If you do, you’ll need to ensure you pay your total super guarantee (SG) contribution for the quarter by the due date. For example, if someone turns 75 in April this year, they can make a voluntary contribution to super up until 29 May 2019. Superannuation and relationship breakdown. Super co-contribution. 3. As a guide, employers contribute at least 11% of an employee's earnings to super. When we say SMSFs, we are including former SMSFs unless otherwise indicated. 48 million . Super payment due dates. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. Assume you have a Total Superannuation Balance of $1. 1. 39 million at 30 June 2021 and are aged under 67 on 1 July 2021. Types of non-concessional contributions include contributions your spouse makes to your super or personal contributions that you don’t claim as a tax deduction. By using this strategy, he’ll increase his super balance. acknowledge notices. Downsizing super contributions. About the downsizer measure. or more you pay 30% tax. The Total Superannuation Balance is the sum of all your super balances in any funds. Australians proceeding overseas have two broad options when it comes to superannuation. Accumulation phase, as the name suggests, is where your superannuation savings are held during your working life and left to accumulate for your retirement. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. Since 1 January this year, people over the age of 55 have been able to contribute up to $300,000 from the proceeds of the sale of their homes into their superannuation funds. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. In addition to the other eligibility conditions, you are eligible for the government super co-contribution if you meet both these conditions:If eligible, you could get up to $500 for your super as a co-contribution from the government. retire or. Since July 1 last year, he says, if you are under 75, you no long need to meet the work test to make non-concessional (after-tax) contributions of $110,000 a year to your super. Individuals over 65 meeting the work test can make voluntary contributions to superannuation any time from the age of 65 until the 28th day of the month following the member’s 75th birthday. Everyone’s path to retirement is different and regardless of where you’re at, there are some things you can do to start planning your retirement. The investment earnings on your super are also only taxed at 15%. Consolidate all your super. Eligibility age. for people over 18, contributions by. Tax offset for super contributions on behalf of your spouse. The law. ; Each contribution must meet the first two restrictions. change jobs or are retrenched. People aged 65-74 may also be eligible depending on whether they meet the ‘work test’, whereby they must have worked at least 40 hours within 30 consecutive days in a financial year,. macfanboy (Taxicorn) 22 Oct 2019. An award is a legal document that outlines the minimum employment pay rate and conditions in a specific industry. This is called salary sacrifice and it gives the employee tax and retirement income benefits. is 65 years of age (even if they. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. Superannuation Work Test Over Age 65. total super balance at 30 June of the previous financial year is less than $500,000. You can contribute up to $27,500 each year. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. If the money is savings for example, she can transfer the entire $330,000 in one transaction. limit. 68 million or less, you can make non-concessional contributions of up to $330,000 by bringing forward the caps over a three-year period If you have a total super balance of more than $1. How your super or non-super income stream is taxed. If you’re a retiree with retirement. This effectively reduces your taxable income, meaning you pay less tax on your income. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. Making a spouse contribution to their super account; Arranging for contribution splitting (also known as super splitting) Spouse superannuation contributions can now be made for spouses earning up to $40,000 per year. For 2019–20 and earlier years, the age requirement for this exemption was 65 to 74 years. If not: contributions are taxed an additional 34%. $110,000 a year. Where possible, we will notify you if we do this. a. This includes the small business retirement exemption and the 15-year CGT exemption. 65 million. 70 (ie, $48,040 x 9. You can access your super when you turn 65 regardless of whether you’re still working. You can view your total super balance through your Australian Taxation Office (ATO). This is between 55 and 60, depending on when you were born. Government super contributions. has reached their preservation age and begins a transition-to-retirement income stream. If you are under 67, the Australian Taxation. Non-concessional. As Division 293 tax is calculated on the lower of either the amount over the threshold or your total contributions, we would be calculating Division 293 tax on $17,500. It is generally taxed at a lower rate than your regular income. If you are over 65 and owned your home for at least 10 years, you can contribute up to $300,000 of the sale proceeds as a personal contribution to super. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. total super balance at 30 June of the previous financial year is less than $500,000. