No, there’s nothing supernatural or even supercalifragilisticexpialidocious about superannuation. Except this: your superannuation fund is a super way of saving for your retirement and having the money to fund your plans.
Superannuation contribution (or, “super”) is a type of compulsory deduction taken from your wages and set aside into a retirement fund. Your super deductions are taken mainly from your income. But it may also come from bonuses and other financial benefits that you get from your employer.
For Australian employees, the benefits of having a super fund include:
For backpackers and working holiday makers like you, the key benefit is getting some of your income deductions back at the end of your working holiday. To claim for your super deductions, you’ll need to lodge a Departing Australia Superannuation Payments (DASP) claim. We’ve touched upon the DASP in previous pinkcow posts like this one, and this post, if you want to know more or need help in doing so.
The Australian Securities and Investments Commission (ASIC), the agency that oversees superannuation and super funds, makes sure that your wage deductions are properly processed and transferred (to the fund you want). You can find and keep track of your super payments, funds, or super accounts, through the myGov website. You can process your DASP immediately after lodging your returns, or after you leave Australia—either by yourself or with the help of tax experts like pinkcow. We can help you process your super claims or coordinate your request.
Sounds super? We agree too! So if you would like to know more about superannuation, choosing which funds to transfer your income deductions, or looking for help lodging your DASP claims, click this link—we’ll be here to help.