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.

Australian Superannuation Income Stream Tax Offset

Superannuation Income

Taxpayers who receive income from an Australian superannuation income stream may be able to claim a tax offset amounting to 15% of the taxed element or 10% of the untaxed element.


If you are under 55, you cannot get an offset for the taxed element of your superannuation income stream unless it was from a disability superannuation benefit or a death benefit income stream.


Likewise, if you are under 60 you cannot claim an offset for the untaxed portion of your superannuation income stream unless the superannuation income stream was a death benefit income stream and the deceased died before they turned 60 years old.


The amount of the offset due is on your PAYG payment summary – superannuation income stream.