Claire Bear

Hi, I konw this has prob been asked b4, but cant find it. So, what exactly is superannuation?

Thanks

quoll

Compulsory contribution into a retirement fund. We dont have universal state age pension provisions here - what pittances we do have are seriously means tested. Everyone is expected to make their own contributions to their retirement. If you want a half decent income at retirement you are well advised to contribute well more than the minimum required - I would advise seeking a financial advisor to get good advice and dont leave it too late like some of us did!

Claire Bear

Thanks , i didnt have any idea thats what it would be! Just gettin my head around all these new things

sassie

And just to add, if you make voluntary contributions before the end of each financial year, the Government will pay up to $1,500 into your fund.

EvannTel

Only if you are on income less than $50K and its a sliding scale.

sassie

yep, sorry should have mentioned that.

kiwinow

What happens if you decide after a year or two to return to your own country? Do you forfeit the super or can you get it back?

quoll

You can get it back if you leave permanently.

GinaUK

What Quoll said is only partially correct: You can only get your super back when you leave if you've been in Oz on a temporary visa.

Gina

quoll

Sorry, I was reading the "return to your own country" as meaning you were temporary. Yup, indeed if there is any likelihood that you will be returning to retire then you are under the regular super conditions here