The following community information is brought to you by the Australian Taxation Office.
Today Young T Kim, ATO’s employee with Korean background joins SBS radio studio to explain about superannuation.
Superannuation, or super, is a way of saving money while you are working to provide for the lifestyle you want in retirement.
For most people, if you have a job, your employer has to put at least 9.5 per cent of your salary or wage into your super. This is called the super guarantee, and it’s the law. It doesn’t matter if you work full time, part time, casually or if you hold a temporary visa.
To help your super grow faster, you can add to it with your own money, and if you're a small business owner, you can invest in super for yourself, for your future.
Most people can choose which super fund they want they're super to be paid into. If you don’t make a choice, your employer needs to choose one for you.
If you have more than one super fund account, you can combine them to save fees and make it easier to keep track of your super.
You can find more information by visiting www.ato.gov.au
