Winner of SuperRatings Platinum 2021 MyChoice Super, 15 Yr Platinum Performance 2006-2021, Net Benefit 2021, Smooth Ride Finalist 2021, SR50 Best Balanced Return 2015-2020, MyChoice Super of the Year Finalist 2021
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Quick superannuation review
These are the benefits of this superannuation.
- Strong long-term performance and low fees
- Flexible investment choice - 11 options and the Member Direct option
- Digital join process online and Mobile App available
- Free workplace, retirement and education seminars
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 of the 2021 MySuper of the Year, the 2021 MyChoice Super of the Year and the 2021 Smooth Ride awards. AustralianSuper offers a range of 11 investment options to choose from, providing members with access to 6 Pre-Mixed and 5 DIY Mix investment options, including a Socially Aware option for the ethical investor. Access to Term Deposits, ETFs, LICs and ASX300 Shares is also provided via the Member Direct option; however, additional costs may be incurred. The Balanced option has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2020.Fees for the Balanced option are lower than the industry average across all account balances 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.
- Insurance Cover
Account size discount
Financial planning service
Non-lapsing binding nominations
Employer size discount
Insurance life event increases
Total and permanent disability cover
Long term income protection
Administration fee (%)
Indirect cost ratio (%)
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment option performance
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What happens to my super if I’m a temporary resident working in Australia?
Working in Australia means a percentage of your wage or salary must be put aside in a superannuation fund. But what happens if you’re only working in Australia on a temporary basis? Will you be unable to access this money until you retire, or can you access your super early?
What happens to my super if I separate from my partner?
Going through a separation can be a difficult time in life and dealing with money often makes it even trickier. But it’s important to know what to expect when it comes to your personal finances so you can be prepared for your next chapter.
What are reportable superannuation contributions?
For employees, there are two types of reportable superannuation contributions:
- Reportable employer super contributions your employer makes for you
- Personal deductible contributions you make for yourself
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.
How much extra superannuation can I add to my fund?
There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
|Payment type||Is superannuation paid?|
|Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates||No|
|Overtime hours – agreement prevails over award||No|
|Agreement supplanting award removes distinction between ordinary hours and other hours||Yes – all hours worked|
|No ordinary hours of work stipulated||Yes – all hours worked|
|Casual employee: shift loadings||Yes|
|Casual employee: overtime payments||No|
|Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause||No|
|Piece-rates – no ordinary hours of work stipulated||Yes|
|Overtime component of earnings based on hourly-driving-rate method stipulated in award||No|
Can my employer use money from my superannuation account?
No, your employer can’t touch the money that is paid into your superannuation account.
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
Can I carry on a business in an SMSF?
SMSFs are allowed to carry on a business under two conditions.
First, this must be permitted under the trust deed.
Second, the sole purpose of the business must be to earn retirement benefits.
What compliance obligations does an SMSF have?
SMSFs must maintain comprehensive records and submit to annual audits.
How do I wind up an SMSF?
There are five things you must do if you want to close your SMSF:
- Fulfil any obligations listed in the trust deed
- Pay out or roll over all the superannuation
- Conduct a final audit
- Lodge a final annual return
- Close the fund’s bank account
What is an SMSF?
An SMSF is a self-managed superannuation fund. SMSFs have to follow the same rules and restrictions as ordinary superannuation funds.
SMSFs allow Australians to directly invest their superannuation, rather than let ordinary funds manage their money for them.
SMSFs are regulated by the Australian Taxation Office (ATO). They can have up to four members. All members must be trustees (or directors if there is a corporate trustee).
Unlike with ordinary funds, SMSF members are responsible for meeting compliance obligations.
What are the risks and challenges of an SMSF?
- SMSFs have high set-up and running costs
- They come with complicated compliance obligations
- It takes a lot of time to research investment options
- It can be difficult to make such big financial decisions
How do you create a superannuation account?
Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.
Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.
Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).
How much superannuation do I need?
According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement:
Here is the superannuation balance you would need to fund that level of spending:
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
|Holidays||One annual holiday in Australia||One or two short breaks in Australia near where you live||Shorter breaks or day trips in your own city|
|Eating out||Regularly eat out at restaurants. Good range and quality of food||Infrequently eat out at restaurants. Cheaper and less food||Only club special meals or inexpensive takeaway|
|Car||Owning a reasonable car||Owning an older, less reliable car||No car – or, if you do, a struggle to afford the upkeep|
|Alcohol||Bottled wine||Casked wine||Homebrew beer or no alcohol|
|Clothing||Good clothes||Reasonable clothes||Basic clothes|
|Hair||Regular haircuts at a good hairdresser||Regular haircuts at a basic salon||Less frequent haircuts or getting a friend to do it|
|Leisure||A range of regular leisure activities||One paid leisure activity, infrequently||Free or low-cost leisure activities|
|Electronics||A range of electronic equipment||Not much scope to run an air conditioner||Less heating in winter|
|Maintenance||Replace kitchen and bathroom over 20 years||No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom||No budget to fix home problems like a leaky roof|
|Insurance||Private health insurance||Private health insurance||No private health insurance|
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.
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.
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 MySuper?
MySuper accounts are basic, low-fee accounts. If you don’t nominate a superannuation fund, your employer must choose one for you that offers a MySuper account.
MySuper accounts offer two investment options:
- Single diversified investment strategy
Your fund assigns you a risk strategy and investment profile, which remain unchanged throughout your working life.
- Lifecycle investment strategy
Your fund assigns you an investment strategy based on your age, and then changes it as you get older. Younger workers are given strategies that emphasise growth assets
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.
Can I transfer money from overseas into my superannuation account?
Yes, you can transfer money from overseas into your superannuation account – under certain conditions. First, you must provide your tax file number to your fund. Second, if you are aged between 65 and 74, you must have worked at least 40 hours within 30 consecutive days in a financial year. (Australians under 65 aren’t subject to a work test; Australians aged 75 and over cannot receive contributions to their superannuation account.)
Money transferred from overseas will generally count to both your concessional contributions limit and your non-concessional contributions limit. You will have to pay income tax on the applicable fund earnings component of any money transferred from overseas. You might also be liable for excess contributions tax.