Superannuation & Taxes
Superannuation and taxes
Superannuation
Superannuation (also known as super) is money that employers are legally required to put aside on behalf of their employees. When you reach retirement age, you’re allowed to access the money paid into any superannuation account in your name. If you have any questions regarding superannuation check out the Australian taxation office website
Tax
Tax is the money that individuals and businesses pay to the Australian Government, the money collected then goes towards services such as health, education, defence, roads, infrastructure and social security. The amount of tax you pay varies depending on how much you earn, whether you have a tax file number (TFN), and whether you are a resident for tax purposes.
