Superannuation
Superannuation is a government-mandated savings system to help individuals fund their retirement.
Employers are required to contribute a percentage of an employee's earnings to a superannuation fund, which can also be supplemented by voluntary contributions. These funds are invested and grow over time, with tax advantages to encourage long-term savings.
A resident individual is subject to Australian income tax on a worldwide basis, i.e., income from both Australian and foreign sources (except for certain foreign income and gains of temporary residents).
TLDR - How this is implemented in Canwi
Super Guarantee rates are applied automatically based on the statutory schedule.
We cap SG contributions when the income threshold is reached.
We apply a 15% tax rate on concessional contributions and investment earnings.
If the SG rate changes, gross income calculations are updated accordingly unless a custom rate is set.