Abbreviation |
Meaning of Abbreviation |
OTE |
Ordinary Time Earnings: Defines the payment types which must be included in the SGA calculations based on the ordinary hours worked by an employee.
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SGA |
Super Guarantee Act: This Act was introduced in 1992 to ensure that employers contributed a minimum amount into a super fund on behalf of each employee.
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SGC |
Super Guarantee Charge: This relates to the penalties faced by employers who do not pay super contributions by the due date. This payment comprises of:
Short-fall
Nominal Interest
Administration Charge
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GIC |
General Interest Charge: This is a late payment fee that is incurred if payment of SGA is not made by the 28th of the following month of the Super Payment Quarter.
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