Overview of Australian Superannuation

In general, it is mandatory for employers to pay a minimum of 9% of the salary of eligible employees to a complying superannuation fund. The fund accumulates the contributions, income and growth until the individual retires and takes his/her benefits in the form of a pension or lump sum.

Income and growth within the superannuation fund are taxed at a concessional rate of 15%.

At preservation age, it is possible to access benefits through transission to retirement.  The preservation age of individuals born before 1960 is 55 years. For individuals born after 1 July 1960 the preservation age increases depending on your birth date.  The preservation age of individuals born after 30 June 1964 is 60.

At the age of 60 individuals can generally access benefits tax free if they have retired.  Individuals can access their benefits unconditionally after age 65.

All superannuation funds are subject to strict and complex regulations which determeine when benefits may be taken, and the tax treatment of the retirement benefits.

 Please select a type of fund from the menu for more information on particular types of funds.