Super (retirement)
A general orientation to Australia's compulsory retirement savings system — not financial advice. Rules, caps and rates change most financial years, so confirm current figures on the ATO's website before acting.
1. What superannuation is
Superannuation is Australia's compulsory retirement savings system. On top of your wages, your employer must pay 12% of your ordinary earnings — the Superannuation Guarantee — into a super account in your name, money you generally can't touch until retirement. From 1 July 2026, employers must pay it within 7 business days of each payday rather than quarterly, so it's worth checking your account is actually receiving it.
2. Give your fund your Tax File Number
Without a TFN on file, your fund must charge an extra 32% tax on employer contributions on top of the standard 15% — and you won't be able to make voluntary contributions at all. Provide your TFN to your fund as soon as you have one.
How to get a TFN3. Choosing (or keeping) a fund
If you don't actively choose a fund, your employer must first ask the ATO whether you already have a "stapled" fund from a previous job — a rule since November 2021 designed to stop a new account opening every time you change jobs — and pay into that instead of their own default fund. You're free to choose any fund that accepts new members; compare real fee structures on our Super comparison page.
Compare super fund fees4. Consolidate multiple accounts
Every extra super account is another set of fees — and sometimes another insurance premium — quietly eating into your balance. If you've changed jobs and ended up with more than one account, you can search for and combine them for free via myGov (linked to the ATO); most transfers take just a few days.
Consolidate your super (ATO)5. Watch for bundled insurance
Most super funds automatically bundle in life, total and permanent disability (TPD) and sometimes income-protection insurance, with premiums deducted from your balance whether or not you actually want the cover. This can be worthwhile, but check the cost against your actual needs — it's usually easy to opt out if you'd rather not pay for it, especially on a small or temporary balance.
6. Contribution caps
Beyond the compulsory 12%, you can add more to your super — via salary sacrifice or personal contributions — for a tax benefit, but caps apply. Concessional (before-tax) contributions are capped at $30,000 for 2025–26, rising to $32,500 from 1 July 2026. Non-concessional (after-tax) contributions are capped at $120,000, rising to $130,000. Exceeding a cap can trigger extra tax, so check the current figures before adding a lump sum.
7. Accessing your super
Super is locked away until you reach your preservation age — now 60 for everyone — and meet a condition of release, such as fully retiring, turning 65, or changing employers after 60. Withdrawals from a taxed fund are tax-free once you're past 60. If you're leaving Australia for good on a temporary visa, you may instead be able to claim your balance early as a Departing Australia Superannuation Payment (DASP) — the tax rate depends on your visa type.
DASP tax rates by visa type