Superannuation is money you save now for when you're ready to kick back and relax in retirement. Super is partly compulsory, and there are limits to how much you can contribute each year.
There are different types of contributions Rest can receive on your behalf, like employer contributions, voluntary contributions and the Government co-contribution.
There are also rules and limits about when you can take money out of your super, like when you reach a certain age or can't work due to permanent disability, and how much you can withdraw. To find out more, including information on withdrawals from super, visit ato.gov.au/individuals/super
Choosing your fund
You can usually hoose which super fund you'd like to be in. Sometimes, your conditions of employment will decide which fund.
If you don't have a choice or don't tell your employer where you want your super to go, you Superannuation Guarantee contributions (the bit your employer must pay into super for you) will be paid into a MySuper product.
Super can be a tax-effective way to save for your future thanks to government tax concessions. You can boost you super further by:
contributing extra money from your before-tax salary. This is called 'salary sacrifice' and may even reduce your tax.
adding other savings (after-tax) into your Rest account - you may even be eligible for the Government co-contribution if you do this.
If your balance is under $6,000 on 30 June or 31 December and you do not have insurance, your account balance will be transferred to the Australian Taxation Office (ATO) unless there is activity on your account over the past 16 months.