What is super and can I get it?

Jun 14, 2023

What is super and can I get it?

Superannuation, or super, is money that’s set aside to help support your financial needs in retirement. 

It’s generally paid for by your employer through something called the superannuation guarantee (SG). From 1 July 2023 the SG will be 11% of your before-tax income, which is paid into your super fund. 

Who can get super?

Just starting a job won’t always mean you get super. 

If you’re under 18 you’ll need to be working more than 30 hours a week. It’s the same if your work is in a private home, like doing house cleaning or babysitting work, regardless of age.

If you’re 18 or older, in most cases your employer will need to start paying you super. It doesn’t matter if you do full time, part time or casual work. This also includes temporary residents of Australia.

How super works

Your employer must pay super directly into your super account, which is managed by a super fund.

It's a bit like having a savings account that will look after your money until you reach retirement. 

Unlike a savings account, your super fund also invests your money into different assets, such as shares, to help grow your balance over time.

You can also add extra money which may help to grow your super throughout your working life .

To learn more visit ‘How to choose the right super fund’.


1For eligibility details, visit ato.gov.au

2Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. Salary sacrifice may affect some Government benefits and employee benefits. Consider getting financial advice before deciding what’s right for you.
This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.
Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898
 


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