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  • Superannuation system

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    The retirement income system includes:

    • a compulsory element of super, the superannuation guarantee - which requires employers to contribute a minimum level to their employees' super accounts
    • a voluntary level of super encouraged by tax concessions and the government's co-contribution scheme
    • the age pension and associated social security arrangements that provide an income safety net for retirees.

    The ATO plays a major role in administering the compulsory and voluntary elements of the super system. During the period covered by these statistics, the ATO has had responsibility for:

    • income tax on super funds (reported in Chapter 4)
    • the other income tax aspects of super
    • the superannuation guarantee
    • the superannuation holding accounts special account
    • the Lost Members Register
    • unclaimed super monies
    • departing Australia super payments
    • the regulation of self-managed super funds
    • the co-contributions system
    • excess contributions tax on individuals
    • the superannuation contributions surcharge
    • the termination payments surcharge
    • the temporary residents measure.

    An increasing number of Australians are directly affected by Australia's super system tax regime. By 30 June 2009, there were:

    • approximately 1.26 million registered employers
    • 415,252 super funds
    • $1.08 trillion in total assets held by super funds.

    As at 30 June 2008, approximately 92% of employees had some form of super and there were approximately 32.0 million member super accounts.

    During the 2007-08 financial year there were:

    • $49.8 billion in member contributions
    • $69.4 billion in employer contributions
    • $48.4 billion in member benefit payments.

    For information reported by super funds for the 2007-08 income year, see Chapter 4.

    OVERVIEW

    During the 2008-09 financial year:

    • the number of self-managed super funds grew by 7.0% while the total value of assets held by these funds grew by an estimated 0.7%
    • there were 1,209,254 co-contribution entitlements determined and paid, totalling $1,090 million
    • the Lost Members Register continued to grow with the total value of lost accounts increasing by 5%, from $12.9 billion on 30 June 2008 to $13.6 billion on 30 June 2009.
     
      Last modified: 24 Mar 2010QC 22511