Superannuation



Superannuation Information




Terms Used

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.
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.
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

  • 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.