Superannuation is a way of saving for your retirement. Both you and your employer can make contributions that accumulate over time and this money is then invested in shares, government bonds, property, or other appropriate investments.
On retirement, disablement or death you then receive the money (less charges and taxes) as regular periodic payments (ie, a pension), a lump sum payment, or a combination of both.
Employers must contribute to an employee’s superannuation fund. This is called the Superannuation Guarantee, which came into operation on July 1, 1992.
The main laws that apply to superannuation are the:
– Superannuation Industry (Supervision) Act and Regulations (regulates most private superannuation funds);
– Superannuation Guarantee (Administration) Act and Regulations (tells employers the minimum contribution they must pay);
– Superannuation Act (covers Commonwealth government superannuation funds);
– Income Tax Assessment Act
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