20 May Superannuation changes
SUPERANNUATION CHANGES FOR ORDINARY TIME EARNINGS COMMENCED 1 JULY 2008
Members are reminded that from 1 July 2008 employers must comply with the standardised earnings base (now based on ordinary time earnings) for calculating superannuation contributions under the Federal Superannuation Guarantee legislation.
Employers using alternative earnings bases (such as ‘superannuation salary’ in a relevant award or trust deed) will need to adopt ordinary time earnings as their earnings base from 1 July 2008.
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