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. you pay 15% tax; $250,000 p. 7 million on 30 June of the financial. NGS Super Opportunities and limits for super contributions 2 Boost your super. $110,000 per year. Concessional contributions and catch-up provisions The annual concessional contributions (CC) cap of $27,500 is available to clients under 67, or age 67-74 andThe most common conditions of release are that the member: has reached their preservation age and retires. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of $40,000. The ATO can take a much stricter approach to defining an ordinary meaning dependant under tax law than super funds use when defining a SIS dependant. The contributions your SMSF can accept are restricted by:. Depending on your total super balance, non-concessional contributions are tax-free up to the non-concessional contributions cap. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. Or when you reach age 65, even if you are still working. 20 June 2023. Gainfully employed is defined as working at least 40 hours in a period of 30 consecutive days during the financial year in which you wish to make super contributions. As of 17 April 2020, these calculators will use a single set of assumptions. Key takeaways: Concessional contributions are contributions made into your super before-tax. ATO Community / Your Tax & Super / Your Super; Accessing Superannuation over 65. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. Any amount over the tax-free limit is part of the employee's ETP. From 1 July 2022, Australians under the age of 75 are eligible to make most voluntary super contributions without needing to meet the work test . Contributions made prior to 1 July. ** If you happen to have total super. For the 2017–18, 2018–19, 2019–20 and 2020–21 financial years, the general concessional contributions cap is $25,000 for all individuals regardless of age. the maximum co-contribution entitlement was set at $500. 6 million on 30 June of the year. 0. The SG rate in Australia is 11% per annum, and is set to rise by 0. Work out how much your contributions may benefit your super balance. The downsizer scheme allows eligible homeowners to make a one-off super contribution of $300,000 outside of other contribution rules. you are aged less than 65 years. If your income, including concessional super contributions, is higher than $250,000, you’ll pay an additional 15% – known as Division 293 tax. This is $1. She still has the flexibility to withdraw. g. Super contributions must remain in super until you have met a condition of release. Pay electronically to complying super funds and retirement savings accounts. The actual amount you receive depends on your income and the size of your personal super. These funds pay tax on contributions and investment earnings. . You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account. Annuities. ceases an employment arrangement on or after the age of 60. The current SG contribution rate is 11% of your earnings up to a certain limit. There is a limit on how much you can contribute to super as a non-concessional contribution. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. You can only withdraw your super money in certain circumstances – for example, when you retire or. can the employer pay the 79 year old employee 9. Check if you have to pay super for your employees, including contractors and workers under 18. non-account-based – the income stream does not have an identifiable account balance in the member’s name. Some ways to boost your super include:. This includes: $27. Has now obtained casual employment and will receive superannuation payments. If you have exceeded your concessional contributions caps. have, the good news is that there's still ways to help it grow. QC 23234. The law has been amended to reduce the eligibility age to make downsizer contributions into superannuation from 65 to 60. has reached their preservation age and begins a transition-to-retirement income stream. under 18 years and works over 30 hours a week. From the 2021-22 year the limit is $27,500. How super is taxed. The non-concessional contribution cap is $110,000. $1700 (85 per. From 1 July 2022, the work test will be removed and the age which non-concessional contribution bring-forward provision can be used will be increased. The ATO explains that as a general rule, you have to report any capital gains and losses as part of your income tax return each financial year. If your spouse's total combined income (assessable income plus reportable fringe benefits) is less than $40,000, you may claim a tax offset up to $540 for the contributions you make to your spouse's super. Alisha transfers $155,000 of her super to a transition to retirement pension and withdraws $9,000 each year, tax-free. a 1. John Wasiliev Columnist Jul 30, 2020 – 9. Outside of super, cover generally continues as long as you pay the premiums. 50% of $80,000 = $40,000. UPDATE 24 June 2021: The SMSF Association has confirmed with Treasury that although the new law allowing people age 65 and 66 to use the bring-forward commences 1 July. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Depending on your age you can also utilise the bring-forward arrangements. You may have to pay more tax if you exceeded the non-concessional contributions cap. