Super is money set aside over your lifetime to provide for your retirement.
For most people, super begins when you start work and your employer starts paying a portion of your salary or wages into a super fund for you. These payments are known as super guarantee (SG) contributions or concessional contributions.
Super funds invest your money in many things, such as shares, property and managed funds. They may also offer different types of insurance, such as income protection.
Super contributions from your employer
Most people can get super contributions from their employer – this is called super guarantee.
There is a minimum amount your employer should contribute, based on your pay. A transitional rate applies to the amount of SG that employers on Norfolk Island pay on behalf of their employees. This starts at 1% on 1 July 2016 and increases by 1% yearly to 12% on 1 July 2027.
If your employer doesn't make super guarantee contributions in full, on time and to the right fund, they will be liable to pay the super guarantee charge.
Your employer will provide you with the Superannuation standard choice form if you’re eligible to choose the fund your super contributions are paid into.
The YourSuper comparison tool will help you compare MySuper products and choose a super fund that meets your needs.
If you don’t choose a super fund, your employer pays your super contributions to your existing super fund – this is called a 'stapled super fund'.
A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.
We will notify you if your employer makes a stapled super fund request and the fund details, if any, we have provided them.
If you don't choose a fund or have an existing super fund, your employer can pay your super into an employer default fund they choose.
Paying more yourself
You can choose to put some of your own money into your super fund so you have more money when you retire. This is called making personal contributions and is one way to grow your super.
If you’re on a low income, you may also be eligible for government contributions.
The amount of tax on your contributions depends on whether the contributions are concessional (sometimes referred to as 'before tax') or non-concessional (sometimes referred to as 'after tax'), and whether you exceed the contribution caps.
Keeping track of your super
If you've ever changed address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super savings.
There are several ways to check and manage your super:
- You can search all your super accounts online if you have a myGov account linked to the ATO.
- We can search for you if you phone us on 13 10 20.
If you have several super accounts, you can combine them into one preferred account to avoid having too many fees and charges. You can do this online too.
Accessing your super
You can get access to your super savings when you:
- retire after you turn 60 years old
- turn 65 years old, even if you are still working.
You can only get earlier access to your super in some special cases, such as a serious medical condition or severe financial hardship.