Superannuation is money set aside for your retirement.
Your superannuation has a big effect on your life when you retire; you can put plans in place now to ensure you are set up later in life.
The money comes from contributions made into your super fund by your employer. You may top the fund up with your own money, and you may be eligible for co-contributions from the government.
Your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it's the law.
Read about superannuation basics, and access useful tips and tools—MoneySmart is an Australian Government website that provides advice to help you manage your money.
Get more information about superannuation—the Australian Taxation Office (ATO) goes into detail about superannuation requirements and tells you how to salary sacrifice your super contributions.
Some of the key topics about superannuation you will want to consider include:
- Choosing a super fund—most people can choose the fund for their employer's super contributions. However, some people who are covered by industrial agreements, and members of defined benefit funds, don't have this choice. Check with your employer if you are not sure.
- Making voluntary super contributions—contributing extra to your superannuation is a great way to boost your nest egg. Read about the different options for making personal contributions.
- Calculating how much you will have when you retire—the superannuation calculator will help you figure out how much super you’ll have when you retire, and how fees will affect that payout.
- Searching for lost super—SuperSeeker can help you find past super accounts, lost super and any super money the ATO is holding for you.
- Salary sacrificing superannuation—find out how to maximise your tax benefits.