SGC rate definition

SGC rate means the minimum level of superannuation contributions which TIO must make for the employee so as not to be liable to pay a charge under the Superannuation Guarantee (Administration) Act 1992 (Cth) and the Superannuation Guarantee Charge Act 1992 (Cth).
View Source
SGC rate means the multiplier to gross up payments to take into account the Superannuation Guarantee Contribution defined and updated from time to time by the Treasury Department of the Australian Government. For example – if the prevailing superannuation rate is set at 9%, then the SGC Rate will be 1.09. At 12% super, the SGC Rate will be 1.12.
View Source

Examples of SGC rate in a sentence

  • From 1 July 2013 the Federal Government will increase the Super Guarantee Contribution (SGC) rate as set out in the following schedule: the employee resulting from the necessity to buy new school uniforms, refit curtains, alter plumbing, or electricity outlets or otherwise unavoidable costs directly attributable to the employee’s transfer provided that such costs do not exceed $1,159.69.

  • The standard SGC rate will apply for casuals and employees on Fixed Term contracts less than two years.

  • In recognition of this, superannuation contributions shall be paid on behalf of an employee for each approved application of parental leave for the first six (6) months of the employee’s unpaid parental leave at the minimum SGC rate.

  • The applicable SGC rate at the commencement of this agreement is 9%.

  • If the standard SGC rate changes during the life of this Agreement, the Employer will pay the higher of the standard SG rate or the SG rate nominated in this clause.