An approved Salary Packaging Scheme for NSW Health employees commenced on 1 January 2002. Sydney NSW 2000. Select your payment or service to find out how this impacts you: Living arrangements It applies to full-time, part-time and casual workers. If you package to the full $9,009 in a fringe benefit year, this will show as a reportable fringe benefit of $16,998. Use Australian Retirement Trust's contributions calculator to see extra super contributions can help to grow your balance and reduce your income tax. If you're eligible for less than $10, we will round this up to $10. From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age. superannuation was last increased in 2014. Public Sector Seminars; School programs & resources; Visiting the Assembly; Role and history of the Assembly. They include contributions paid or payable: to a superannuation fund. We understand that life can be stressful at times and we want to ensure you're looking after yourself. The changes bring NSW in line with Victoria and Queensland where councils are required to make superannuation guarantee contributions in addition to minimum fees payable. combination of both. Our Contact Centre is available. what your living expenses are. They include contributions paid or payable: to contractors under a relevant contract. If an employee makes after-tax contributions into any superannuation fund, including one administered by the employer, they aren't superannuation contributions made by the employer and aren't liable for payroll tax. The Superannuation Guarantee (SG) is introduced with a mandatory 3 per cent contribution rate (or 4 per cent for employers with an annual payroll above $1 million), requiring employers to make a contribution into a super fund on their employees behalf. SARA: Supporting everything from payroll to purchasing. Monday to Friday, 8am - 8pm AET. Overseas: +61 3 9200 4714. lump sum. When you reach your preservation age and decide to retire, you'll need to work out how to receive your super. employees can be eligible for SG, regardless of how much they earn. The qualifying age will continue increase by 6 months every 2 years, reaching 67 in 2023. Understanding how this system works is crucial in optimising the amount of your final benefit. What are the definitions of TPI and PPI? discounted access to more than 250 gyms and pools across NSW; free annual influenza vaccination; regular health and wellbeing workshops and a health fair offering free personalised health assessments For information about NSW Health policies on workplace conduct, flexible work practices, grievance resolution, workplace safety, childcare for staff, and other human resource issues refer to Other Employment Information. Phone: 1300650873. HealthShare NSW is a statewide organisation established to provide high-quality shared services to support the delivery of patient care within the NSW Health system. Postal Address: PO Box 1229 Wollongong NSW 2500. The scheme is capped at $30,000 across all years. Our 'Salary sacrifice calculator' helps you to compare the effect on take home pay and super contributions by making additional super contributions using two different methods, ie as a salary sacrifice contribution or as an after-tax contribution. Skip Navigation. State Super is working with the fund administrator and employers to update systems and processes to enable the Additional Employer Contribution (AEC) amounts to be paid and allocated to accounts. These contributions: are in addition to any compulsory super contributions your employer makes on your behalf. Employees. Co-contributions are paid for extra payments into Super up to a maximum income of $57,016. Remuneration Rates for Sessional Visiting Medical Officers. This is called the super guarantee (SG) and is paid at least quarterly. With SuperStream, you pay the super contributions for your employees via electronic funds transfer or BPAY and send the associated data electronically. PD2015_009 - Staff Specialists Rights of Private Practice Disbursement of Funds No 2 Accounts. If you commenced with the University for the first time on or after 1 November 2021 you must nominate your superannuation fund using a Choice of Fund form. Preservation age is: 55 for people born before 1 July 1960. slightly older each year after that. Please contact your Regional Manager to confirm Salary Packaging options related to your company. Super is money you pay for your workers to provide for their retirements. If youre an employee, you are typically entitled to compulsory superannuation (super) contributions from your employer. These super guarantee contributions must be a minimum amount based on the current super guarantee rate of your ordinary earnings, up to the maximum contribution base. Superannuation assets at the time are estimated to be $148bn. as lump sums paid on behalf of a class of employees. Your yearly income statement will also include a 'grossed-up' reportable fringe benefits amount. Understanding how