What is superannuation?
Superannuation is a tax-effective way to save for retirement. Superannuation can be accessed when you retire, usually between the age of 55 and 60 years. You generally don’t pay tax on your super if you access it when you are 60 and older.
It’s compulsory for your employer to make contributions to superannuation on your behalf. You can also make personal contributions, and while these aren’t compulsory, they can help improve your lifestyle when you retire.
From 01/07/2017, personal contributions to superannuation may be able to be claimed as a tax deduction.
These employer and tax deductible (‘concessional’) contributions are taxed 15% in the super fund.
Super in detail
The information provided here is a guide. It’s important to discuss your specific circumstances with your financial adviser.