Superannuation, or super, is savings for when you retire. It begins for most people when you start working. It doesn’t matter if you work full time, part time, casually or if you’re a temporary resident of Australia. Your employer will contribute a percentage of your salary or wage into a super fund for your retirement, or temporary residents can claim it when they have left Australia and their visa is no longer in effect. Super is additional to your income.
Most people can choose which super fund they want their super to be contributed to. If you don’t choose a super account when you start working for an employer, they should choose a fund for you. You only need one super account; if you change jobs you can take your account with you. This saves you paying multiple fees and charges.
You are generally eligible to be paid super by your employer if you’re over 18 years of age and get paid at least $450 before tax a month. If you’re under 18 you must also work more than 30 hours per week to be eligible. Currently the super contributions should be at least 9.5% of your eligible earnings.
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