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Facts about your superannuation guarantee, by our small business accountants in Melbourne

Superannuation has been thrown around recently in the media, so it is important to know some facts about your superannuation guarantee (SG) entitlements. Our small business accountants in Melbourne will tell you all the facts you need to know about SG for 2016/17.

Here’s the list of the most important SG facts by our accountants for small business in Melbourne:

1. Your SG rate should be 9.5% of your ordinary time earnings for 2016/17
2. You must earn at least $450 per month to be eligible for superannuation, while if it is domestic work you will need to also work at least 30 hours to be eligible
3. Under-18s must earn $450 per month and at least work 30 hours to be eligible for SG
4. Anyone over the age of 70 is still eligible for superannuation
5. Your SG should be paid quarterly at minimum
6. High-income earners have a cap on their SG entitlements, the income cap is now at $206,480
7. Be careful when making salary sacrifices as your employer may cut your SG as well

We hope that these SG facts will help you understand the importance of super! Your employer’s business accountant in Melbourne should be taking care of your SG, but it is always good to ensure that your super is on par with what you’re earning.

Feel free to contact our small business accountants in Melbourne if you have any questions regarding your SG.