super applies to long-service payments is an important step to managing your super effectively. NSW Treasury notes that a 1 per cent decrease in that 10-year bond rate would increase the value of the liability by $14.1 billion. As a member of the State Superannuation Scheme (SSS), your contributions are deducted from your salary each pay day by your employer and forwarded to the scheme, where they are credited to your personal account. Browse information about Pay, leave and superannuation. as well as superannuation (10%). The super withdrawal option you choose may affect the amount of: tax you pay, and the. The superannuation concessional contribution limit per financial year is $27,500. Make a withdrawal . This clever calculator can show: Which type of personal contributions could bring the biggest boost to your super. This methodology recognises that superannuation is not payable on superannuation itself and as a result, the cost of the additional SGC is less than a 0.5 per cent pay increase. Supplements for people in need of income support can increase the aged pension to a maximum of $24,081 a year for single people, and $36,301 a year for couples. Superannuation is a long term savings structure to help fund your retirement. An Act to make provision for and in relation to an Occupational Superannuation Scheme, known as the Commonwealth Superannuation Scheme, for people employed by the Commonwealth and for certain other icare Workers Insurance NSW Workers Compensation Industry Classification Rates and Dust Diseases Contribution 2021-22. If youre an employee, you are typically entitled to compulsory superannuation (super) contributions from your employer. Withdrawals. Employers can use the superannuation guarantee contributions calculator to quickly check the super contribution to be paid to employees. save you money as you will only pay one set of fees. the $450 per month eligibility threshold for when SG is paid is being removed. ** Every employer is different and may not offer this benefit. Employees who have joined the department since October 1992 and have not provided alternative superannuation fund details have automatically become members of this fund. employer paid or payable superannuation contributions (including the superannuation guarantee levy) grossed up value of fringe benefits (allowances subject to fringe benefits tax are counted at the grossed up value, that is the value of the benefit multiplied by the relevant Australian Tax Office fringe benefit formula). 30(27/11/14) the total remuneration package less the employers required superannuation contribution under the Superannuation Guarantee (Administration) Act 1992 (Cth). For the 2017-18, 2018-19, 2019-20 and 2020-21 financial years, the general concessional contributions cap is $25,000 for all individuals regardless of age. under 18 years and works over 30 hours a week. Salary packaging is a simple way for eligible NSW Health employees to increase their take home pay by reducing their taxable income and therefore the amount of tax they pay. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. contributions are made in excess of the concessional cap for the year. There are essentially two types of super contributions you can make: concessional, and non-concessional Concessional contributions are made from before-tax income and are taxed at 15% in your super fund. It covers the benefits points system, which links your contributions and your employer-financed benefits. The PSS is established under the Superannuation Act 1990 and the Public Sector Superannuation Scheme Trust Deed . Preservation age is: 55 for people born before 1 July 1960. slightly older each year after that. Rural Doctors' Settlement Package Hospitals Indexation of Fees. Superannuation (NSW DET) Pay less tax as you save for your future by salary packaging pre-tax additional contributions to your superannuation. Because pre-tax superannuation amounts are taxed at only 15% (rather than at your marginal tax rate) your additional superannuation contributions will be 'cheaper' than if you paid them from your own pocket. Media Office, UNSW Sydney NSW 2052 Australia Telephone. If youre aged under 67, you can bring forward up to three years worth of non-concessional contributions in any three-year period. salary packaging via superannuation contributions or a novated vehicle lease (up to 100% of your earnings) Health and wellbeing. The superannuation contributions surcharge ("surcharge") is a Commonwealth Government tax that was levied on surchargeable superannuation contributions of higher income individuals in the financial years from 1997 to 2005. For example if you make superannuation contributions or deduct child support. media@unsw.edu.au Authorised by the Chief Communications Officer, UNSW Division of External Engagement Provider Code: 00098G ABN: 57 195 873 179 To do this, you will need to know your net worth. This section provides details relating to super contributions. Superannuation, or