If you're working, you should get paid super. Learn how to find and access your super, and how to make sure it goes where you want when you pass away.
What is super
Super is money that’s set aside while you’re working, that you can use when you retire.
This money comes from your employer and is put into a superfund account. Your super fund invests the money to help it grow.
On top of the money you take home from work, your employer pays an extra 12% to your super fund. This money is held by the super fund in an account in your name.
Some employers pay more than 12% to your super fund.
Your super can include:
- Money your employer puts in
- Extra money you add yourself
- Extra money the super fund has made investing your super.
For example: If you earned $25,000 in wages, your employer would put $3,000 into your super fund account, on top of the money you take home in wages.
How super works
Super funds invest your money to help it grow. You can choose your own fund or your employer will choose one for you.
- Funds have different fees, performance, investments and insurance.
- Choosing a good fund can save you money.
- Many super funds offer insurance for an extra fee, so your family gets looked after if you get sick or injured or die.
If you change jobs, you can usually keep using your existing super account.
Find out more about how super works.
Finding your super
You might have more than one super fund account. You can put all your super money together in one account, to save fees and make it easier to track your super.
Before you put your super money together though, check that you won’t lose any insurance you want to keep. Also check if there will be any tax to pay.
You can find out how many super accounts you have and combine super into one account for free through the ATO at myGov. The ATO can search for all your super accounts for you if you call 13 10 30.
Keep your contact details up to date so you don't lose track of your super and your fund doesn't lose track of you.
Find out more about how to find the accounts that you have and combine your super into one account.
Proving your identity to your super fund
Your super fund may ask you to provide evidence that you are the owner of your super account. This is to keep your super safe.
You may be asked for a current Australian driver's licence, passport or a current proof of age card containing your photo.
You might have trouble proving who you are to the super fund if:
- You don't have any of these identification documents.
- The names or dates on your documents are different to those on your super account.
If you don’t have the right documents requested by your super fund or bank, there are other ways to prove your ID. Find out more about how to prove your identity.
If you need help, contact our Indigenous Help Line on 1300 365 957.
Getting your super early
Usually, you're not allowed to touch your super until you reach a certain age or until you retire.
There are strict laws about when you can access your super money early, even if it's for hardship or compassionate reasons. If you think you need to get some of your super money early, talk to your super fund, a financial counsellor or a financial capability worker.
Find out more about when you can apply to get your super early.
Watch out for super scammers
Stay away from people who say they can help you get your super early for a fee. This is illegal and these people are scammers who just want to get your super money. Some people have lost all their super savings and risked paying extra tax because they got caught up in one of these scams.
If someone tries to convince you to get your super out early, call ASIC's Indigenous Help Line on 1300 365 957. See superannuation scams for more information.
Getting your super from age 60
You can usually get your super when you reach:
- age 60 and stop working, or
- age 65 even if you are still working
Find out more about getting your super from age 60.
Passing on your super when you pass away
The person who receives your super after you pass away is often called a beneficiary. Many super funds allow members to choose who should get their super, but there are rules about who it can be.
People super funds are allowed to pay your super to include:
- your current spouse or partner
- your children (of any age)
- someone who is financially dependent on you
Your beneficiaries receive:
- the money in your super account
- any life insurance you have with your super
You can tell your super fund where you want your super to go when you pass away by filling out a beneficiary nomination form:
- A valid binding nomination is an instruction your super fund must follow when you pass away.
- A non-binding nomination is an instruction that will guide the super fund, but they are not forced to follow.