What is super

Superannuation, or ‘super’, is money saved now, for you to enjoy in your retirement. Super is a tax effective and long term savings plan, designed to give you an on-going source of income in retirement. It works like a bank account that is continuously being added to by your employer, and yourself!

How does it work?

Your employer must contribute 10% of your salary into your super fund. This is called The Superannuation Guarantee (SG). Contributions made to your super accumulate during your working life and are invested in a range of investment assets, such as shares, gold, property and alternative investments.

Profits from these investments, both income and capital growth, are reinvested to increase the value of your super.

 

Updated on March 8, 2022

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