How super works

Super forms part of your overall employment package

Super is almost 10% of your salary package.

In general, employers must pay super contributions of at least 9.5% of your annual salary into your super account. In most cases, you can’t withdraw your super until you reach your preservation age. There are a few situations where you can withdraw your super early.

Because the Government wants you to save for your retirement, they provide tax breaks and other incentives to help grow your super savings over time.

How to save more super

Three things you can do to save more super:

  1. Choose a fund with low fees and strong long-term investment performance to make sure your super grows as much as possible. If you don’t choose a super fund, your employer will put your super into an account that they choose1.


    Fill out the Pay my super into AustralianSuper form (PDF, 0.19MB)2 and give it to your employer.

    You can log into your account and use a pre-filled form.

  1. Combine your super into one fund – if you’ve changed employers, you may have super in more than one fund. Each of those funds will be charging you fees.

    You can stop paying extra fees and combine your super into one low fee, strong long-term performing account.


    Take steps to combine your super into AustralianSuper

  1. Add a little extra to your super as soon as you can3. Adding extra to your super early in your working life means that compounding interest will help your balance grow.

    There are two ways to add extra to your super:

    Make a before-tax payment, known as salary sacrifice, and gain from lower taxes


    Make an after-tax contribution and you could receive a bonus Government co-contribution of up to $500 a year to your super (if you earn less than $50,454 per year including assessable income, fringe benefits and super contributions in the 2015/16 financial year)

If you've reached your preservation age you can also consider a tax effective Transition to Retirement strategy that allows you to save more for retirement.

1. From 1 January 2014, your employer must pay your contributions into a super fund with a MySuper authorised product. AustralianSuper is MySuper authorised.
2. You should consider your level of debt before adding to your super.
3. You should consider the insurance cover and fees within your employer's fund before making a decision.

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