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  • Superannuation system

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    Taxation statistics

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    Superannuation (super) is a specifically designed long-term investment vehicle for the retirement savings of individuals. The retirement income system includes:

    • the superannuation guarantee, a compulsory element of super which requires employers to contribute a minimum level to their employees' super accounts
    • a voluntary level of super encouraged by tax concessions and the 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
    • 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 2012, there were:

    • approximately 1.4 million registered employers
    • 481,957 super funds
    • $1.4 trillion in total assets held by super funds.
    • As at 30 June 2012, approximately 89% of employees had some form of super and there were approximately 31.9 million member super accounts.
    • During the 2011-12 financial year, there were:
    • $34.2 billion in member contributions
    • $82.1 billion in employer contributions
    • $69.7 billion in member benefit payments.

    For information reported by super funds for the 2010-11 income year, see chapter 4.

    Attention

    Overview

    During the 2011-12 financial year:

    • the lost members register reduced significantly, with the number of lost accounts decreasing by 32% and the total value of lost accounts decreasing by 17%
    • the number of self-managed super funds grew by 8.0%, while the total value of assets held by these funds grew by an estimated 3.7%

    there were approximately 1.04 million co-contribution entitlements determined and paid, totalling $602 million.

    End of attention
      Last modified: 03 Mar 2014QC 33846