Superannuation, commonly referred to as ‘super,’ is a part of your income put aside to fund your retirement. A superannuation Guarantee is the minimum percentage of your earnings that your employer must pay into your super.
The superannuation guarantee rate is increasing to 10% in July 2021.
Anyone earning more than $450 a month before tax is eligible for superannuation contributions from their employer.
But Rashesh Bhavsar, a financial advisor at Melbourne-based Fortune Wealth Creation Group, is concerned that most new migrants have very little idea about how their superannuation works.
“The super is very complex here in Australia. Most migrants actually don’t understand fully. Basically, if you work in Australia, employers are required by law to contribute 9.5% into your salary, then 10% increase and then to 12% by the financial year 2026.”
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