Superannuation for under 25s
What you do with your super now can make a huge difference to
how much you'll have later in life to do the things you want. Now
is the time to check you are being paid the right amount of super
and that it is getting invested properly and growing.
What is super?
Super is money that is paid by your employer, in addition to
paying your salary, into a super account of your choice. Once you
retire and reach your preservation
age, you can access your super.
You can add to your super from your own money and you may also
be eligible for extra super payments from the government if you are
on a low income.
Use our super co-contributions calculator to find out if you are
eligible for extra super contributions made by the Government.
What money goes into your
Video: What money goes into your super
Video about what money goes into your
TAFE teacher Andrew explains the Superannuation Guarantee
system, what money goes into your super and who should be paid
super. He also shows how adding a bit extra to your super can make
a big difference in the long run.
This video is from ASIC's Be
MoneySmart online modules. You can do these online modules
informally to learn how to make better decisions about your money
or through a registered training organisation (RTO) and have it
recognised as a Certificate III competency.
money goes into your super
Are you getting the right amount of super
Remember if you are a casual or part-time worker you can still
be entitled to super.
If you are entitled to super it's
important to check the right amount is being paid into your super
Try our employer contributions calculator to see the amount your
employer must pay you under the superannuation guarantee. They may pay
you more than this amount, but not less.
Not sure what super you are being paid?
- Take a look at your pay slip - Your pay slip
must include any super contributions your employer has paid. If you
can't see information on super payments on your pay slip talk to
- Check your super balance - Most super funds
have a website where you can check your super balance and see the
contributions your employer has made. You should have received an
email or letter from the super fund you are with, which will give
details of their website. You can also check your super balance in
the annual statement sent to you from your super fund.
If you are concerned that you are not being paid super or not
being paid the right amount of super check the Australian Tax
Office's (ATO) page on unpaid super or call them on 13 10
How your super grows
If you want to know where you money in super is invested, take a
look online at your super account or your most recent
Try our superannuation calculator to see how much you
could have at retirement and how by contributing a little extra to
super, even as little as $50 a fortnight, can make a big difference
when you retire.
Simple steps to increasing
Here are five quick and simple steps that can make big
difference to your super and your life in retirement.
Make sure your super fund has your tax file number
If your super fund doesn't have your Tax File
Number (TFN) you will be paying a lot more money in tax
and you won't get the government
low income super contribution if you are eligible. This is a
government contribution of up to $500 to your super account if you
earn less than $37,000 per year.
If you are not sure whether your super fund has your TFN, check
your member statement from your fund, or give your super fund a
Check your super statement and track your super online
Getting your annual super statement is a great trigger to do a
quick check of your super or you can create an online account with
your super fund so you can regularly keep track of it and watch it
Here are some key things to look at when you are checking your
- Your balance - Keep a close eye on your
super balance. If the balance doesn't look right or you're
just not sure, contact your super fund straight away.
- Employer's payments - Check you
receive the right amount of super from your employer.
- Fees - Make sure you're not overpaying in
fees as that can really eat away at your super over time. For
more information see super fees.
- Investments - Take a look where your
money is invested and how it has performed. Find out more about super investment
If you don't understand your super statement statement or think
there is an error, contact your super fund. Remember it's your
money and you have a right to know what's happening with it.
Find your lost super
Your super is your money, so don't lose track of it. If you've
ever changed your name, address, job, or done casual or part-time
work, you may have lost track of some super.
See how to check your super and find lost
super by registering for the ATO's online services via myGov.
Consolidate your super
If you have a few different super funds you can save on fees
consolidating into one fund. If you want to find out which super
fund is best for you see our page on choosing a super fund.
You can you transfer super from different funds (including lost
super and ATO-held super) to the super account you want by creating
a MyGov account and linking it to the ATO
You don't need to change super funds each time you change jobs.
You can usually ask for your super from your new employer to go
into your existing super account. Also make sure you tell you super
fund if you change jobs, address or name.
Watch out for super scams
An offer to help access your super money now might seem like a
great idea to get some quick cash but if you agree to it, you could
end up in a lot of trouble. Accessing your super before retirement
age is illegal except in very limited circumstances.
Learn more about superannuation scams.
Your super is your money. By taking a few small
steps now you could make a huge difference in the long run and give
you a lot more money to enjoy in retirement.
Last updated: 02 Mar 2016