“A system
where money is placed in a fund to provide for a person's retirement.” This is
how Australian Taxation Office defines Superannuation
How does it work?
If you work for a company or organisation, your employer must pay money into a super account in your name, which is then managed by a super fund. The formula used is currently 9.5% of your income, including bonuses, commissions and loadings. This is called the Super Guarantee and it's the law.
