How super works
Oct 23, 2023
If you’re new to the workforce and earning super, it’s good to understand super basics
The excitement of starting a new job presents you with unfamiliar work practices. AustralianSuper has a few tips for those needing to understand the basics of super.
What is super and how do I get it?
Super is designed to help you prepare for the future. If you’re over 18, or working more than 30 hours a week, your employer is legally required to pay at least 11% of your wage1 into your super account. This is the super guarantee.
What happens to your super?
Your super fund aims to help your savings grow by investing it over your working life in areas like shares, infrastructure and property2.
Super’s easy to manage, just make sure…
- It’s paid.
- Your personal details are up to date.
Why is super important?
Your super savings will likely grow to be one of your biggest investments. But it’s not a regular bank account you can dip into any time.
There are rules around when you can access your super. That’s because your super is your savings for life after work. To learn more visit the ATO website.
Need more information?
Head over to ‘What is super’ for more information on getting a jump start on your super future.
1. Employers are required to pay superannuation based on your ordinary time earnings - see List of payments that are ordinary time earnings | Australian Taxation Office (ato.gov.au)
2. Investment returns aren’t guaranteed. Past performance is not a reliable indicator of future returns.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
