Superannuation 2009

From 1 July 2008, employers have used 'ordinary time earnings' (OTE) to work out thei remployees' minimum Superannuation Guarantee (SG) contributions.  Because of this law change and other big changes over the last 15 years, Superannuation Guarantee rulings SGR 94/1 (Earnings bases), SGR 94/4 (ordinary time earnings) and SGR 94/5 (Salary or Wages) are no longer current.

A new ruling about categorising different payments as 'ordinary time earnings' and 'salary or wages' will replace SGR 94/4 amd SGR 94/5.  This ruling is titled 'SGR 2009/2' - Superannuation gurantee: meaning of the terms 'ordinary time earnings' and 'salary and wages' and includes easy to follow examples.  The ruling was released on 6 May 2009, and will be effective from 1 July 2009.