Superannuation
What is superannuation?
Superannuation is a payment that is made by an employer on behalf of an employee to the employee's superannuation fund. Employers are required by law to make a payment of 9.50% of the employee's wage (as at July 2014), and this is in addition to their wage.
Superannuation is generally payable for all employees who are:
- aged between 18 and 69 years
- paid at least $450 per month, before tax.
If an award or enterprise agreement applies to your job, you may have other rights in relation to superannuation.
How often should it be paid?
Your employer must pay superannuation on your behalf, at least once every three months. The payments must be made by the following cut off dates:
1 January - 31 March | 28 April |
1 April - 30 June | 28 July |
1 July - 30 September | 28 October |
1 October - 31 December | 28 January |
What if my employer isn't paying?
If your employer isn't paying your superannuation regularly, or isn't paying you superannuation at all, you can contact the
Australian Tax Office (ATO) and make a complaint against your employer. The ATO will investigate your complaint. For more information, see Unpaid super on the ATO website.
You can check if your employer is paying superannuation by looking at your payslip or contacting your superannuation fund. You can also check your super online using myGov.
When can I access my superannuation?
You can access your superannuation funds when you reach 'preservation age' and retire or when you turn 65, even if you haven't retired.
Your preservation age will be between 55 and 60 years old.
If you were born before 1 July 1960, your preservation age is 55. If you were born after 30 June 1960, the preservation age increases by one year to age 60 on an annual basis.
There are very limited circumstances where you can access your superannuation money early. You should get
legal advice if you think you need to.
Case study - Sohana
Sohana has been working with a florist for the past five months. Recently she noticed that her payslips don't show any superannuation.
Sohana contacted her superfund to check if her employer was paying her superannuation. Her superfund confirmed that no contributions had been made for the past five months.
Sohana talked to her employer but he didn't do anything about it. She then made a complaint about her employer to the Australian Tax Office (ATO). The ATO investigated the matter and Sohana was paid her outstanding superannuation. |