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News Hub Superannuation

How does super work?

Superannuation Career
02 November 2023 5 min read

Whether you’re just getting started in your first job or retirement is calling, it's helpful to have a basic understanding of super. Taking action on your super might make a major  difference to your lifestyle when you retire.

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What is superannuation?

Superannuation is a compulsory way of saving money for your retirement. If you're aged 18 or over your employer is required to pay eligible contributions into your nominated super fund that equal at least 11% of your salary (different arrangements apply for Norfolk Island). This is known as the Superannuation Guarantee (SG).

Some employers, including the Queensland Government, may make higher contributions to your super account. Beyond these employer contributions, there are a number of other ways you can continue to get your super on track.

Why should I care about my super?

Superannuation could be one of your main sources of income in retirement. While the Australian Government offers a fortnightly allowance to eligible Australians, known as the Age Pension, this may not be enough money to live your preferred retirement lifestyle.

Engaging and understanding how your super works now might help your financial position later.

How do I grow my super?

An important part of understanding how super works is understanding how you can make extra contributions to your super fund. These additional contributions may make a difference to the kind of lifestyle you are able to live when you retire. Some of the types of contributions you can make include:

Salary sacrifice Show content

This is an arrangement between you and your employer to contribute a portion of your salary to your superannuation account before you pay tax on it, instead of it being part of your take home pay. This is an extra amount on top of your employer’s compulsory super contribution. Depending on your current income and tax rate, this could be a tax-effective strategy.

More about salary sacrificing

Spouse super contributions Show content

If your spouse is taking a break from work, or is a low-income earner, you can contribute money to their super account. It can be a tax-effective way to support the person who supports you.

More about spouse contributions

Voluntary contributions Show content

You can make a voluntary or after-tax contribution to your super account at any time throughout the financial year. Set up regular transfers or schedule a one-off payment to give your super that extra boost.

More about voluntary contributions

Finding your lost super can also be another simple way to help grow your retirement income. By following this link, you can locate and consolidate super across different funds, helping you pay less fees and maximise your super balance. Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.

What happens to my super?

Unlike your savings, you can’t access the money in your super account whenever you want – only once you have met a condition of release. Once your super fund receives contributions from your employer, they invest this money according to your chosen investment option.

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What do I do next?

With a better understanding of super, you can take proactive steps to get the most out of yours.

Learn more

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