Superannuation is a means of investing toward retirement.
Employers and employees can both contribute to superannuation in Australia ... and contributions are typically invested in the stock market, bonds, real estate, or other approved investment vehicles.
The money invested is subsequently paid to the member (or to the members' beneficiaries) on retirement, disability or death of the member either as a lump sum or as a pension or both.
The Superannuation Guarantee came into effect in 1992, requiring an employer to contribute toward an employee's retirement through superannuation.
The Superannuation Guarantee (Administration) Act 1993 prescribed the employer contributions as a percentage of it's staff wages.
Employers are not required to contribute in some circumstances, e.g. for very low income earners, young workers not working full-time and workers over 70 years of age.
Employers may choose to contribute a higher amount than that prescribed as a means of employee incentive or reward or as part of a salary package.
There are some limitations on the tax deductibility of employer contributions for a given member and, therefore, professional advice should be sought before entering into these arrangements.
There are significant benefits in members saving toward their own future and Superannuation fund members may consider making contributions to superannuation in addition to employer contributions.
Individuals considering making personal superannuation contributions should seek professional advice.
Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.
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|Superannuation Funds' Crucial Role in Achieving Net Zero Emissions|
Tue, 05 Dec: The Australian superannuation industry has emerged as a key player in facilitating the country's transition to net zero emissions, according to a recent study by the Association of Superannuation Funds of Australia (ASFA). The research highlights the necessity of a fundamental restructuring and significant capital investments to achieve the national goals, with superannuation funds serving as a primary source of funding. - read more
|Challenges Ahead for Government's $3M Super Legislation|
Tue, 05 Dec: The Federal Government's plan to impose a $3 million cap on superannuation balances eligible for full tax concessionality is facing opposition from the Federal Opposition and industry professionals. The proposed legislation, introduced at the end of 2023, is expected to be subjected to key amendments in the Senate before it can be debated in Parliament, which may not happen until around April 2024. - read more
|New Approaches by ATO to Address Unpaid Superannuation|
Tue, 21 Nov: The Australian Taxation Office has taken significant steps during the 2022-23 financial year to recover and redistribute Superannuation Guarantee liabilities. A staggering $1.13 billion in liabilities were identified, out of which $683.8 million has already been recovered and given back to super funds and individuals. - read more
|ART Expands Membership with Successful Completion of CBA Group Super Merger|
Mon, 20 Nov: The Australian Retirement Trust (ART) has achieved another significant milestone with the completion of its merger with the Commonwealth Bank Group Super Plan. This merger has added 63,700 new members to ART's portfolio. - read more
|Why Australia's Compulsory Superannuation System is Failing|
Superannuation in Australia has been a topic of hot debate for decades, with many experts questioning the current system's effectiveness. In a recent consultation paper released by the Albanese government, the objective for superannuation was stated as 'to preserve savings and deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way'. - read more
|Four out of ten face super shortfall |
FOUR out of 10 Australians reckon they won't have enough super savings to fund their retirement while a slim majority believe superannuation fund reports are far too complex to be of any use in planning for the future, a survey has found. - read more
|The legal responsibilities of SMSFs|
The benefits associated with utilising a self-managed super fund can be significant ... but they come with legal responsibilities - and getting it wrong can be criminal, writes Matthew McKee. - read more
|Super Rules, OK?|
Do you rule your superannuation or does it rule you? It's easy to fall for some myths about your super unless you do some clear thinking about who is in charge. - read more