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SuperGuide

Superannuation and retirement planning information

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  • How super works
    • Super for beginners
    • Super rules
    • Employers guide to super
    • Super contributions
    • Super and tax
    • Accessing super
    • Super news
    • Women and super
    • Super tips and strategies
    • How-to guides
    • Super quizzes
    • Superannuation Q&As
    • Superannuation glossary
  • Super funds
    • Best performing super funds
    • Super fund rankings
    • Best performing pension funds
    • Pension fund rankings
    • Super fund average returns
    • Super investing strategies
    • Comparing super funds
    • Choosing a super fund
    • Choosing an investment option
    • Super fund fees
    • Insurance and super
    • Super fund profiles
  • SMSFs
    • SMSFs for beginners
    • SMSF administration
    • SMSF checklists
    • SMSF compliance
    • SMSF investing
    • SMSF pensions
    • SMSF strategies
    • SMSF Q&As
  • Plan your retirement
    • Retirement planning for beginners
    • When should I retire?
    • How long will I live?
    • How much super do I need?
    • Will I get the Age Pension?
    • How much will I spend in retirement?
    • Financial advice
    • Retiring overseas
    • Preparing for retirement
    • Retirement planning strategies
    • Retirement calculators and reckoners
  • In retirement
    • Income in retirement
    • Super lump sums
    • Super pensions
    • Age Pension
    • Working in retirement
    • Life in retirement
    • Senior concessions and services
    • Aged care
    • Estate planning
    • Super death benefits

Home / How super works

How super works

Compulsory superannuation has been around since 1992, but there is still a lot of confusion about its purpose and how it works.

Our Beginners guide to superannuation is designed to answer all the basic questions you have about superannuation.

We also cover super’s rules for contributions, detail how they are taxed and when and how you can withdraw your retirement savings.

Visit the sections below to learn the fundamentals about superannuation:

  • Super for beginners
  • Super rules
  • Employers guide to super
  • Super contributions
  • Super and tax
  • Accessing super
  • Super tips and strategies
  • Super news
  • Women and super
  • How-to Super Guides
  • Super quizzes
  • Superannuation Q&As
  • Superannuation glossary

As a first step, the following are key articles that describe how super works.

Definitive guide to the Transfer Balance Cap

March 5, 2021

Super for beginners: How superannuation is taxed

December 3, 2020

The easy way to find and consolidate your lost super

October 1, 2020

How super works: A beginner’s guide to superannuation

October 1, 2020

Your simple guide to Superannuation Guarantee (SG) contributions

September 1, 2020

Early release of super due to COVID-19 (coronavirus)

July 23, 2020

Your tax guide to accessing your super under age 60

July 16, 2020

Your tax guide to accessing your super over age 60

July 16, 2020

What super contributions are best for me?

July 8, 2020

Superannuation rule changes: Your guide for 2020/21

June 30, 2020

Key superannuation rates and thresholds for 2020/21

June 29, 2020

In your 50s? The super rules that apply to you

May 1, 2020

When can I access my super? All conditions of release explained

April 1, 2020

Beginner’s guide to making super contributions

January 1, 2020

10 hidden perks that make your super account even better

January 1, 2020

What to teach your kids about super

October 3, 2019

Set out below are all SuperGuide articles that relate to How super works.

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Super news for April 2021

April 15, 2021 by Penny Pryor Leave a Comment

Your Future, Your Super legislation attracts industry criticism; Top postcodes revealed for lost and unclaimed super; ASFA argues accessing super would make housing affordability worse, not better; new research dismisses the idea that retirees die with most of their super untouched; Huge gender gap in super concessions; ASIC’s mea culpa on SMSF costs; AMP appoints its first female chief.

Indexation of the Transfer Balance Cap

April 5, 2021 by Meg Heffron Leave a Comment

While applauding the indexation of superannuation caps for cost-of-living increases, Meg Heffron argues for more simplicity and less red tape.

Case studies: How to make the most of higher contribution caps

March 31, 2021 by Aakash Mehta Leave a Comment

From 1 July, the annual amount you can contribute to super will rise. If you are planning to make a large non-concessional contribution, it pays to think about timing.

