What is super?
Superannuation is Australia’s long-term savings vehicle for retirement. Australia has a compulsory system of superannuation to ensure more people can have a comfortable retirement and, as the population ages, take the pressure of the government-funded age pension.
Most people working in Australia are entitled to be paid the Superannuation Guarantee (SG) by their employer. This means your employer must pay a minimum of nine per cent of your salary into a superannuation fund if:
- you’re aged between 18 and 69 years old; and
- are paid a minimum of $450 (before tax) in a calendar month;
- or
- you’re under 18 years old;
- are paid a minimum of $450 (before tax) in a calendar month; and
- work 30 or more hours in a week.
It doesn’t matter if you are in Australia to work permanently or temporarily, or if you’re working full time, part time, or casually – if you meet the above criteria, you should receive SG contributions from your employer.
For more information on your rights and what to expect from superannuation, visit the Basics of Super section.
Joining a super fund
In order to receive superannuation contributions, you’ll need to join a superannuation fund.
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 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 page.
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.
Can I transfer my overseas retirement savings to an Australian super fund?
You may be able to transfer your superannuation (or equivalent) balance from a foreign super fund to a complying Australian super fund, or yourself. This all depends on the rules of your foreign super fund.
For more information, visit the ATO website.
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