What is Superannuation or “Super”?

The money put aside by your employer in order for you to live on after retirement is your Superannuation.

 

Everyone who makes more than $450 a month working in Austrailia has 9.5% of their earnings withheld by their employer. They then deposit it into a pension plan of your choosing.

 

Contribution to Super by an employer is compulsory and applies whether or not the employee is a resident or non-resident of Australia for tax purposes.
Australians must typically wait until they have reached retirement age before accessing their super savings. Visitors to Australia on a temporary visa who work in Australia may claim a refund of their super contributions. However, they can only do so after they leave Australia.

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