Superannuation is essentially saving for retirement.  In Australia, the Government support and encourage contributions to superannuation so that you can have funds available to you when you retire.

As of 1st July, 2014, the amount of superannuation support to be provided by employers increased from 9.25% to 9.5%, but as an employee you can still make further contributions, and depending on your circumstances and how the contributions are made, you may receive a tax benefit or be eligible for the Government Co-Contribution.

If you are a business owner, subject to a few conditions, you may be eligible to claim a tax deduction for contributions made to your superannuation fund – you should check with your Accountant!

But just how much superannuation will you need when you retire?  That’s almost like asking “how long is a piece of string?”, but in all seriousness, you should discuss your retirement needs with a financial planner to ensure you are on track.

Many superannuation funds have “Retirement Needs” calculators on their website, so you might like to have a look there first!

Note: if you are concerned that your employer is not meeting their obligations, check your superannuation fund balance and transactions, then talk to them to resolve the issue.  If that fails, you are able to take the matter to the Australian Taxation Office (ATO)

Regards