Starting your super savings
For most people, the time they start their first job is also the time they start their superannuation savings. This is because your employer is legally required to pay the Superannuation Guarantee (SG), which is nine per cent of your wage, into your super account, so long as you meet the following criteria:
- you’re over 18; and
- you earn at least $450 (before tax) in a calendar month.
If you’re under 18, you’ll get SG if:
- you earn at least $450 (before tax) in a calendar month; and
- work 30 or more hours in a week.
Read more about the SG and when you become eligible to receive it in Super Guru’s Basics of Super section.
Joining a super fund
Once you start work and meet the criteria to receive SG payments, you’ll need to join a superannuation fund which will hold onto your savings until you choose to transfer them to another fund, or until you retire.
There are many different types of super funds, and usually you will be entitled to choose which fund you’d like to join. Your employer must give you a standard choice form within 28 days of you beginning your new job. If you don’t receive one, make sure to ask.
To learn more about the different types of funds and for help in choosing the right one for you, see Super Guru's Choosing a fund.
Don’t feel ready to make a choice? Every employer has a default fund that your contributions will go into if you don’t choose a fund.
Your first job can be an excellent time to take advantage of Government Co-contributions and other low-income earner rebates. To find out how to take advantage of these and get more money for your super savings see Super Guru's Government co-contribution page.
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