How Much Super Does My Salary Attract?
As your employer, we are required to contribute to your super fund an amount of 11.50% of your ordinary time earnings every 3 months. These contributions are classified as Super Guarantee Contributions (SGC) and are calculated pre-tax, therefore counting toward your concessional contributions cap.
When Are My Super Contributions Paid to My Fund?
While super is accrued at each pay cycle, we process our superannuation contributions quarterly, in line with ATO regulations. Our quarterly contributions will consist of any super accrued on the salary payments that have been processed to you within the prior quarter.
Please see payment due dates for quarterly superannuation contributions below.
| Quarter | Period | Payment Due Dates |
| 1 | 1st July – 30th September | 28th October |
| 2 | 1st October – 31st December | 28th January |
| 3 | 1st January – 31st March | 28th April |
| 4 | 1st April – 30th June | 28th July |
Can I Make Additional Contributions to my Super Fund?
Yes! At Oncore we offer our contractors the option to make additional pre-tax contributions to your superannuation funds, through a salary sacrifice arrangement.
Please see our article relating to Salary Sacrificing to your Super Fund for more information on this.
What is the Concessional Contributions Cap?
The concessional contributions cap for 2024FY is $27,500 for everyone, regardless of age. Concessional contributions are those contributions that are made to your fund before tax, such as any SGC or Salary Sacrifice contributions.
The date that your contributions relate to is based on when these are received by your fund, not when they are accrued or paid. It is important to take this into consideration with regards to your concessional contributions cap, as the super accrued in the April – June quarter is not required to be paid to your fund until the 28th of July. This will, therefore, relate to the next Financial Year.
If you exceed your cap, the excess will be included in your assessable income when you lodge your tax return for the year and will be taxed at your marginal tax rate. You will also incur an additional interest charge from your super fund for exceeding this cap. You will be entitled to a 15% tax offset to compensate you for the tax that you have already paid on this amount in your super fund.
As a courtesy, our compliance team monitors the concessional contributions that Oncore has processed to our contractor's super funds each Financial Year. If any contractor is approaching this cap, they will be alerted by our team and provided with options to potentially avoid exceeding the cap.