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. ensure if it is a variation notice, that it does not increase the amount to be claimed. If you're over 65, you can make a one-off post-tax contribution of up to. Between 1 July 2020 and 30 June 2022, you could accept. Find out when you can access your super. is 65 years old (even if they haven't retired)If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. If you believe your employer has not been paying enough, you can use. A super income stream is when you withdraw your money as small regular payments over a long period of time. Plan your retirement. 9 million in 2023–24. 3 times the annual non-concessional contributions cap over 3 years (that is, $330,000) if your total super balance on 30 June of the previous. To be eligible to make after-tax contributions, you must have less than $1. The industry just refers to over or under age 75 for simplicity. This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a. The rebate amount that you are entitled to is the lesser of: [$3,000 - (total income - $37,000)] x 18%. For more information, see: Non-concessional contributions cap. Under 75. Once you hit age 55, you have a new opportunity to make super contributions using the downsizer rules, which have no work test requirement or upper age limit. Find out about the impacts for APRA-regulated funds. Most people are members of taxed super funds. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. for people over 18, contributions by. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Recent changes to superannuation legislation now makes it easier for people over the age of 65 to make contributions to superannuation. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Adding to your super with before-tax contributions can help to reduce the tax you pay. The devil is in the detail and some retirees may feel short-changed. If you're a trustee of a self-managed super fund (SMSF), there are some things to consider when starting or stopping a super income stream, or pension. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. The 5 steps you must take as an employer to set up your business so you can pay your employees' super. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached. This means the first $18,200 you’ll receive won’t be taxed, saving you more money annually because your total taxable income has been reduced. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. The concessional contributions tax rate on super is 15%. Under the ASFA Retirement Standard, a comfortable lifestyle enables a retiree. 7 million on 30 June of the financial year before the one in which you want to make your contribution. contributions are made in excess of the concessional cap for the year. Related article: Contributing to Super Over 65. Concessional contributions can come from several sources: from your employer, from pre-tax salary sacrificed contributions you may elect to make through your employer, and from contributions. Tax Increase On. 4 Based on 2019/20 tax rates. Setting up SuperStream to process superannuation data and payments electronically. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. This is where most people can get confused. your fund can't accept personal contributions. Sam, who is 40, decides to make a Non. However, if you are over the age of 65 you must meet the ‘work test’ of working at least 40 hours within a 30-day period and within the financial year in which you make the contribution. Learn more about accessing your super by reaching age 60 and ceasing employment. ; If your spouse earns less than $40,000. Your options from the ATO include: Withdraw the excess contribution and earnings. have a total super balance below $300,000 and have met the work test in the previous financial year, (known as the work-test exemption – which can only be applied in one financial year); *Age 75 is defined as 28 days after. To learn more about how this works, the ATO. select Australian Taxation Office. Members aged over 65 years old. She decides to take out a $40,000 lump sum to pay for home improvements. The lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. Thankfully, the ATO has a calculator you can use to find out how much you're entitled to, based on your income. Any concessional contributions paid in excess of the limit will be taxed at your marginal rate plus an amount representing interest. The 2020-21 annual contribution limit is $25,000. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. the amount of ATO-held super is $200 or more. For more information see Super contributions – too much. Fringe benefits tax returns. You will need either your gross salary figure or your wage less any overtime earnings for the period you are trying to obtain a super estimate for. Originally the minimum age was 65, but this has progressively been lowered to age 55. She transfers the rest of her super to an account-based pension. To meet the work test you. 5% x $400,000 (on their full salary if that is their salary). There are limits to how much you can contribute each financial year: up to $27,500 in. You can get your super when you retire and reach your 'preservation age'. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. 2. As Fred’s total super balance on 30 June 2023 is below $1. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. Getting a top-up from your spouse; Looking into the government co-contribution or low income super tax offset (LISTO). Michael adds to super, saves tax and gets a bonus government co-contribution Michael age 30 $52 a fortnight $106 a fortnight Yearly salary $40,000 $40,000 Salary sacrifice (before tax) contribution $624 $2,418 After-tax super contribution $858 $858Contributions you can make as a retiree (by age) 1. subject to the annual concessional contributions cap. 2 min read. Example 2:The government has introduced a lifetime balance cap for super which limits the total that can go into a tax-free super pension to $1. If you make contributions from your after-tax income — known as non-concessional contributions — you don't pay any contributions tax. . Super is a great way to save money for your retirement. Non-Concessional Contribution Cap. Generally, you won’t need to pay any more tax on these amounts if you’re below your non-concessional contributions cap. Generally, to make or receive personal super contributions over age 67 (but under age 75), you will need to meet the superannuation work test. 18 years or older, you pay it regardless of how many hours they work. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. The standard non-concessional contribution cap for the 2024 financial year (2023/2024) is $110,000 per. A retirement goal. it will be harder to keep track of your super. The SG rate on the date the salary is paid applies. How to pay super, the amount to pay and due dates for payment. service@csc. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples. You must be age 55 or older and meet the eligibility requirements. It’s called the “retirement safety net” for a reason. The SG contribution rate is currently legislated to rise incrementally to 12% in July 2025. From 1 July 2021, the concessional contributions cap is $27,500. Division 293 tax may reduce the tax concession on super contributions for individuals. Personal super contributions. Strategy 1: Make a spouse contribution, get a tax offset. 79 million, you can contribute up to $220,000 by bringing forward the caps over a two-year. The SGC rate increases from 10% to 10. In a series of superannuation measures directed at improving access to home ownership a person. 2 min read. 5) Act 2021 was enacted to improve the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand by allowing the ATO to directly transfer unclaimed superannuation money (USM) of New Zealand (NZ) residents via the KiwiSaver Provider. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. Contributions made prior to 1 July 2017 must also meet the fund-capped contribution limit. Concessional contributions can be made, and therefore a tax deduction claimed, if you are under the age of 75. Previously, you could only access your super once you were 65 years old or retired. On this page. Work Test Over Age 65 In order to receive super contributions over age 65 and under 75 years of age, a member (contribution recipient) must meet the superannuation work test. Transition to retirement income streams (TRIS) are available to assist members to gradually move to retirement by accessing a limited amount of super. Learn more about the low-rate cap. Personal superannuation contributions can be claimed as a tax deduction. Make sure your super fund has your tax file number (TFN). This information should be included on your payslips. Where to pay super. has reached their preservation age and begins a transition-to-retirement income stream. You don’t pay tax on withdrawals from these funds after you turn 60, except in the situations explained below: 1. In some situations you may be able to roll. Enter Income (including any salary sacrifice amounts) 2. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. If a government organisation is an employer it will need to pay super contributions and send employee super information electronically in a standard format. If you've got less than $500,000 in super, you can make catch-up contributions, writes John Wasiliev, who seeks answers to your superannuation questions. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. Anyone under age 65 can make a contribution to their super, even if they are retired or not working. for personal contributions (ATO notice of intent to claim or vary a deduction for personal super contributions) A tax deduction can be claimed for personal contributions (not salary sacrifice) if you are under age 65, or aged 65 to 74 inclusive2 and meet the work test or the work test applies in the financial year in which you make the. • 18 years old or over, or • under 18 years working over 30 hours a week • employed on a full-time, part-time or casual basis (including those who are working in Australia temporarily). Between 1 July 2020 and 30 June 2022, you could accept. Annual contribution caps (limits) put a lid on the amount you can contribute each financial year, but can be flexible if you’re able to use the carry forward or bring forward rules. Originally the minimum age was 65, but this has progressively been lowered to age 55. This contribution includes your transfer balance cap (TBC), which is the limit on the. A super income stream (also known as a super pension or annuity) is a series of periodic payments to a member. The Government will also set public targets for the ATO on. You’ll need to satisfy the work test in the financial year you intend on making the contribution. 2020–21. The maximum amount you can contribute is $300,000 per person, so a couple could contribute up to $600,000. