Ordinary time earnings (for Super guarantee purposes)

The Tax Office has released a Draft Superannuation Guarantee Ruling in which it states the Commissioner’s preliminary view on whether payments to employees are ordinary time earnings (OTE) and/or ‘salary or wages’. Since 1 July 2008, employers are required to use OTE in calculating the superannuation guarantee (SG) for their employees. If employers provide less…

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Financial literacy program for school kids

ASIC has launched a new financial literacy program Your Money Starter- Insurance and Super designed to assist young Australians in making decisions about insurance and superannuation. It is a resource for secondary schools in each state and territory and is currently being distributed to every high school in the country. “Young Australians who understand insurance…

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