just "super", is compulsory for all people who work and reside in Australia. The surcharge was calculated using your 'adjusted taxable income' for a financial year. You need to pay superannuation contributions at least four times a year, by the cut off dates each quarter. Account activity. IB2021_004 - Staff Specialists Training Education and Study Leave (TESL) - New Funding Entitlement 2020/2021. Acknowledgement of Country. The annual non-concessional contributions cap for the 202122 financial year is $110,000. All nurses and midwives employed in NSW Health have the option to apply to participate in a Career Break Scheme. Act No. But ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. Contact page owner: Workplace Relations. reach a set age. how much you have in superannuation. Parliamentarians elected for the first time at the 2004 election, however, will be eligible for benefits under the Parliamentary Superannuation Act 2004.Newly-elected parliamentarians will nominate a complying superannuation fund into which contributions of 15.4 per cent will be made by the government on their behalf. IB2021_035 - Staff Specialists (State) Award Salary Increases. More information. Unique Superannuation Identifier (USI): 53 226 460 365 001 Superannuation Fund Number (SFN): 272 632 944 However, it's scheduled to progressively increase to 12% by 2025. a way to acknowledge peoples contributions and celebrate their success. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. The LISTO is calculated on 15% of the concessional (before tax) super contributions you or your employer pays into your super fund. Under sections 9CA9CD of the PTA Act, a superannuation contribution is taken to be. The calculator you are trying to reach is under maintenance. Choice of Fund. Your super investment is then used to provide an income stream when you retire. How much money you need to retire will depend on: your current age. If your total income is $42,016 or less and you pay extra into your super (after tax) the government will pay 50c for every $1 you pay you pay into your Super, up to a maximum of $500. The Department provides ESSS with this information to enable the calculation of the member's contribution rate. From the 2021-22 year the limit is $27,500. The additional amount of superannuation contributions allocated to members will be determined each year. The Scheme, which utilises the Public Benevolent Institution (PBI) tax status, enables employees to access approved fringe benefits as tax exempt up to a grossed-up value of $17,000. Understanding Superannuation. 44 Salary Sacrifice to Superannuation 18 Sick Leave - 2 - 12 Allowances and Special Working Conditions 42 Study Leave 38 Telephone Allowance 34 Teleworking 20 Termination of Employment An employee has more than one position under this Award within the New South Wales Health Service, and b. Once you have made a written declaration to your super fund that you are officially retired, your ability to make further contributions into your super account is much more limited. We care about your wellbeing and mental health. This website is provided by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321) (Active Super). as salary sacrifice arrangements. Contact form; Phone 13 77 88; Find a Service NSW location; Find a NSW Government agency Insurance cover . The peak NSW local government body said it was a major step forward. How adding a bit extra to your super could reduce your income tax or may get you a Government co-contribution. Payroll tax is payable on $60,000 ($54,800 salary plus the pre-tax superannuation contribution of $5,200). First State Super was established in 1992 as a not-for-profit superannuation fund. History of the Assembly; Former Speakers; The Chamber. All employees are covered by the superannuation guarantee. 60 for people born after 30 June 1964. Translating and Interpreting Service (TIS National) a contribution paid or payable by an employer to, or as, a superannuation fund in respect of an employee in a return period or. Reduction in eligibility age for downsizer contributions. Superannuation contributions and salary sacrifice options; Leave entitlements including paid maternity and parental leave, FACS, long service, study leave and ADOs; Access to childcare for HNE employees working at the John Hunter Hospital, Tamworth, Moree and Lake Macquarie. As a result, the employees salary is reduced to $54,800 and the employer will make a pre-tax superannuation contribution of $5,200. 