Compare a wide range of superannuation products
What superannuation details do I give to my employer?
When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.
Do I have to pay myself superannuation if I'm self-employed?
No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.
When did superannuation start?
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
How much extra superannuation can I add to my fund?
There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.
What are the age pension's age rules?
Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:
| Date | Eligibility age |
|---|---|
| 1 July 2019 | 66 years |
| 1 July 2021 | 66 years and 6 months |
| 1 July 2023 | 67 years |
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
| Payment type | Is superannuation paid? |
|---|---|
| Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
| Overtime hours – agreement prevails over award | No |
| Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
| No ordinary hours of work stipulated | Yes – all hours worked |
| Casual employee: shift loadings | Yes |
| Casual employee: overtime payments | No |
| Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
| Piece-rates – no ordinary hours of work stipulated | Yes |
| Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
Can my employer use money from my superannuation account?
No, your employer can’t touch the money that is paid into your superannuation account.
What fees do superannuation funds charge?
Superannuation funds can charge a range of fees, including:
What are reportable employer superannuation contributions?
Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
Promoted
Lifecycle Investment - High Growth
8.90%
p.a
$507
14.70%
p.a
Promoted
High Growth (Lifecycle investment)
8.40%
p.a
$457
15.40%
p.a
Promoted
Lifecycle Investment - Balanced
7.30%
p.a
$477
13.20%
p.a
Promoted
Balanced (Lifecycle investment)
6.90%
p.a
$422
13.80%
p.a