Yes, women retire with less than men, but boosting compulsory super won’t help

March 24, 2021 by The Conversation Leave a Comment

All sorts of claims are being made following the release of the Retirement Income Review, including that it paid insufficient attention to issues of gender.

Super funds have been working for themselves when they should have been working for us. That’s about to change.

March 24, 2021 by Peter Martin Leave a Comment

Have you ever wondered why your super fund rarely sends you mail? It could be because it is one of the 36 funds that perform badly, or one of the six funds that perform extraordinarily badly. As of mid last year those six funds managed the retirement savings of 900,000 Australians.

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Super news for March 2021

March 15, 2021 by Penny Pryor Leave a Comment

Super caps to rise, ASIC commences civil proceedings against REST and Statewide, APRA wants super funds to lift their game on insurance, QSuper and Sunsuper merger update, Toyota Super to merge into Equipsuper, Aware Super and VISSF discuss merger, Costs rise for retirees, Three strikes and you’re out for SMSF annual returns, AMP Capital offloads some investment management capabilities

Capital gains and super: Using super contributions to reduce your CGT bill

March 10, 2021 by Janine Mace Leave a Comment

Making super contributions not only helps with saving for your retirement; it can also be a useful tool for minimising your tax bill in the right situation.

Definitive guide to the Transfer Balance Cap

March 5, 2021 by Penny Pryor 1 Comment

The transfer balance cap is about to increase. Are you ready?

How to take advantage of the increased Transfer Balance Cap (including calculator)

March 4, 2021 by Aakash Mehta Leave a Comment

If you have already retired, or are close to it, from 1 July 2021 you may be able to boost the amount in your tax-free super pension account.

Super news for February 2021

February 14, 2021 by Penny Pryor Leave a Comment

Transfer balance cap to rise 1 July 2021, Super associations urge government to make super fair for all, Nearly one million young Australians left with little or no super, ATO has its eye on auditor details in SMSF annual returns, SMSF Association calls for less complexity in super, High Court says Westpac subsidiaries gave unauthorised personal advice, Optimum Pensions to launch new market-linked lifetime annuity, Maritime Super to outsource investment to Hostplus.

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That extra you’re about to get in super, most of it will come from you, but don’t expect the ads to tell you that

February 14, 2021 by Peter Martin 1 Comment

There’s something odd about those television and internet advertisements telling us we are getting more super.

Tax in SMSFs and regular super funds: Which is better?

February 11, 2021 by Janine Mace Leave a Comment

All super funds pay the same tax rate, but there are differences in the ability of SMSFs and large super funds to manage their tax liabilities for the benefit of members.

Understanding the difference between your total superannuation balance and your transfer balance cap

February 4, 2021 by Penny Pryor Leave a Comment

Don’t know your TSB from your TBC? Read this simple explainer.

Do retirees hoard their superannuation?

January 28, 2021 by Jim Bonham 6 Comments

Jim Bonham from Save Our Super examines recent claims that retirees have been hoarding their superannuation.

Super news for January 2021

January 19, 2021 by Joanna Webber Leave a Comment

APRA updates MySuper heatmap, Super fund underperformers, MTAA Super and Tasplan merger, Consultation to improve business communications.

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How super works
Super for beginners
Super rules
Employers guide to super
Super contributions
Super and tax
Accessing super
Super news
Women and super
Super tips and strategies
How-to guides
Super quizzes
Superannuation Q&As
Superannuation glossary
Super funds
Best performing super funds
Super fund rankings
Best performing pension funds
Pension fund rankings
Super fund average returns
Super investing strategies
Comparing super funds
Choosing a super fund
Choosing an investment option
Super fund fees
Insurance and super
Super fund profiles
SMSFs
SMSFs for beginners
SMSF administration
SMSF checklists
SMSF compliance
SMSF investing
SMSF pensions
SMSF strategies
SMSF Q&As
Plan your retirement
Retirement planning for beginners
When should I retire?
How long will I live?
How much super do I need?
Will I get the Age Pension?
How much will I spend in retirement?
Financial advice
Retiring overseas
Preparing for retirement
Retirement planning strategies
Retirement calculators and reckoners
In retirement
Income in retirement
Super lump sums
Super pensions
Age Pension
Working in retirement
Life in retirement
Senior concessions and services
Aged care
Estate planning
Super death benefits
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Important: Disclaimer

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

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Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629

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