Aussie Superannuation Explained
Some things are rightly described as ‘Super’. For instance, no-one can argue against Superman deserving such a title. However, the term is also abused for mediocre objects simply for good effect. Find anyone that actually enjoys a trip to a ‘supermarket’ and they are either lying through their teeth or they barely ever leave the house. Blueberries are a “superfood”? Seriously? While Superannuation will not save the world like the Man of Steel you are much better with it than without it when working in Australia..
Ok. Declaring itself as super is a tad outlandish as superannuation is basically a pension arrangement. Yup. That’s not even barely stirring is it, let alone super. However, in Australia this is government-supported which also means that minimum provisions are enforced for employees, which is kinda nice.
Are you eligible for superannuation ?
To be eligible the employee must be over 18, working over 30 hours a week and earning over $450 per month from one employer, so it would be beneficial to hold a single job instead of several. As far as assurances go the Australian Government have that covered too as from 1st January 2014 employers were obligated to pay default contributions to an authorised MySuper product. This means that losing your payment due to a suspect provider is now far less risky.
How do you arrange your superannuation?
Arranging your superannuation through our partners Zuper is a straightforward process thanks to their simple system. We’re going to keep this “Super” simple for you and take all the hassle out the process. Just fill in our online registration form and we’ll start the process for you in just a few minutes.
Why should you sign up with Zuper to manage your Super?
By choosing to join our movement, you’ll be keeping all your Superannuation in one place for the duration of your time in Australia.
Our Superfund partners are Zuper, who we chose to work with because they allow you to invest your Superannuation in ethical companies who work in industries such as tech and healthcare.
Even if you’ve already got another Super provider their system will trace and combine your super and consolidate it all into your Zuper account.
What is superannuation?
Employers are required by law to contribute a minimum of 9.5% of an employee’s ordinary time earning into a superannuation fund, which is called a ‘Superannuation Guarantee‘. The detail that is really super is that this is an additional payment borne by your employer; it is not deducted from your gross pay.
How does Superannuation effect temporary residents and working holidaymakers?
That all sounds grand and all for Australian citizens yet for short-term visitors such as those on Working Holiday Visas the reality is a little different. Of course, if you meet the criteria then you can expect the contribution. Remember, as long as you earn over $450 a month from one employer you will be entitled. The arrangement is for any worker; whether permanent or casual, resident or non-resident for tax purposes (that would be you by the way)..
Claiming back your superannuation from Australia
Working holiday makers are allowed to claim back superannuation either when their visa expires or whenever they leave permanently. This is known as the Departing Australia Superannuation Payment or DASP. A point to note is that you must have left Australia before this can be paid; the application includes checking that any temporary visa has been cancelled by the Department of Immigration. Indeed, The Australian government must get really irked with these departures as they then take out a further 35% when you apply for the withdrawal. Bit harsh.Another point to note is that you are much better off claim your super refund it sooner rather than later and that’s why you should join our Super Zuper fund. When it’s time for you to claim your money, we’ll contact you and submit your paperwork automatically. That way, you concentrate on your travels and just wait for a transfer direct to your bank.
Still, the money is yours but if you are having trouble working out how to claim it then do not worry. If you have already claimed your tax back then the same company, and even the very same tax professional, should be able to assist you in claiming your superannuation. All you need to do is provide your membership details, fill in some forms and the tax professionals will do the hard work while you wait for the payment to arrive. Most charge a flat fee of around 15% for the service and you should receive your super within 28 days of the Australian Tax Office receiving your application.
Superannuation may not exactly be super but it is free money that you should be entitled to when working in Australia. Setting up your account is relatively simple and claiming it back once your visa has expired is not that hard either. Just do not forget about it, it is free money after all.