1. What is Superannuation?
Superannuation is money that’s put aside while you’re working, so you can enjoy a regular income when you retire. It was introduced in 1992 and it is paid by the employer through an investment fund.
2. Who is entitled to receive it?
All workers over 18 years old earning more than 450$ monthly or under 18 working more than 30 hours per week and earning more than 450$ per month.
3. How much is the percentage paid by the employer?
The amount is 9.5% of the salary e will grow to 12%, increasing by 0.25% each year.
4. How much are taxes on Superannuation?
The taxation is flat at 15%, it means that, regardless of your salary, Superannuation will always be taxed at the same rate. If you decide to claim your Superannuation in advance (see also points 7 and 8) it will be taxed at 38%.
5. Is it possible to put aside extra money?
Of course, and you can do that by talking with your employer, sacrificing a part of the salary, or making extra voluntary contributions.
6. How can I choose the best Superannuation investment fund?
The money is yours and your employer does not care where he has to deposit it. Your employer might have chosen a favourite investment fund, but it might not suit your needs. It is important to be informed and assisted by a professional consultant to choose what is suitable for you.
7. I am a non-resident worker, when can I claim my Superannuation?
If you are in Australia with a temporary visa or if your visa has expired or has been cancelled, you can claim your Super once you leave the country. If you are an Australian or New Zealand citizen or permanent resident, you cannot claim it until your retirement date.
8. When do I claim my Superannuation if I am an Australian citizen?
The early release of Superannuation applies in special cases such as compassionate grounds, health issues or financial hardship.
9. If I claim my amount in advance, can I work again in Australia?
Yes. You will only need a valid working visa.
10. I have worked for different employers and my Superannuation is in different investment funds. Can I merge all of them into one?
Yes, and you should do that. Merging your investments into one fund will allow you to save some money and avoiding excessive maintenance costs.
Source: https://www.ato.gov.au/
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