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. When you enter the workforce, you must choose a super fund or accept the default MySuper fund offered by your employer. Spouse super contribution splitting is the act of opting to transfer concessional contributions from your superannuation account to your spouse’s super account. You both need to be Australian residents at the time you make the contribution. If you're aged 60 or over, this income is usually tax-free. you have not made a request to transfer ATO-held super to your preferred super fund. Existing contribution caps and restrictions will not apply to the downsizer contribution. Information for advisers only. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. You cannot. Why do I have to be over 65? This measure provides an exception to existing contributionBy using ATO online services, you can keep track of your super. A Pension simply means that periodically (e. 7 million in 2022-23 and $1. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. In some situations you may be able to roll. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. Maximum offset amount is reduced by $0. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. She decides to ease into retirement by reducing her work to three days a week. An eligible, active super account is one that: is held by a living person. Another way to add to your super fund is to make a one-off contribution of up to $300,000 from the sale of your home. Unused rebate – transferring. Some contractors may also be eligible for super. From 1 July 2018, people aged 65 and older can make a non-concessional (post-tax) superannuation contribution of up to $300,000 from the proceeds of selling their home. If you own or manage a business and employ people, you may need to pay your employees super. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. Ancillary fund returns. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. The 40 hours can be in any arrangement over the 30 consecutive days. Once you reach age 75, you cannot make Non Concessional Personal Contributions to your SMSF regardless of whether you satisfy the Work Test. You are only eligible to bring-forward the next 2 years of contributions if you are under 75 years (67 years for 2021-22, 65 years for 2020–21 and prior years) on 1 July of the first financial year in which your total super balance on 30 June of the previous financial year was less than $1. The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. To be eligible to make after-tax contributions, you must have less than $1. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $27,500. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. Anna dies on 1 December 2015 at 66 years old. Annual GST returns. For people aged between 65 and 74, the contribution rules are different. For more information and to download the form, visit ato. 1 For those age 65-74, the ‘work test exemption’ also applied. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. is in accumulation phase. Pension payments in super after the age of 60 are tax free and anyone over 65 can switch their super into a pension account even if. If you’re between 65 and 74 and still working, the rules around employer-paid super contributions don’t change. The low-rate cap amount for the 2023–24 financial year is $235,000. 1. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. ATO Tax Deduction Form. The significance of super co-contribution continuation after age 67. Government co-contribution. The superannuation work test requires a person to work at least 40 hours over a 30-consecutive day period in the financial year that the contribution is made. how working part-time or taking a break from work affects your super balance. e. On this page. However, if you are aged between 67 and 75 and want to make a personal super contribution for which you plan. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. However, there is a way you can contribute more, by carrying-forward your unused concessional contributions cap. The Australian super system helps. For self-managed super fund trustees, July 1 will usher in a new era. A useful tool for getting money into super when you’re 70 and over can be downsizer contributions, which have no work test requirement or upper age limit. 7 million in retirement phase super accounts. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. A one-year exemption from the work test was announced as part of the 2018-19 Federal Budget that meant that from 1 July 2019, Australians aged 65 to 74 with a total superannuation balance below $300,000 were able to make voluntary contributions for 12 months from the end of the financial year in which they last met the work test. Australians 65 years and over can make a non-concessional (after-tax) contribution into their superannuation up to $300,000 from the proceeds of selling the family home — as long as they’ve owned the property for at least 10 years. If you own or manage a business and employ people, you may need to pay your employees super. e. This is comprised of the unused caps in the 2018/19 tax year and the $25,000 concessional contribution cap for the 2019/20 tax year. This is less than the lowest income. The superannuation guarantee (SG) is the percentage of your ordinary time earnings (in addition to your wages) paid into your super fund by your employer.