4.7 SUPERANNUATION CONTRIBUTIONS. Superannuation Guarantee rate proposed to be raised to 12% between 201314 and 201920, Superannuation Guarantee age limit to be increased to 75 in from 1 July 2013, an annual superannuation contribution of up to $500 provided for those receiving and adjusted taxable income of up to $37 000 p.a. As part of the NSW Budget 2020-21, the States defined benefit superannuation liabilities are projected to decrease $17.6 billion from June 2020 to June 2024, primarily driven by rising long-term bond rates.At the same time, this decrease will be partially Fax: 1300 722 072 . If you do not meet your obligations, including paying your employee superannuation contributions to the correct fund, you may face penalties. NSW Legislative Assembly Practice, Procedure and Privilege; Procedural Digest; Factsheets; Seminars, events & visits. Payroll tax assist. Superannuation. Superannuation guarantee shortfall has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth. SARA (Search And Request Anything) is now the one-stop shop for NSW Health staff when it comes to IT, payroll, recruitment, finance, purchasing and warehousing services and support. reach a set age. Current as at: Tuesday 14 December 2021. havent given your TFN to your super fund. HealthShare NSW. About us; Jobs at Service NSW; News; Download the Service NSW app; Help in your language; Service status; Performance dashboard; Contact. You can find out more about superannuation in Australia here. About us. Insurance. do not include super contributions made through a salary-sacrifice arrangement. The $1.6m cap on lifetime superannuation contributions will increase to $1.7m from 1 July. reduce paperwork. Packaging your superannuation has never been easier and by using your pre-tax salary there is no doubt that you will be smiling through life with all the savings youll make. Consolidating your superannuation will: make it easier to keep track of your super. If you make other deductions the record must also include details about these. Payment summaries From July 2019, the Age Pension qualifying age is 66 years. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Superannuation (also known as "super") is money that employers are legally required to put aside on behalf of their employees. In 2011, First State Super merged with Health Super to create one of Australias largest super funds. whether you own your own home. Current as at: Tuesday 14 December 2021. 79.1% of HESTA's members are female (compared to an average of 43% across all funds), and 20.9% are male (compared to an average of 57% across all funds). 2022-06-24 13:00:00 2022-06-24 15:00:00 Australia/Sydney Understanding Superannuation Topics include: how superannuation works, investment options, myths about superannuation, making contributions, accessing superannuation and tax and social security.You can Australia Lauren Page lpage@hornsby.nsw.gov.au. This is of course subject to availability Your employer is required to make contributions on your behalf to your chosen super fund. Moving all your superannuation into one account is known as consolidating. YouTube. This will equate to the cost of your benefit items factored up by a rate provided by the Australian Taxation Office, currently 1.8868. The default assumptions in this calculator are based on Treasurys long-term retirement income models. These changes mean that from 1 July 2022: you'll need to make SG contributions at the new rate of 10.5%. These contributions are taxed at 15 per cent, along with deemed earnings. You'll need the: amount that superannuation is payable on for each employee for the period. Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). Employer superannuation contributions are considered wages and are liable for payroll tax. Consolidate your superannuation. Make a contribution . If eligible, the super guarantee applies to all types of employees including: as a superannuation guarantee charge. We apologise for any inconvenience caused. +61 2 9385 2864, Email. Accessing superannuation. Centrelink schedule . The data is in a standard format so it can be transmitted consistently between employers, super funds, service providers Superannuation is an important part of your remuneration package with Southern Cross University and Southern Cross Campus Services. Over the next five years, contributions paid into workers superannuation funds is legislated to increase from 9.5 per cent to 12 per cent. Australian Retirement Trust - logo Superannuation Contributions Calculator. 1992. The Total Superannuation Balance is the sum of all your super balances in any funds. Superannuation jobs now available in Ryde NSW. 31 of 1976 as amended, taking into account amendments up to Public Sector Superannuation Legislation Amendment Act 2018. Where the trustee of a family trust is considering making a superannuation contribution on behalf of a director, we recommend the trustee consider whether the contribution is in fact deductible and whether the trustee has sufficient funds to make the contribution. We acknowledge the Traditional Custodians of NSW, and their continued connection to HESTA Income Stream: 1300 734 479. Following passage of the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022, the eligibility age for making downsizer contributions into super was reduced from 65 years to 60.. From 1 July 2022, more people in their sixties can make contributions (up to $300,000 per person or $600,000