Superannuation

Payment of superannuation is compulsory in Australia. This means that an employer must pay 9% of your earnings base directly into a superannuation fund. This must be paid into a complying superannuation fund or a retirement savings account (RSA) for you.

The aim is to ensure that as many Australians as possible enjoy the benefits of a superannuation income in their retirement. The superannuation guarantee will help reduce the cost of providing the age pension, lowering the future tax burden for Australians.

In most cases, regardless of whether you choose to stay in Australia or not, any money that you have paid into a superannuation fund or has been paid by your employer into a superannuation fund on your behalf, will not be accessible until you reach retirement age. Some eligible temporary residents may be able to access their superannuation when they leave Australia permanently.

Find out more information about superannuation by visiting the Australian Taxation Office’s website.