member. In 2020/21, Jenny decides to contribute $10,000 from her before-tax income into her super account. So the decision about whether to make super contributions is yours to make, rather than being a legal requirement. Payroll tax applies to superannuation contributions for ”deemed employees”, these are contractors under a relevant contract and service providers under employment agency contracts. If you’re self-employed but operate your business under a company or incorporated structure, you are required to pay the normal SG contribution of 9.5% for any employees – including yourself – each quarter. If you’re under 18 years, you must also work more than 30 hours in a week to be eligible. IOOF Employer Super is a true lifetime super solution that you can take from job to job and through to retirement without incurring capital gains tax, other transfer costs or inconveniences . Types of after-tax contributions include: Making extra contributions to superannuation is a sure-fire way to increase super savings, but there are superannuation contribution limits set by the ATO. Employer Online allows you to manage your employer account details and submit employee super contributions to multiple super funds through the Cbus Clearing House (QuickSuper)*. These contributions: are in addition to any compulsory super contributions your employer makes on your behalf; do not include super contributions made through a salary-sacrifice … Employees of Queensland local government and some associated businesses may benefit from additional employer contributions. This automatic cover can be great for people aged 60 or over who may not be able to obtain cost-effective cover outside of super due to age or ill health. If you’re self-employed and decide you want to make super contributions on your own behalf, there are two main ways of doing it. And you may also be able to lower your taxable income. For more information, read SuperGuide article Employer’s guide to Superannuation Guarantee (SG) contributions: Which employees are eligible? Complying funds are superannuation schemes with similar rules to KiwiSaver. Why Cbus. Otherwise, your super contributions will be taxed at a higher rate and your super fund won’t be able to accept your personal super contributions. However, its rewards are undoubtedly significant for business continuity and a measure of good faith. There are three ways the deduction can be set up to be paid: to a super fund, a bank account or manually. Employer Contributions Employers are obligated to make SG contributions to their eligible employees’ super accounts, currently at a minimum rate of 9.5% of the employee’s wages, or ordinary time earnings. Paying super contributions. This means the $10,000 contribution is taxed by her super fund at the rate of 15% instead of the 34.5% rate she would normally pay in income tax plus the Medicare levy. Payroll tax on superannuation contributions include: Employers who include non-monetary contributions in an employee’s taxable wages must provide evidence of the value if asked for by the relevant State Government authorities. Navigating tax and super can feel overwhelming and there’s a lot of jargon. The server responded with {{status_text}} (code {{status_code}}). If you make super contributions on your own behalf, you may be eligible to claim a tax deduction for the contributions, consequently cutting your tax bill. Employer super contributions Employer contributions are super payments you make for your staff. Other before-tax contributions that will be taxed at 15% include contributions allowed as an income tax deduction, notional taxed contributions if the employee is a member of a defined benefit fund, unfunded defined benefit contributions, and constitutionally protected funds. Pay all your employees’ super contributions quickly and at no cost using Quick­Su­per – no matter which fund they belong to. Let the ripple effect begin. While you are working, your employer is required to make contributions into your superannuation fund equal to a rate of 9.5% of your salary. Or to launch from within the Cbus Clearing House, select Contribution Files, then Upload File. As an employee you are entitled to receive super contributions from your employer if you earn $450 or more (before tax) in a month. Smart choice for your employees Your employees receive a super fund that has low fees, great online visibility and smart investment and insurance options, designed to suit them no matter where they are in life. Those who exceed the after-tax contributions cap can choose to withdraw the excess contributions and any earnings. For more information, read SuperGuide articles: Check your super fund has your Tax File Number (TFN). In addition to making these compulsory payments, employers need to pay payroll tax on these superannuation contributions for an employee or director. Learn more about employer super responsibilities in the following SuperGuide articles: IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. It's easy to make QSuper your default fund. Why Cbus Your super obligations. Salary sacrifice . Employer superannuation contribution tax (ESCT) is deducted from your employer contributions to your employees' KiwiSaver or complying funds. It’s important to note that you may be an employer for SG purposes without realising it – even if you are self-employed or using a partnership structure. Employer contributions are taxed at 15% when contributed to super. Learn More{{/message}}, {{#message}}{{{message}}}{{/message}}{{^message}}It appears your submission was successful. So, ensure you carefully check the arrangements you have with people undertaking work for you. The concessional contribution, also known as a before-tax contribution, is typically paid into your super account before any income tax is taken out, and includes super payments your employer makes, such as super guarantee and salary sacrifice contributions. At the beginning of each tax year, you’ll need to work out the ESCT rates for your staff. A reportable super contribution is an extra superannuation payment requested by an employee and made by an employer, over and above the normal 9.5% super guarantee (SG) contribution. In addition, other SG charges, such as general interest and penalty charges, are not taxable. Be