Super is designed to give you a better future. Super is your investment. It lets you grow your money and save on tax. Your employer pays part of your income into your super account. You can then access this money when you retire.
Key points
- The money in your super account is invested and grows over time for you to access when you retire.
- Your employer must pay you super if:
- you are 18 years of age or over, or
- you are under 18 years of age and work more than 30 hours a week.
- Your employer must pay a minimum of 11% of your salary before-tax into your super account.
- There may be tax advantages to putting money into super, as it is taxed at just 15%.
- If you change jobs, your new employer must make contributions to your existing super account, unless you choose to open a new account.
- If you have more than one super account, you could end up paying fees and insurance costs for accounts you don’t want.
Super is part of your pay
Your employer pays part of your salary into your super account. You can access this money at retirement. Super is a tax-effective way to save money for your retirement. Super is generally taxed at a much lower rate than most other investments, so you keep more of the money you earn.
How much super will you get paid?
The government requires your employer to pay 11% of what you earn into your super fund. This contribution is called the Super Guarantee (SG). It is set to increase to 12% by 2025.
Your employer pays you super based on the hours you work, called ‘ordinary time earnings’.
These are your normal work hours plus any extra payments you earn during these hours. These include award payments, commissions, shift or leave loadings, allowances, and bonuses.
It does not include overtime hours if your normal work hours are set out in an award.
Here's an example:
Gina earns $80,000 salary. Her employer contributes $8,800 as her employer contribution, on top of her salary. This is also known as the Super Guarantee. This rate is currently 11%.
The tax paid on the $8,800 totals $1,320. This is the super tax rate of 15%.
This means, the actual amount that is invested in her Aware Super account is $7,480 ($8,800 -$1,320) for the whole year.
How often your employer pays super
Your employer must pay your super quarterly, but they can pay more often. When a super payment due date falls on a weekend or public holiday, your employer can pay you the next business day.
Quarterly super payment due dates:
Scroll table horizontally on mobile
| Quarter | Period | Super payment due date |
|---|---|---|
| 1 | 1 July - 30 September | 28 October |
| 2 | 1 October - 31 December | 28 January |
| 3 | 1 January - 31 March | 28 April |
| 4 | 1 April - 30 June | 28 July |
What to do if your empoyer is not paying your super
You can check if your employer is paying you enough super, on time and into your chosen super fund. These details are on your pay advice, and in your myGov account. You can also ask your employer’s payroll team or contact us for help.
If you think your employer isn't paying you enough super, you should:
- Check you meet the above criteria to receive super.
- Make sure you know the award or agreement covering your role. Check if there are any extra terms to your super under your award.
- Work out how much super you should receive. You can use the Australian Tax Office’s estimate my super tool.
- Ask your employer if they are paying you super, how much, and what super fund they are paying it into.
- Let your employer know they paid your super incorrectly. If you are concerned, you can report your employer to the Australian Tax Office.
What happens to your super when you change jobs?
When you start a new job, you can take your Aware Super account with you. You will need to give your new employer your Aware Super details so they can pay into your account. You may have more than one super account. Your super will be paid to the account your employer finds through the ATO’s online system.
How you can make the most of your super
Your super is your money. You might not be able to withdraw your money until you retire, but you can take active steps now to look after it.
- Keep track of your balance by regularly logging in to your super account.
- Combine accounts if you have more than one.
- Consider extra contributions to help grow your super.
- Check your insurance before you change funds or combine your super.
- Search for any super funds you have lost track of, with our super consolidation tool.
- Make sure you’re super is invested in the right options for you.
Are you on track to reach your super goals? Our retirement projections calculator can help you work out how much super you need. Try it now
How we invest in your super
Your super is your money, and you choose how you want your super invested. You can easily change your investment options at any time by logging in to your Aware Super online account.
You can choose to:
- Invest your super in MySuper Lifecycle. This choice automatically changes your investments to match your life stage. Over 85% of our members are invested in MySuper Lifecycle.
- Pick your own investment options. Your choice will depend on things like how comfortable you are with risk and what you’d like to invest in.
Learn more about our investment options
Where to next?
How your super is taxed
Tax is charged at different rates when money is added to your super account, when you earn investment returns, and when you make withdrawals. Some of the ways you can contribute to your super can also help you save on tax.
Ways to grow your super
Making small changes to grow your super now will make a big difference to how much money you will have later in life. You can add extra cash to your super and take steps to help it grow faster.
How much do you need to save for retirement?
Most people need around 70% of their pay to keep their current lifestyle in retirement. How much you need will depend on when you want to retire, what you're going to do, and where you want to live.