Benefits of Superannuation rates in India According to the law, every employer is liable to pay a calculated amount on behalf of an employee to the super fund; this is called superannuation fund. Employees have the choice to get the amount into their superannuation fund or want to get entitled for the retirement fund. For an employer the term employee in context with super fund contribution is not limited to an individual only, means a contractor will be benefitted with the fund. Rules regarding Superannuation rates It is now obligatory to send the relevant data of superannuation rates and released payments from the employer via automatic mode known as Super Stream. The designing of the software is made to simplify the employer's work regarding the minute calculations of each employee's funds. The submission date for the super stream process is until Oct. 31, 2015, for the large category employers, and for the rest, the date is until June 30, 2016.
http://www.superannuationtaxreturns.com.au Contact us:- 0293283013
Calculation of Superannuation rates The amount of which the super fund is contributed by the employer is to be calculated on the salary before tax of the employee. The employee should be aware of the amount sent to the super fund by the owner. Usually, the superannuation is paid monthly but in the case of small companies, the employer contributes it quarterly.
The super fund contribution by the employer is 9.5% of the salary before tax of an employee, including regular wages, commissions but excluding overtime earnings. In the case of a contractor who works for one company and eligible for full payment then the contractor is eligible for superannuation fund according to the norms of superannuation rate from the owner. Basically, the superannuation by an employer is contributed through the purchase of LIC policies for the employees to get exempted from the taxes levied. The contribution percentage of super fund starts from 9.5% to 15% of the salary of the employee.
http://www.superannuationtaxreturns.com.au Contact us:- 0293283013