Guest Guest6235 Posted April 13, 2014 Report Share Posted April 13, 2014 Is the superannuation in oz the money that automatically comes out of your wage and put straight into a government pension scheme? Also what percentage is this, is it 9.25%. Thanks Quote Link to comment Share on other sites More sharing options...
Guest Guest6235 Posted April 13, 2014 Report Share Posted April 13, 2014 http://www.paycalculator.com.au/ On this link it has your net income / gross / super / total taxes ..... then underneath total taxes it has medicare levy. Does net income mean net income or does medicare levy come off net or gross. If you take total taxes / super and medicare away from net income the figures don't add up. I think what I'm trying to say is Net income your take home pay after superannuation and medicare or do they come out of your net income Quote Link to comment Share on other sites More sharing options...
nikkiwd Posted April 13, 2014 Report Share Posted April 13, 2014 You choose your own superannuation provider and then your employer pays it into there. Quote Link to comment Share on other sites More sharing options...
Guest Guest6235 Posted April 13, 2014 Report Share Posted April 13, 2014 Does that come out of gross salary or is it just something extra an employee has to pay. So net income will be as you would think after total taxes are deducted. Is superannuation set a particular figure an employee has yo pay Quote Link to comment Share on other sites More sharing options...
verystormy Posted April 14, 2014 Report Share Posted April 14, 2014 It depeneds on the contract. Some employers advertise salaries including super and some excluding super. It is taken from salary prior to tax and put into your designated fund. You can opt to have greater amounts put in if you wish and the percentage is increasing gradualy over the next few years to 12%. The explains the medicare levy http://www.ato.gov.au/Individuals/Medicare-levy/ Quote Link to comment Share on other sites More sharing options...
Guest Guest6235 Posted April 18, 2014 Report Share Posted April 18, 2014 Cheers you two for commenting. I have looked into this and now understand!! Quote Link to comment Share on other sites More sharing options...
Rossmoyne Posted April 27, 2014 Report Share Posted April 27, 2014 Cheers you two for commenting. I have looked into this and now understand!! Some employers have a designated superannuation provider and unless you state you want someone else, your super contribution will automatically be paid into their designated provider. Just remember also that if you are a government employee in WA (your wife is a teacher so this will apply to her if she works for the Dept of Education), your super (currently 9% calculated on your gross income) is in addition to the stated salary you are on, and will be paid into the WA government designated provider, GESB. Their website is extremely helpful so it might be worth you having a look through it. http://www.gesb.com.au. Most superannuation funds are taxed funds, which means that you pay tax on your 9% when it is lodged. However GESB is a non-taxed fund, so what you pay in is not taxed at lodgement but when you withdraw it at retirement. Quote Link to comment Share on other sites More sharing options...
Guest Guest6235 Posted April 27, 2014 Report Share Posted April 27, 2014 Thanks Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.