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Understanding salary and super - Retirement Scheme (Div B)
Scheme rules relevant to Div B are Rules 1.2 and 1.4 and these can be found in Schedule 2 of the Trust Deed and in the Employer Handbook.
Employees under an Award or Industrial agreement
Superable salary includes:
- base pre-tax salary actually paid to employee; plus
- allowances (including shift allowances) actually paid during the 12 months immediately preceding the 31 December review date and which are taken to be 'ordinary time earnings' (OTE) (refer to the table above for inclusions in OTE); plus
- the amount of any weekly workers' compensation payments which are taken to be 'ordinary time earnings'; plus
- the value of private use of an employer-provided vehicle; plus
- the value of any child care facilities provided by the employer; plus
- salary sacrifice superannuation contributions paid on behalf of the employee.
- the value of any other salary sacrifice arrangements and any associated fringe benefits tax payable on such other arrangements
Particular care needs to be taken in calculating any allowances and shift loadings that are included in the salaries reported. Employer Services can assist with this if necessary
Contract Employees (including Award regulated contracts)
For the purposes of this exercise, contract employees are taken to be all employees (other than Executive Officers) who are employed on an individual contract basis (including an individual on an award regulated contract).
Superable salary is the value of the employee's total salary package less:
- the "assessed" annual cost to the employer of providing Retirement Scheme benefits as determined by the Trustee.
It is to be particularly noted that the "assessed" cost to the employer of providing Retirement Scheme benefits may bear no relationship at all to the contributions actually paid by the employer at any given time. The assessed cost is calculated as follows:
Average contribution rate x 1.9 + 2.5% of superable salary.
Each year the Scheme Administrator will provide a list to you asking for details of the 'superable' salary of each member as at the 31st December. These amounts are used to calculate contributions for the coming superannuation financial year which commences on 1 April. Refer to the Employer Handbook for further information and fact sheet 'Superannuation "costs" for packaged / contract staff in the Retirement Scheme'.