Calculation Methods - Option 1
Percentage of gross now calculates based on the GROSS Work Types and Allowances flagged as Qualified Earnings (QE). Super will now be validated against the employee’s Qualified Earnings (See: Work Type and Allowance Updates)
Example – Percentage of Gross (Qualified Earnings)
An employee has the following earnings for a pay period:
•Ordinary Hours: $2,000 (flagged as QE)
•Site Allowance: $200 (flagged as QE)
•Overtime: $300 (NOT flagged as QE)
Qualified Earnings (QE) Total:
•$2,000 + $200 = $2,200
Super Calculation (currently 12%):
•12% of $2,200 = $264 Super
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Super is only calculated on earnings flagged as Qualified Earnings (QE). Overtime in this example is excluded as it is not marked as QE. |
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Except for ‘1-Percentage of Gross’ all other existing calculation methods linked to Contributions will continue to function as before. Please ensure you verify the Super amounts across all work types and allowances using the other calculation methods to confirm compliance with the current 12% Super Guarantee. |