KPG Taxation collected all the basic information from the ATO and presented it here for you.
Superannuation is a retirement savings system in Australia. It is one of the most confusing terms. It is money set aside over your working life to provide for your retirement.
When starting a new job, it is important for you to understand how super works and to know your rights and entitlements. Decisions you make now and, in the future, will affect your lifestyle when you retire.
Compulsory employer super contributions are paid in addition to your salary. People can choose any Australian super fund where that contribution will be paid. Generally, if you are paid $450 or more in a calendar month, your employer must contribute a certain percentage of your earning into your super account.
Your Super (including a super guarantee from your employer), is your retirement savings. For most people, Super (Superannuation) begins when you start work and your employer starts paying a certain percentage of your salary or wages into a super fund for you. These payments are known as super guarantee contributions or concessional (pre-tax) contributions.
Super funds companies invest your money in many ways, such as shares, property, and managed funds. They may also offer different types of insurance, such as income protection insurance.
We can help you understand super and work out what you are entitled to. There is also help with growing and keeping track of your super and information on when and how you can access it.
For detailed info, visit our office at this address: Suite 4, 13-15 Fenwick Street, Geelong VIC 3220, Australia
Call 03 9706 9313, or book online at www.kpgtacation.com.au and your tax agent will be in touch to help.