Superannuation Guarantee (SG)
The Superannuation Guarantee (Administration) Act 1992 (SGAA) was introduced by the Government on 1 July 1992 to ensure that most employees receive superannuation support from their employer.
The legislation provides that employers must provide at least a set minimum amount of superannuation support for their employees. If an employer fails to pay the minimum amount of superannuation, they may have to pay a Superannuation Guarantee Charge to the Australian Tax Office.
The minimum SG amount is 9% of your eligible salary (net of fees and charges) from 2002/03 onwards. Your employer may choose to pay more than this minimum, or you could request a higher amount during salary negotiations. The Government is proposing gradual increases to the SG amount from 2013/14 but this is not yet law.
Note that SG contributions count towards your concessional contributions limit.
