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10 Things Most Aussies Don't Know About Their Supers

It's no secret that superannuation is a complex topic. With so many different rules and regulations, it can be difficult to know where to start.

Superannuation, or 'super', is a retirement savings account that your employer pays into on your behalf. In Australia, it's compulsory for employers to pay 10.5% of your salary into your super fund.

There are lots of different things to know about your super, but here are 10 of the most important things to get you started:

1. Your Super is Your Retirement Savings

Your super is a long-term investment that is designed to help you save for retirement. It's important to remember that you shouldn't touch your super until you retire, as it's there to provide an income for you in your later years.

2. Your Super is Usually a Long-Term Investment

As super is a long-term investment, it's important to remember that the money you put in now may not be available to you for many years. This is because your super is invested in things like shares and property, which can go up and down in value over time.

3. Your Super is Taxed Differently to Your Other Savings

The money you contribute to your super is taxed at a lower rate than your other savings, which means you can grow your super balance faster.

4. You Can Choose How Your Super is Invested

Most super funds offer a range of investment options, so you can choose how your money is invested. This can include things like shares, property and cash.

5. You Can Choose to Salary Sacrifice Into Your Super

If you're looking to boost your super balance, you may be able to salary sacrifice into your fund. This means that instead of taking the money as salary or wages, you ask your employer to pay it into your super account.

6. You Can Access Your Super Early in Certain Circumstances

You can usually access your super early if you're experiencing financial hardship, you're suffering from an illness or injury, or you're retiring and over the age of 60.

7. You Can Lose Your Super If You Leave Australia Permanently

If you leave Australia permanently, you may lose your entitlement to your super. This is because you'll no longer be considered an 'Australian resident' for tax purposes.

8. You Can Consolidate Your Super Accounts

If you've had multiple jobs, you might have multiple super accounts. This can make things difficult to keep track of, and you might be paying more in fees than you need to.

Luckily, you can consolidate your super accounts into one. This will make things simpler and could save you money.

9. You Need to Keep Your Personal Details Up to Date

It's important to keep your personal details up to date, such as your address and contact details. This way, your super fund can get in touch with you if there are any changes or updates.

You should also make sure your tax file number is up to date. You can do this by logging into your myGov account.

10. You Can Get Help Managing Your Super

If you're finding it difficult to manage your super, there is help available. You can speak to a financial adviser, who can give you advice on how to best manage your super.


There's a lot to know about your super - from how it's invested and how fees are charged, to what happens to it when you change jobs or retire. But don't worry, we've got you covered. Our comprehensive guide covers everything you need to know to make the most of your hard-earned savings.

Are you looking for a financial consultant on the Gold Coast? Swell Financial Planning in Australia offers financial services regarding investment, insurance, budgeting, cash flow, and more. Get in touch with us today!


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