What is Superannuation?
Superannuation, commonly called "super", is Australia's retirement savings system.
What is Superannuation?
Superannuation, commonly called "super", is Australia's retirement savings system.
Under Australian law, employers are generally required to contribute a percentage of an employee's earnings into a superannuation fund. These contributions are separate from your wages and are intended to help support you financially later in life.
For many overseas workers, superannuation can also become an important benefit that may be accessible under specific Australian rules after leaving Australia.
What do I need to know about Superannuation?
Your employer will usually make superannuation contributions on your behalf into a nominated super fund.
When completing your employment paperwork, you may be asked to choose a super fund. If you are unsure which fund to select, you can choose the super fund nominated by your employer.
Superannuation contributions are generally paid by your employer and are not deducted from your normal take-home pay.
Your super balance may grow over time through employer contributions and investment earnings.
How will I know if my employer is contributing to my super?
Once your super account has been established, you should:
- Download your super fund's mobile application, if available.
- Register for online access.
- Monitor your account regularly.
- Check that employer contributions are being received.
Most super funds provide online tools that allow you to track your balance and contribution history.
When can I access my super?
Superannuation is generally designed for retirement and is subject to Australian laws and eligibility requirements.
Depending on your circumstances, you may be able to access your super:
- When you meet Australian retirement and release conditions; or
- Through a Departing Australia Superannuation Payment (DASP) if you held an eligible temporary visa, have left Australia, and meet the applicable requirements.
Eligibility rules may change, and different conditions can apply depending on your visa and personal circumstances.
Who is responsible for claiming my super?
It is your responsibility to manage and claim your superannuation benefits.
If you become eligible to access your super, you will generally need to submit the required application directly to your super fund or through the appropriate Australian Government process.
Your super fund will provide information about the documents and steps required.
Important Tips
- Keep a record of your super fund name and member number.
- Register for online access as soon as your account is created.
- Keep your contact details up to date with your super fund.
- Save copies of important employment and visa documents, as these may be needed when claiming your super in the future.
The more organised your records are, the easier it will be to manage or claim your superannuation later.