All you need to know about Superannuation!


Superannuation in Australia refers to the arrangements people make in Australia to accrue funds to replace their income in retirement. Superannuation in Australia is government-supported and encouraged, and minimum provisions are compulsory for employees. For example, employers are required to pay a proportion of an employee’s salaries and wages (9.5% as of 1 July 2014) into a superannuation fund, however people are encouraged to further supplement their superannuation. From 1 January 2014, employers are required to pay default contributions to an authorised MySuper product. The minimum obligation required by employers is set to increase from 9% to 12%, gradually increasing annually from 2013.[1]

An individual can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.

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