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New to super

Your super can be one of your biggest investments when you retire. It's important to understand how it works and how to get the most from it.

Super basics

Superannuation is a compulsory scheme that helps Australian workers save for retirement. Basically you put away money while you're working so you have money to live on when you retire.

Generally, your employer must contribute 10.5% of your salary to a super fund on your behalf if you meet one of the following conditions:

  • aged over 18 years, or
  • aged under 18 years and works more than 30 hours per week on a full-time, part-time or casual basis.

Super is considered one of the most tax-effective ways to save for retirement. Taking steps early on could make a big difference to your retirement.

Money101

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Money101