Superannuation
Superannuation 101
The fast guide to Superannuation you probably didn’t know you wanted
Ever dream of jet-setting around the world?
Well, for most people that’s more likely to happen when they’re older and wiser (like, a fair bit older and wiser!) So, what the heck?!
We get it! Retirement is probably the LAST thing on your mind at your age. But you gotta start building that cache now! Superannuation, or “super,” is how you get to that treasure chest that can fund your future adventures!
So, what’s Super all about?
Your boss puts some cash into a super account every time you get paid. Think of it like a secret savings account that turns into a treasure trove by the time you retire. 🏝️
Who Gets Super?
If you’re 18 to 70, and your employer is paying you more than $450 a month, congrats—you’re in the Super Club! Under 18 but working like a boss for 30+ hours a week? You get super too!
Boosting Your Treasure
Wanna grow your stash even faster? Add your own cash into your super. The more and the earlier you pay into your super account, the more benefit you get from it. It’s like supercharging your retirement game. (The magic lies in this thing called “compound interest” – look it up if you want to know more. It’s pretty cool!)
How Much Booty Should You Expect?
Your boss should be putting at least 11.5% of your regular earnings into your super. If they’re slacking, give the Tax Office a call—they’ll set ’em straight!
Finding Your Lost Treasure
Switching jobs? You might end up with multiple super accounts and pay more fees. Combine them to make your fortune grow faster! 🌱
Keeping Tabs on Your Gold
Lots of jobs mean lots of super accounts. Keep track with a myGov account, so you know where all your doubloons are. All you need is your tax file number and a few other details.
Pick Your Own Treasure Chest
Depending on your gig, you might even get to choose your own super fund! Take your pick wisely as there can be vast differences!
The Australian Tax Office’s (ATO’s) Superannation Basics page has more info about receiving super payments from your employer.
Below you’ll find more info on how super works, what to look for in a super fund and lots more (https://moneysmart.gov.au).