It all adds up
Over time, the super contributions you receive from part-time work can make a big contribution to your overall savings for retirement.
First, figure out if you’re eligible for super contributions. Your employer must pay 9.5% of the value of your 'ordinary time earnings' (this includes shift loadings but not overtime payments) into your super fund if:
- you're over 18 and earn more than $450 before tax in a calendar month
- you're under 18 and you work more than 30 hours a week (and still earn more than $450 in the calendar month)
Visit ASIC’s Moneysmart website for more details on how this works.
Top tips for saving
The way you save as a casual employee may be a little different compared to when you work full-time, especially if you have more than one part-time job.
Here are three things you can do to help maximise your savings if you’re working part-time:
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Consolidate your super
Consolidating your super into one account makes it easier to manage, and can cut down on additional fees.
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Supply your Tax File Number
Make sure your super fund has your TFN. Otherwise you might be paying 49% tax on your before-tax contributions, instead of just 15%.
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Review your insurance cover
Insurance is a benefit AustralianSuper provides as a part of having your super with us. It’s a good idea to calculate how much insurance you need. Then, if you want to adjust your cover, our Insurance in your super guide can show you how.