Hey folks, just to keep you up to pace with some changes to Superannuation Guarantee (SG - 9%).
With effect from 1st July 2008 the statutory 9% Employer Superannuation Guarantee payment should now be calculated on the employee’s ordinary time earnings (OTE).
This will include
Ø Over-award payments
Ø Performance Bonuses
Ø Paid leave (sick, annual, long service)
Ø Director’s fees.
Many Employer’s are using this way already, however if not they need to make the necessary changes, check with your’s.