Starting your first job in your chosen career field is a good opportunity to set up a strategy for future success.
How do I handle super when I’m starting my first job?
When you’re starting your first job, your focus probably isn’t going to be on what you’re doing with your super fund.
But here’s the thing: contributing to super is a great way to build your savings without much effort from you. Your nest egg will grow with regular super contributions from your employer.
Am I eligible for super?
Generally, if you’re over 18 and earn at least $450 before tax from an employer, you are eligible for super.
If you’re under 18 and working at least 30 hours and earning a minimum of $450 per calendar month, you should be eligible for super.
There are some contract arrangements that mean you may not be eligible for super contributions; you can ask your employer if you are eligible for super.
What happens if I am eligible for super?
If you’re eligible for super, your employer will give you a Superannuation standard choice form. This is so your employer knows where to deposit your super contributions.
Don’t have a super fund? Your employer should have already filled in the details for their default fund.
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If you already have a superannuation fund, you can have your super contributions deposited there. You need to write these details into that standard choice form:
- The fund name and ABN
- The fund’s contact details
- Your account name and membership number
Want to use a self-managed super fund? You’ll need to confirm that your fund is compliant with the ATO.
Once your details are on file, your employer will begin making superannuation contributions. Your employer will generally advise you how much they have paid.
Do I need to give my super my TFN?
While giving your super fund your TFN is not mandatory, it is a good idea because it’ll ensure that you’re not paying extra tax on your super contributions.
What happens if I change jobs?
If you change jobs, you can usually take your super fund with you. If you sign up for a new fund, you might be paying duplicate fees. You can generally make a change at any time by filling out a transfer form to your preferred fund.
What if I’ve been working for a while?
By the time most of us start in our chosen career, we’ve already had several jobs – and that can mean several super accounts. Now would be a good time to review the different accounts you might have – and the fees you could be paying – to see if there’s a way to keep more of your money working hard to grow your retirement account balance.
We make consolidating your past super accounts easy – and provide you with low fees, diverse investment options and personalised financial advice to ensure that you have the best-possible superannuation experience.