A superannuation is an organizational pension program created by a company for the benefit of its employees. ... Funds deposited in a superannuation account will grow, typically without any tax implications, until retirement or withdrawal.

How does superannuation in Australia work?

Superannuation is one way Australians can save money for their retirement. Your employer should pay 10% of your salary into a super fund, through the Superannuation Guarantee (SG). ... The money deposited into your superannuation account is then invested, and the growth reinvested, to help the balance grow.

What is superannuation and how is it paid?

Super is money you pay for your workers to provide for their retirements. If you pay an employee $450 or more before tax in a calendar month, you have to pay super on top of their wages. All employees are covered by the superannuation guarantee. It applies to full-time, part-time and casual workers.