What is Superannuation?
In Australia, superannuation is a mandatory monetary contribution that must made by your employer towards your retirement fund. Unlike most countries, saving for your retirement is compulsory in Australia, and all employers are obliged to contribute to those savings.
It is a legal requirement that your employer contributes 9.5% of your ordinary pay to your nominated superannuation fund. For example, if you earn $2000/month, you should receive an additional $190/month in the form of superannuation contributions. Superannuation contributions are made quarterly to a fund of your choice, and it is important to choose carefully.
What if My Employer Doesn't Contribute?
If you are an employee, how can you check if your superannuation is being paid? Superannuation contributions must be recorded on your pay slip. If they do not appear there, you can contact your superannuation fund directly for a statement with your balance. If your pay slip or statement reveals that your superannuation is being underpaid, then you may be able to pursue your employer by lodging an official investigation with the Australian Taxation Office (ATO).
Assisting You with Your Superannuation Concerns
Our team can help you understand how superannuation contributions are made, and when you are entitled to draw on your superannuation fund. We can assist you in setting up a Self-Managed Superannuation Fund (SMSF), or with finding a suitable fund that will meet your needs. We can also provide advice in the event that you employer does not meet their superannuation obligations.
For assistance in understanding the superannuation scheme, or any other general relocation issues, contact our friendly team to arrange a consultation. Our newly signed legal and migration clients will receive their first 30 minutes on this and other relocation concerns for free.