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Superannuation in Australia
Are you planning to work in Australia? Here are the basics you need to know about super.
What is super?
New arrivals are often surprised to find that an amount equal to 9.5% of their income goes into super! Here are a couple of things you should know.
You can claim the $ back
This doesn’t apply to people who migrate to Australia, if you have migrated you will receive super monies after you retire. That’s the point of superannuation really.
Unpaid super is a problem
Not paying is illegal but it happens. Unfortunately it happens more in industries like hospitality where backpackers often work.
Australian law says you receive super provided
If you think your employer is not paying super, the first step is to log onto your new super fund and check for contributions. Employers pay super either monthly or quarterly so any gap should be obvious.
If the super is unpaid then the steps to take are shown here
Keeping it simple
If you are moving to Australia permanently some other countries allow you to bring over your pension, for example UK and New Zealand have arrangements for this.
The most popular fund is Australian Super, your employer may need the
codes shown here