Your Guide to Superannuation

A6d93b8da9d33a0f148b1fa16a3b8fed

What is a superannuation fund?

Sometimes referred to as your “Super”, Superannuation is a pension arrangement. Employers were required by law to contribute a minimum of 9.5% of an employee’s ordinary time earning into a superannuation fund, which is called a ‘Superannuation Guarantee‘. This is an additional payment made by your employer; it is not deducted from your gross pay.

 

Am I eligible for superannuation?

To be eligible for superannuation you must be over 18, working over 30 hours a week and earning over $450 per month from one employer. As of the 1st January 2014 the Australian Government obligated employers to pay default contributions to an authorised MySuper product, meaning there is less risk of losing you superfund to unregistered providers.

 

How do I set up my superannuation?

You can set up your own super account very easily and following this, share the details with your employer. Alternatively you can also ask your bank to set up your superannuation when you open an account with them or you can join the super account set up by the employer.  For an ethical Super Fund check out the following comparison website https://www.finder.com.au/super-funds/ethical-super-funds that allows you to ensure your funds are being invested in causes and companies that match your values and beliefs.

 

How do I claim back my Superannuation with BackPay?

There are over 200 Superfunds where your ex-employers may have paid the money and BackPay knows them all. Your Superannuation could be spread across several funds, and BackPay has the systems to find the funds for you. BackPay refund service applies to anybody who has worked in Australia for an employer (not self-employed) since 1992 when compulsory Superannuation contributions were introduced by the Australian Government as standard.

 

You must have left Australia as a temporary resident in order to claim back your Superannuation Refund. After you apply through the BackPay website for your Superannuation Refund, they provide the following services:

 

  • A ‘No Refund No Fee’ service.
  • Direct telephone or email consultation and questionnaire with one of our staff if necessary.
  • Provide you with a simple online application portal, which will save an incomplete application if you do not have all prior employer details and Tax File Number at hand. Backpay can assist you with gathering old information requested in the application. Once the application is completed they do all the work.
  • BackPay will keep you informed of the amount of money located in your Superannuation savings and the dollar value of your net refund they shall be sending to your bank account in your home country. And also, approximately when to expect it. (Normally 6-8 weeks).
  • BackPay communicate with the Department of Immigration and Australian Tax Office on your behalf wherever the sum exceeds $5,000 they seek the compulsory certification that your visa has expired.
  • Backpay fees of 12% plus 65% tax are deducted and your money is sent to you via bank transfer.

Think you are due a refund?! Apply today!

What are you waiting for, with the “no refund no fee” service you have got nothing to lose. Head across to BackPay and start your application now!