Super Guide for under 18s

An individual under the age of 18, who is a child of a fund member, is automatically treated as a dependant for super and tax purposes if the parent dies leaving superannuation benefits. What this means is that such an individual will receive such super benefits tax-free.

Set out below are all SuperGuide articles explaining Super Guide for under 18s.

Super for beginners, part 15: Super tax – as easy as 1-2-3

Superannuation only exists because of how super savings are taxed. Superannuation savings receive tax incentives to encourage Australians to choose super as a retirement savings option. Even so, superannuation is still taxed (for most Australians), but at a lower rate of tax than non-superannuation … [Read more...]

Super for beginners, part 2: My first job

Q: I am 16 years of age. I still go to school but I have just started my first part-time job. Do I get any superannuation? And if I do, where does it go?Congratulations on your first job. You ask two questions about your super entitlements:Am I eligible for Superannuation Guarantee? … [Read more...]

Tax-deductible super contributions: Meeting the 10% income test

Q: I work for myself but I also have a part-time job. I have been told that even though I receive SG from my part-time employer, I can also make tax-deductible super contributions. Is that true? And if it is true, how does it work?Individuals who are self-employed, or who are not employed, are … [Read more...]

Super Tip No 1: Treat your super like overtime

If the idea of superannuation doesn’t excite you, yet, imagine, instead of super, that you were being paid overtime for work outside your normal work hours.And if you expected to be accumulating this money every week, you’d be doing some research on how much overtime your company usually paid, … [Read more...]

Making super contributions: 20 popular Q and As

We receive many interesting questions from readers. We believe this contact with our readers makes our SuperGuide site even more useful for readers because we enhance the SuperGuide website in response to the popularity of certain articles and topics, and in response to the types of questions that … [Read more...]

SuperGuide checklist: 10 more ways to boost your super

Note: This is the second article in a special two-part series that SuperGuide updates regularly, designed to help SuperGuide readers plan for retirement. This article, and the first article in the series, Super checklist: 10 ways to save your super (link also appears at the end of this article), is … [Read more...]

SuperGuide checklist: 10 ways to save your super

The superannuation accounts of Australians have been affected by volatile investment markets in recent months, and you may be tempted not to focus on your super and retirement plans because of this volatility. Although you cannot control the investment markets (but you or your super fund managers … [Read more...]

Estate planning: Dear Dad, Tax for everything

If you plan to leave your super to your adult children when you die, your death benefit may be hit with benefits tax, even though you would have received that benefit tax-free (if aged 60 or over) while you were alive.The reason for this inconsistency is that superannuation death benefits paid … [Read more...]

Estate planning: Beware the dastardly death tax

Although superannuation death benefits are tax-free when paid to individuals considered ‘dependants under the tax laws’, a ‘death tax’ continues to apply when super monies are paid to individuals considered ‘non-dependants under the tax laws’.Any of your children aged 18 or over, who can’t prove … [Read more...]

Life insurance and super: 10 things you should know

One of the better deals in superannuation has only a slight connection to your life in retirement. Life insurance cover within super funds rarely makes the headlines but for many Australians they are getting cost-effective cover from their super funds.Life insurance is insurance that pays out in … [Read more...]

Do I need to pay super for my 16-year-old employee?

I am a small business owner who currently employs a 16-year-old employee. She works a minimum of 20 hours per week and her gross income exceeds $450 per calendar month. Am I required to pay her superannuation?You will need to verify your SG responsibilities with the ATO (on 13 10 20) but the … [Read more...]

SMSF basics: Is there a minimum or maximum age for starting a DIY super fund? (2 questions)

1. Is there a minimum age for a DIY super fund member? Q: My son is 16 years and just started work full-time working in administration. Can he become a trustee and member of my DIY fund?An individual under the age of 18 can be a member of a SMSF, but he can’t be a trustee. Trustees of super … [Read more...]