Choosing a Superfund
All employees are entitled to super contributions made by your employer. The amount of hours you work per work should not be a concern, it is the amount earned that affects your eligiblity for payments.
The payment made will be at least 9.5% of your income providing you are older than 18 and earning upwards of $450 per month.Under 18 can be included but must also work more than 30 hours a week.
If you are not an Australian citizen the payments are not so straight forward and should be radvised by your accountant. For all others you can choose the super fund and also how the funds are put to work. Failure to choose a super fund will mean your employer chooses for you.
There are 5 types of fund:-
- Industry- for all members of one job or trade.
- Retail – open to all
- Public sector – normally for local and national government employees.
- Corporate – limited to workers of a particular employer
- Self-managed
| Things to compare | What to look out for |
|---|---|
| Fees | The lower the better |
| Investment options | Make sure there are options that suit your needs and comfort with risk |
| Extra benefits | Your employer may pay more than 9.5% for certain super funds or if you make extra contributions yourself |
| Performance | Pick a fund that has performed well over the last 5 years – do not chase last year’s best performer |
| Insurance | See what cover is available and what it will cost |
| Service | Call the fund or browse their website to see what other services they offer |
For more information please call the office on 1300 788 491
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