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 10% of your salary to your super fund.  This is known as the Superannuation Guarantee (SG).

Who gets superannuation?

Whether you’re full-time, part-time or casual, if you're between 18 and 70 years of age and earning more than $450 a month, your employer should be contributing to a superannuation fund on your behalf.

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 as soon as you earn over $450 per month.  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_GS 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 $808.30 per fortnight for singles and $609.30 a fortnight each for couples (as at 30 June 2017).

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 you transfer your super into a retirement phase pension, after which the earnings are tax free.

Additional contributions from the government

If you earn less than $56,112 p.a. (2021/22) and put some of your after tax pay into your super you could receive additional contributions (it's like "free money") from the federal government of up to $500 per year. See free money.

If you're likely to earn $41,112 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 superannuation tax offset.

Get insurance at group cover rates

At GuildSuper you have access to Death, Total and Permanent Disablement and Income Protection insurance cover that protects you and your family in case of illness, injury or death.

By having cover though super, insurance costs are deducted from your super account, not your take-home pay. See insurance.

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