What is super?


Superannuation is a way to save for when you stop working. The money comes from your employer as part of your pay.  Money can also be put into your account by you, your spouse and sometimes even the federal government.

If you are eligible, your employer will contribute at least 11% of your salary to your super fund.  This is known as the Superannuation Guarantee.

Who Gets Superannuation?

Whether you’re full-time, part-time or casual, all eligible workers aged 18 years or older will be entitled to receive SG contributions regardless of how much they earn. If you're between 18 and 70 years of age, your employer should be contributing to a superannuation fund on your behalf. The only exception is employees aged under 18; they will still only be eligible for SG contributions if they work more than 30 hours per week.

Your retirement may seem like a long way off – but it’s worth remembering that it’s your money and it will start being paid into a super account.  During your working life, these payments and the investment returns they earn add up and form savings to be drawn on after you stop working

How super works

754_CCS How Super Works_Diagram-10-18

Why do you need it?

When you retire, your super account will replace your pay. Without it, you may be forced to rely on the age pension which alone is unlikely to deliver the quality of life you expect – remember the age pension is only around $900 per fortnight for singles and $679 a fortnight each for couples (as at 30 June 2022).

What are the other benefits of super?

Tax benefits

Super offers favourable tax benefits. Your employer contribution goes to your super fund before your income tax is deducted and that contribution into super is taxed generally at only 15%. The earnings on your super balance are also taxed at a low rate of up to 15% until you meet a condition of release and your super is transferred into a retirement phase pension, after which the earnings are tax free.

Additional contributions from the government

If you earn less than $57,016 p.a. (2022/23) and put some of your after-tax pay into your super, then you could receive additional contributions (it's like ‘free money’) from the Federal Government of up to $500 per year. See our Super Contributions page.

If you're likely to earn $42,016 or less in the current financial year, you may qualify to have the 15% tax charged on your employer contributions returned to your super account. This works out to be a maximum refund of $500. See low income super tax offset.

Get cheaper insurance

At Child Care Super you have access to great value life and disability insurance cover.

Having insurance for accidents and illness can provide a sense of security for you and your family. By having this cover though super, you don't need to worry about paying the premiums as they are automatically deducted from your super account. See insurance.

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