Superannuation is an amount of money paid by an employer, and is basically like a long term savings account that you can access when you retire or earlier when meeting certain specific conditions.

Superannuation is a compulsory employer payment into an investment account, accessible upon retirement or earlier when meeting certain specific conditions.

If you are over 18, it’s compulsory for your employer to pay superannuation on your behalf whether you are employed full-time, part-time or casually. As long as you earn more than $450.00 (before tax) each month, your employer will pay into your superannuation account.  This amount can vary depending on which Award you are covered by.

If you are under 18, and you earn $450.00 or more (before tax) each month, and you work more than 30 hours in a week, it’s compulsory for your employer to pay into your superannuation account.

You can open up your own superannuation account and give these details to your employer, or you can open an account with the fund that your employer uses (your employer can give you the application form). Generally you can choose which superannuation fund you would like to nominate.

FYI – Sometimes you have to join the fund that your employer uses, and they will let you know if that is the case.