Frequently Asked Questions

 Superannuation is a system of retirement savings in Australia. Your employer must pay a percentage of your earnings into your super account, and your super fund invests the money until you retire. [Source: Australian Taxation Office (ATO)] 

 Your employer pays superannuation contributions into your super account on your behalf. The amount of superannuation you receive depends on your salary or wage, your superannuation guarantee rate (SGR), and your employment status. [Source: ATO] 

 When choosing a super fund, consider your investment goals, fees, and insurance options. You can compare super funds on the Australian Government's YourSuper website. [Source: YourSuper] 

 The amount of superannuation you need to retire comfortably depends on your individual circumstances. You can use the ATO's Superannuation estimator to get an idea of how much superannuation you need to save. [Source: ATO] 

 You can generally access your superannuation when you reach preservation age and retire. However, there are some exceptions, such as if you are permanently incapacitated or have terminal illness. [Source: ATO] 

 There are a few things you can do to grow your superannuation, such as making voluntary contributions, choosing the right investment option, and consolidating your superannuation accounts. [Source: ATO] 

 An accumulation account is a superannuation account where your savings grow until you retire and start withdrawing money. An account-based pension is a superannuation account where you receive regular payments from your savings in retirement. [Source: ATO] 

 The tax implications of superannuation depend on your circumstances. For example, you may need to pay tax on your superannuation contributions and earnings when you withdraw your money in retirement. [Source: ATO] 

 The tax implications of superannuation depend on your circumstances. For example, you may need to pay tax on your superannuation contributions and earnings when you withdraw your money in retirement. [Source: ATO] 

 To consolidate your superannuation accounts, you need to choose a new super fund and ask them to roll over your money from your old accounts. You can use the ATO's Superannuation Consolidation Toolkit to help you consolidate your superannuation accounts. [Source: ATO] 

 If you die, your superannuation will be paid to your beneficiaries. You can nominate your beneficiaries on your superannuation fund's website. [Source: ATO] 

 Many superannuation funds offer insurance cover, such as death and disability insurance. You can check your superannuation fund's website to see what insurance cover you have. [Source: YourSuper] 

 There are two ways to make voluntary superannuation contributions:

• Salary sacrifice contributions: You can arrange with your employer to have a portion of your pre-tax salary paid into your super account.
• Personal contributions: You can make personal contributions to your super account from your after-tax income.

 To make a personal contribution, you need to contact your super fund and ask them for a deposit form. You can then deposit money into your super account using the deposit form.  [Source: ATO] 

 To claim a superannuation tax deduction for personal contributions, you must meet the following requirements:

• You must be under 75 years of age.
• You must have made the contributions to a complying superannuation fund.
• You must meet the work test (or exemption).

 If you meet all of the requirements, you can claim a tax deduction for your personal superannuation contributions on your tax return.  [Source: ATO] 

 The Superannuation Guarantee is a system of compulsory superannuation contributions. Your employer must pay a percentage of your earnings into your super account on your behalf. The minimum superannuation guarantee rate (SGR) is currently 11%.  [Source: ATO] 

 A Self-Managed Superannuation Fund (SMSF) is a superannuation fund that is managed by its trustees. SMSFs are typically run by a small group of people, such as family or friends.  [Source: ATO] 

 To transfer your superannuation to a new fund, you need to complete a transfer form and send it to your new super fund. You can get a transfer form from your new super fund's website.

Once you have completed the transfer form, your new super fund will contact your old super fund and arrange to transfer your money.  [Source: ATO] 

 To transfer your superannuation to a new fund, you need to complete a transfer form and send it to your new super fund. You can get a transfer form from your new super fund's website.

Once you have completed the transfer form, your new super fund will contact your old super fund and arrange to transfer your money.  [Source: ATO] 

  Early release of superannuation is the release of superannuation benefits before you reach preservation age and retire. There are a limited number of circumstances in which you may be eligible for early release of superannuation, such as if you are permanently incapacitated or have terminal illness.[Source: ATO]

  **If you think you may have lost superannuation, you can search for lost superannuation on the ATO's website. You can also contact your super fund to see if they have any lost superannuation in your name.

[Source: ATO]