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What is Superannuation?


“If you want to save, put money into superannuation, you will never find a better savings vehicle.”

- Peter Costello


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Questions & Answers


What is Super?

  Super is money earned over your lifetime and deferred until retirement.

Visit the ATO website for more information (opens in a new window)

Super

 

How does super work?

  When you start to work, your employer must pay to your chosen super fund a part of your salary or wages.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

How Super works

 

What is Superfund?

  A Superfund is an organisation that invests your money into various things such as shares, property and managed funds to increase your retirement savings.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

Choosing a Superfund

 

What types of Super funds exist?

  There are many Super funds, so you can choose the most suitable for you.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

Types of Superfunds

 

Superannuation calculator

  Can help you to understand how much super you will have in retirement.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

Superannuation Calculator

 

What is a super contribution?

  Super contributions:

  • employer contributions - employer pays money to your super fund;
  • personal contributions - you can contribute money to your super fund;
  • government co-contributions - help for low-income earners.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

The super contributions

 

What fees may super funds charge?

  Super funds may charge various fees to manage your account.

Visit the ASIC's MoneySmart website for more information (opens in a new window)

Super fees

 

Super & Tax

  Your Super can be taxed:

  • Tax on contributions;
  • Tax on benefits;
  • Tax on withdrawing super.

Visit the ATO website for more information (opens in a new window)

Super & Tax


Super Funds / Options


Student Super

Visit site

Visit the Student Super website to find more information (opens in a new window)

Features: Zero fees for balances under $1,000/ Mobile app available

The standard fees for balances over $5,000 are $78 and 0.99% p.a.

$1,000 - $4,999 - 50% discount to a flat dollar administration fee $39 + 0.99% of the account balance

No automatic life insurance – to keep your fees low

Read more: Fees

 

QSuper

Visit site

Visit the QSuper website to find more information (opens in a new window)

Features: No transaction or switching fees

Insurance included: Death, TPD

Fees per annual om $50 000 balance: $395 (based on 2019)

Annual admin fee: 0.16% of balance p.a.

Read more: Fees

 

AustralianSuper

Visit site

Visit the AustralianSuper website to find more information (opens in a new window)

Features: Easy fee structure/ Mobile app available

Insurance included: Death, TPD, Income Protection

Fees per annual om $50 000 balance: $417 (based on 2019)

Administration fees: $137.65

Read more: Fees

 

Future Super

Visit site

Visit the Future Super website to find more information (opens in a new window)

Features: Easy super consolidation/ Invests in sustainable companies

Insurance included: Death, TPD, Income Protection

Fees per annual om $50 000 balance: $958.60 (based on 2019)

Admin fee: $93.60 + 0.65% of the balance per year

Read more: Fees

 

Virgin Money Super

Visit site

Visit the Virgin Money Super website to find more information (opens in a new window)

Features: Earn Velocity Points (Velocity Frequent Flyer Points)/ Low fees

Insurance included: Death, TPD

Fees per annual om $50 000 balance: $358 (based on 2019)

Annual admin fee: $58 + 0.39% of balance

Read more: Fees

 

Sunsuper

Visit site

Visit the SunSuper website to find more information (opens in a new window)

Features: MySuper authorised/ Mobile app available/ Member benefits

Fees per annual om $50 000 balance: $523 (based on 2019)

Insurance included: Death, TPD

Annual admin fee: $78 + 0.1% of balance p.a.

Read more: Fees

 

Contact The Students' Club

 

 Did you find mistakes?

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 Contact us

 

 

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