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Superannuation tracking

Superannuation in Australia

refers to the arrangements which people make in Australia to have funds available for them in retirement.

In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees.

For example, employers are required to pay a proportion of an employee’s salaries and wages (currently 9.5% for 2014) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation.

The minimum obligation required by employers is set to increase to 12% gradually stepping annually from 2013 to 2020.

A person can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.

Further Details can be obtained on the ATO Website.