With my genuine redundancy at end of the 1st quarter I got significant payments on payment in lieu of notice and bonus (imho both OTE and therefore Super relevant). The OTE exceeded the super contribution base cap for one quarter of the year 23/24 ($62,270). And the employer paid only Super applied up to the cap. Is that correct?
Hiya @Stefan1510 👋
Yes, the Maximum Contributions Base (MCB) is the OTE ceiling for payments in the quarter.
You are 💯 correct that PILON and bonuses are OTE, but the Superannuation Guarantee (Administration) Act 1992 (SGAA) limits OTE to the MCB for payments each quarter.
The SGAA defines the minimum obligations for employers, but industrial instruments may define additional obligations.
Deanne
Hiya @Stefan1510 👋
Yes, the Maximum Contributions Base (MCB) is the OTE ceiling for payments in the quarter.
You are 💯 correct that PILON and bonuses are OTE, but the Superannuation Guarantee (Administration) Act 1992 (SGAA) limits OTE to the MCB for payments each quarter.
The SGAA defines the minimum obligations for employers, but industrial instruments may define additional obligations.
Deanne
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