Find and compare Darwin super funds

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6.97%

$78

MTAA Super

$513

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MySuper Platinum
More details
6.63%

$92

smartMonday

$622

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum
More details
5.95%

$78

MLC

$913

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum
More details
6.78%

$68

Legalsuper

$628

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum
More details
New

$575

BT Financial Group

$1.2k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
6.23%

$180

IOOF

$1.1k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
5.67%

$50

OnePath

$325

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
5.24%

$78

Australian Catholic Superannuation & Retirement Fund

$583

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
New

$84

Commonwealth Superannuation Corporation

$689

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
5.23%

$39

Energy Industries Superannuation Scheme

$554

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
New

$91

AMP Bank

$371

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
6.18%

$78

Twusuper

$758

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MySuper Gold
More details

Learn more about superannuation

Your superannuation is one of the most important investments you’ll make in your lifetime. Choosing the right super fund can mean the difference between having good or great quality of life in your retirement years, so it pays to do your research. 

What should I know about Darwin?

As superannuation is a form of investment, it’s important to consider the economy in Darwin when choosing the most competitive super fund for your financial needs. 

Like the rest of the Northern Territory, Darwin’s economy is built upon the mining and tourism industries, as well as being dependent on the government sector. However, experts believe this dependence makes it highly prone to volatility once large investments wind down.

Employment conditions in Darwin are mixed, but tourism continues to play a huge role in creating new employment opportunities. The city is a popular waterfront area surrounded by beaches, museums and art, and is a gateway to Kakadu National Park. 

The Northern Territory has Australia’s highest proportion of Aboriginal and Torres Strait Islander people (25.5 per cent of the population). Darwin has a large population of Aboriginal and Torres Strait Islander people descended from various tribal groups including Larrakia, Kunwinjku, Arrernte, Gun-djeihmi and Jawoyn.

Choosing a superannuation fund in Darwin

Each superannuation fund in Darwin will charge different fees, offer different insurances and investment options and have different performances histories. RateCity experts believe you should ask the following questions when comparing superannuation funds: 

  1. What fees are involved?
  2. What insurances are available?
  3. What investment options are offered?
  4. How risky are these investment options?
  5. Will these investment options match my financial needs?
  6. How have these investment options performed historically? 

How much should my employer pay into my super fund?

If you’re in the Darwin area, choosing a superannuation fund is a simple process. Australia’s superannuation system is built upon the Super Guarantee, in which employers must pay a percentage of an employer’s earnings into their allocated super fund. This percentage amount is currently 9.5 per cent. 

What does this mean for superannuation in Darwin?

According to the Super Guarantee, there is a $450 monthly income threshold that employees must earn before employers are legally entitled to pay their super. Many superannuation groups, including the Indigenous Superannuation Working Group (ISWG) have called for an end to this threshold.  

Due to the large population of Indigenous people in Darwin, and the weekly household income for Australian and Torres Strait Islander adults being almost half that of other Australian adults, this threshold is resulting in many Indigenous people receiving less money in retirement. 

What government super assistance is available?

If you can’t reach this income threshold, it’s worth considering government superannuation assistance for those with low income levels. 

If you are on a lower income, you may be eligible for the Low Income Superannuation Tax Offset (LISTO). LISTO refunds up to $500 of the tax paid on concessional (before-tax) super contributions for workers with a yearly income of up to $37,000. The benefit is paid directly to your super fund.

Frequently asked questions

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

How do you pay superannuation?

Superannuation is paid by employers to employees. Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Currently, the superannuation rate is currently 9.5 per cent of an employee’s ordinary time earnings. This 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.

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

When did superannuation start?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What compliance obligations does an SMSF have?

SMSFs must maintain comprehensive records and submit to annual audits.

How do you open a superannuation account?

Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

What should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

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).

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

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.

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

  • Retail funds
  • Industry funds
  • Public sector funds
  • Corporate funds
  • Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

Is superannuation paid on unused annual leave?

If your employment is terminated, superannuation will not be paid on unused annual leave.

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.

What are my superannuation obligations if I'm an employer?

Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

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

What contributions can SMSFs accept?

SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).

However, SMSFs can’t accept contributions from members who don’t have tax file numbers.

Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.

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.

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.

What are ethical investment superannuation funds?

Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.

What happens if my employer falls behind on my superannuation payments?

The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.

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.