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TAXES AND SUPER

How much tax you pay on your super contributions and withdrawals depends on:

  • Your total super amount

  • Your age

  • The type of contribution or withdrawal you make

What is superannuation?

Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work.

Super is important for you, because the more you save, the more money you will have for your retirement.

You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65 years old.

How do I save super?

For most people, your employer pays money – ‘contributions’ – into a super account for you. This is called the ‘super guarantee’. They pay these contributions on top of your salary and wages.

 

There are laws about how much super your employer must pay.

Generally, your employer must pay super for you if you are:

  • 18 years old or over, and are paid $450 or more (before tax) in a calendar month

  • Under 18 years old, being paid $450 or more (before tax) in a calendar month and work more than 30 hours in a week.

 

This applies whether you work casual, part-time, or full-time hours and if you are a temporary resident. You may also be eligible if you are a contractor who is paid primarily for labour, even if you have an Australian business number (ABN).

Temporary residents leaving Australia

If you are a temporary resident working in Australia and you are eligible for super, your employer has to make super guarantee contributions for you. You may be paid your super money once you have left Australia. This payment is called a Departing Australia super payment (DASP).

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