Superannuation, or super, is a retirement savings mechanism that offers tax advantages over regular savings accounts. Contributions come primarily from employers, based on the superannuation guarantee, with limited exceptions for low earners and younger workers. Early access to super is restricted to specific circumstances, and the preservation age for accessing funds varies based on the individual's date of birth.

2. What is superannuation?

Superannuation or super is a way of saving to
provide an income during retirement.
Superannuation funds have an advantage over
normal savings accounts because they pay less tax*.
Tax benefits are also available to people when they
access their superannuation in retirement.

3. 
Many people rely on the Age Pension in retirement,
but this may not provide enough for a comfortable
retirement. The amount you receive usually depends
on how much has been contributed, how long it has
been in the account and the rate of interest earned by
the account, and fees.

4. Who Contributes to your
Superannuation?
Your employer

The Superannuation Guarantee (Currently 9%
of before tax pay)

An Award
- You

Super should not be deducted from your wages
like your tax is and must be paid at least once a
year (by 28th July).

5. Exceptions

- You earn below $450 within any calendar
month

- You are under 18 years old and work 30
hours or less per week

- You are 70 years old or more

- You are paid to do work of a domestic or
private nature for 30 hours or less per week

6. Accounts with Small Sums of Money

Some special accounts can hold superannuation
money but are not really Superannuation funds,
these include: Retirement Savings Account (RSA)
and the Superannuation Holding Account Reserve
(SHAR). These are used when an employer cannot
find a superannuation fund that will accept small
sums of money.

7. Access to superannuation

Strict government rules prevent early access to
preserved benefits except in very limited and
restricted circumstances, including severe financial
hardship or on compassionate grounds, such as for
medical treatment.

8. Preservation Age

Preservation age is the age at which a person may
access their superannuation balance. Your
preservation age depends on your date of birth.

Born Between Preservation Age

Before 1 July 1960 55

1 July 1960 – 30 June 1961 56

1 July 1962 – 30 June 1963 58

1 July 1963 – 30 June 1964 59

After 30 June 1964 60

9. Contact us for taking life insurance
through super funds
Camberwell
Suite 303, 685 Burke Rd
Camberwell VIC 3124
Phone: 1300 1SUPER (1300 178 737) or 03 8080
5810
Fax: 03 8080 5809
Email: info@onesuperfund.com.au