AustralianSuper

AustralianSuper - MySuper

Past 5-year return
9.48% p.a
Admin fee

$138

Calc fees on 50k

$408

SuperRatings awards
MySuper Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexMySuper of the Year Finalist
Past 5-year return
9.48% p.a
Admin fee

$138

Calc fees on 50k

$408

SuperRatings awards
MySuper Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexMySuper of the Year Finalist

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Strong long-term performance and low fees
  • Diversified, actively managed MySuper investment option
  • Digital join process online and Mobile App available
  • Aged-based automatic Death/TPD & Income Protection cover
  • Free workplace, retirement and education seminars
  • Profits to members not shareholders

Summary

AustralianSuper is a multi-industry public offer fund that manages over $180 billion in assets on behalf of more than 2.4 million members, making it one of the largest industry superannuation funds in Australia. The fund was a joint winner of the 2021 Net Benefit award and was also nominated as a finalist for the 2021 MySuper of the Year and the 2021 Smooth Ride awards.The fund's MySuper offering comprises a single diversified investment option, the Balanced option. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2010. Choice members have access to 6 Pre-Mixed and 5 DIY Mix investment options, as well as the Member Direct investment option which offers members access to a range of shares listed on the S&P/ASX 300, ETFs and LICs, as well as Term Deposits.Fees for the MySuper Balanced option are lower than the industry average across the account balances of $50,000 and $100,000 assessed. The fund does not charge a buy-sell spread or a switching fee. A full suite of insurance cover is offered, with Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover automatically provided to eligible members upon joining the fund. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30- or 60-day waiting period. Members can apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting.AustralianSuper provides members with access to a range of online fact sheets, interactive tools and calculators, educational videos and webinars. The fund's member online account further allows members to view and update their account details, as well as perform transactions.

Features and Fees

AustralianSuper Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$138

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • Strong long-term performance and low fees
  • Diversified, actively managed MySuper investment option
  • Digital join process online and Mobile App available
  • Aged-based automatic Death/TPD & Income Protection cover
  • Free workplace, retirement and education seminars
  • Profits to members not shareholders

AustralianSuper is a multi-industry public offer fund that manages over $180 billion in assets on behalf of more than 2.4 million members, making it one of the largest industry superannuation funds in Australia. The fund was a joint winner of the 2021 Net Benefit award and was also nominated as a finalist for the 2021 MySuper of the Year and the 2021 Smooth Ride awards.The fund's MySuper offering comprises a single diversified investment option, the Balanced option. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2010. Choice members have access to 6 Pre-Mixed and 5 DIY Mix investment options, as well as the Member Direct investment option which offers members access to a range of shares listed on the S&P/ASX 300, ETFs and LICs, as well as Term Deposits.Fees for the MySuper Balanced option are lower than the industry average across the account balances of $50,000 and $100,000 assessed. The fund does not charge a buy-sell spread or a switching fee. A full suite of insurance cover is offered, with Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover automatically provided to eligible members upon joining the fund. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 85% of salary, is available following a 30- or 60-day waiting period. Members can apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting.AustralianSuper provides members with access to a range of online fact sheets, interactive tools and calculators, educational videos and webinars. The fund's member online account further allows members to view and update their account details, as well as perform transactions.

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AustralianSuper Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$138

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.5%

Indirect cost ratio (%)

Exit fee

$0

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Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
+ View additional option performance information
Past 5-year return
9.48% p.a
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
New
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum5 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
9.48% p.a
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexMySuper of the Year Finalist
Go to site
More details
Past 5-year return
9.48% p.a
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details
Past 5-year return
9.48% p.a
Admin fee

$138

Company
AustralianSuper
Calc fees on 50k

$408

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum7 Year Platinum PerformanceNet BenefitSmooth Ride FinalistSR50 Balanced IndexChoice Super of the Year Finalist
Go to site
More details

FAQs

What are government co-contributions?

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.

Am I entitled to superannuation if I'm a casual employee?

As a casual employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What is lost superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

How do I choose the right superannuation fund?

Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.

So you need to ask yourself these four questions when comparing superannuation funds:

  • How many fees would I have to pay and what would they cost?
  • What insurances are available and how much would they cost?
  • What investment options does it offer? How would they match my risk profile and financial needs?
  • How have these investment options performed historically?

How can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.

What happens to my superannuation when I change jobs?

You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.

Is superannuation included in taxable income?

Superannuation is not included when calculating your income tax. So if you have a salary of $50,000, your assessable income would be $50,000, not $50,000 plus superannuation.

That said, superannuation itself is taxed. It is generally taxed at 15 per cent, although if you earn less than $37,000, you will be reimbursed up to $500 of the tax you paid.

How do you calculate superannuation from a total package?

Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or wages.) So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

As the Australian Taxation Office explains, some items are excluded from ordinary-time earnings. They include:

  • Overtime work paid at overtime rates
  • Expense allowances that are fully expended
  • Expenses that are reimbursed
  • Unfair dismissal payments
  • Workers’ compensation payments
  • Parental leave
  • Jury duty
  • Defence reserve service
  • Unused annual leave when employment is terminated
  • Unused long service leave when employment is terminated
  • Unused sick leave when employment is terminated

Although the superannuation guarantee is currently at 9.5 per cent, it is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

How can I withdraw my superannuation?

There are three different ways you can withdraw your superannuation:

  • Lump sum
  • Account-based pension
  • Part lump sum and part account-based pension

Two rules apply if you choose to receive an account-based pension (also known as an income stream):

  • You must receive payments at least once per year
  • You must withdraw a minimum amount per year
    • Age 55-64 = 4%
    • Age 65-74 = 5%
    • Age 75-79 = 6%
    • Age 80-84 = 7%
    • Age 85-89 = 9%
    • Age 90-94 = 11%
    • Age 95+ = 14%

If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.

How do you get superannuation?

You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

How is superannuation calculated?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

What will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.

When is superannuation payable?

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

Can I choose a superannuation fund or does my employer choose one for me?

Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.

How much is superannuation?

Superannuation is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.