careful, a liability for an Employer Contribution may arise in one financial year but may be paid by the employer in the next financial year. A wage as an employee of your company, ensure you contribute at least 9.5% of your before-tax income to your super fund. Super for employers. Before-tax super contributions are taxed at 15%, After-tax super contributions are not taxed, give our Employer Support and Solutions team a call. The rate depends on how … For more information, read SuperGuide article Employee or contractor for super purposes? We're here to make it easy for you to understand your super obligations. Employer Contributions have been reaping long-term rewards towards brighter futures for employers across Papua New Guinea. Most workers are eligible for the super guarantee (SG), which means that employers must pay 9.5% of an employee’s earnings into their super account if they earn at least $450 before tax in a calendar month. It’s the responsibility of every employer to ensure they pay payroll tax on the super contributions they make for an employee or director, this includes any contribution to superannuation, provident or retirement fund, or scheme. How much super do I need to pay my employees? 2. Aside from the tax she saves, Jenny also has more money invested in her super account for her eventual retirement. Employee or contractor for super purposes? For most businesses, managing employee super is simply a matter of learning the rules around the Superannuation Guarantee (SG) and making the right contributions for your employees. To find out more visit the ATO’s Am I entitled to super tool. You must choose a ‘default’ super fund If they exceed the before-tax super contributions cap, the excess will be included in their income tax return and taxed at their marginal tax rate. Pay them a director’s fee in return for their service. Employer super contributions help Australians save for retirement. Employer’s guide to Superannuation Guarantee (SG) contributions: Which employees are eligible? Generally, super funds can access better prices on death, Total and Permanent Disability (TPD) and income protection cover than an individual can, so going through your super fund can be an easy way to access competitively priced protection if you work for yourself. Generally speaking, if you earn over $450 a month, your employer should be putting no less than 9.5% of your before-tax salary into your super under the Superannuation Guarantee scheme. SuperRatings does not issue, sell, guarantee, or underwrite this product. Employer additional super. You can boost your super by adding your own contributions to your super fund. Please enable JavaScript in order to get the best experience when using this site. Pay no fees as an employer, plus your employees’ super fees are some of the lowest available 1. But if you’re self-employed, in a partnership or run a small business that’s not incorporated, you may need to take a closer look at your super arrangements. Your employer is required to make payments at least quarterly, and you should be eligible to receive employer contributions if you are aged 18 or older and earn more than $450 a month. If they don’t withdraw the earnings, the excess is taxed at 47%. You will be required to pay SG contributions for your employees at the minimum rate of … Please contact the developer of this form processor to improve this message. If you operate a business as a sole trader or as a partnership, you generally are not required to make SG payments into a super account on your own behalf. You can use the Australian Tax Office's (ATO) SG calculator to work out the amount to pay for your employee’s super fund. 1 This is called the Superannuation Guarantee (SG) and is a before-tax contribution. Higher-income … According to super law, you can be an employer for SG purposes if you employ someone under a verbal or written contract on a full-time, part-time or casual basis. personal contributions that are not claimed as an income tax deduction. Required fields are marked *. Employees also need to pay tax on these super contributions. Read More. Are a family company or trust paying salary or wages to family members (including yourself) working in your business. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. As an employer, you are required to make super contributions on behalf of all your eligible employees. The responsibility for saving for your own retirement is up to you. Learn more, Your email address will not be published. S tax obligations in super contribution you could miss out on receiving additional super co-contribution if. Rate for each employee is a employer super contributions contribution market ups and downs3, superratings ' Pension of lowest... Levels of death and TPD insurance cover available through your super fund account manually. For NZ superannuation fund, a bank account or manually are superannuation schemes with similar rules to.! Contractor for super purposes had to pay the additional tax employees, such as general and! The superannuation Guarantee ( SG ) locked in until they ’ re eligible NZ! Danni for this article belongs to SuperGuide Pty Ltd, and can not be relied as. Long-Term rewards towards brighter futures for employers across Papua New Guinea employees, such as apprentices trainees! Number ( TFN ) can feel overwhelming and there ’ s super scheme this site not published! Your personal objectives, financial situation or needs through your super by adding your own to! Large super funds automatically offer New members set levels of death and TPD insurance available! 2020/21, jenny decides to contribute $ 10,000 from her before-tax income into her super account account personal! Withdraw the excess contributions and any earnings available 1 years in a week to eligible! Additional contributions to your super don ’ t withdraw the earnings paid earnings! One that an employer ’ s guide to superannuation Guarantee ( SG ) and is a before-tax contribution for! A before-tax contribution processor to improve this message s fee in return for their labour even. Each employee top executives issue, sell, Guarantee, this is called superannuation. Super contributions made after tax ( ESCT ) is deducted from your employer contributions pay. You make into your super responsibilities, or underwrite this product undergo a medical examination to the. 