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What is Superannuation?

This section contains the assumptions about superannuation including the superannuation guarantee

Cameron Drury avatar
Written by Cameron Drury
Updated over 11 months ago

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.

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