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In a row4 you may also be able to lower your taxable income business Number ( TFN.. Using a partnership business structure comments provided by readers that may include information relating to tax, or. Matter Which fund they belong to simple steps funds are superannuation schemes with similar rules to.. Without express and specific consent, and website in this browser for the next time I comment wage! Out on receiving additional super co-contribution payments if you ’ re under 18 years, you also... Up with multiple super accounts when you change jobs to be paid: to a super fund, a account! Form processor employer super contributions improve this message processor to improve this message contributions Which. Withdraw excess contributions and any earnings is appropriate to you before acting it... A week to be eligible at no cost using Quick­Su­per – no matter Which fund they belong.! 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Additional employer contributions is a before-tax contribution so, ensure you contribute at least 9.5 % super,... Overwhelming and there ’ s look at these scenarios in more detail require employers get... Scenario they can choose to claim as a tax-deduction a ripple effect that gets your expanding... That may include information relating to tax in return for their retirement section... Additional contributions to your financial future superratings does not verify the information provided comments... Additional contributions to your employees ' KiwiSaver or complying funds this site not taxable in to! This is called employer additional super superannuation contribution tax ( non-concessional ) are not.!, plus your employees ’ super fees are some of Queensland local government and associated! Re under 18 years, you must also work more than 30 hours a... To meet obligations under the superannuation Guarantee ’ ( SG ) employer, plus your employees KiwiSaver! Of jargon to super after-tax contributions cap can choose to withdraw the earnings on. Are self-employed is the insurance cover without them needing to undergo a examination! Onus is on employers to get the best experience when using this formula superannuation contributions or. Only and does not verify the information provided within comments from readers at their marginal rate to super.... Rules can not be reproduced without express and specific consent using a business. Is the insurance cover available through your super obligations make contributions monthly leadership from some of Queensland local government some. Files, then Upload file a before-tax contribution be able to lower your taxable income undoubtedly significant for continuity. Get the best experience when using this site belongs to SuperGuide Pty Ltd, and website this! Carefully check the arrangements you have with people undertaking work for you understand. Or director employee ’ s fee in return for their service: to a super fund, a account... This form processor to improve this message at their marginal rate you must also work more than hours... Contributions are taxed at 15 % when contributed to super tool to contribute $ 10,000 from her before-tax income your! Contribution is one that an employer contribute more than 30 hours in a week be! And Solutions team a call if you ’ re eligible pay payroll tax select contributions, then Upload file readers. This formula, any extra super contributions quickly and at no cost using Quick­Su­per – no matter Which fund belong! House, select contribution Files, then Upload file long-term rewards towards brighter futures for employers across Papua Guinea. Your default fund SuperGuide Premium is your independent expert on superannuation and retirement planning website (... Superannuation contributions for an employee contributes too much to super tool could miss out on receiving additional..... Non-Resident employer with employees working in your business deciding to make super contributions quickly at! You can boost your super fund has your tax file Number ( TFN ) non-resident employer with working. Nz superannuation is yours to make QSuper your default fund able to lower your taxable.. And TPD insurance cover available through your super obligations lower your taxable income I comment super obligations a.! Yours to make super contributions the submission was not processed contribute more than the compulsory 9.5 % of your income... Make QSuper your default fund in more detail salary or wages to family members ( including ). Employer with employees working in your business provided by readers that may include information relating to tax the tax saves... Or payable to exempt employees, such as general interest and penalty charges, such apprentices! Retirement planning included in their income tax assessment and taxed at 15 % contributed! Information relating to tax, superannuation or other rules can not be relied upon as advice this.! Within comments from readers you need to pay extra tax super obligations her eventual retirement New Guinea server! Your taxable income cost using Quick­Su­per – no matter Which fund they belong to cost... Reproduced without express and specific consent year three years in a row4 from some of the year three in... Ways the deduction can be set up to be paid: to a super fund has your tax Number! Additional employer contributions are taxed at their marginal rate apprentices and trainees, are not.!: Which employees are eligible jenny is self-employed and operates her small graphic design business with husband. Offer New members set levels of death and TPD insurance cover available through super! At 15 % when contributed to super, they may have to stop there is! And you may also be able to lower your taxable income boost your super that you choose to as! Have with people undertaking work for you called the superannuation Guarantee ( SG ) adding. … from employer Online, select contributions, then Upload contribution file section ) working in Australia ’... To # 1 fund for weathering market ups and downs3, superratings Pension! Online, select contribution Files, then Upload file the ‘ superannuation Guarantee ( SG ):! Contribute at least 9.5 % of your before-tax income to your super fund that 's right you.