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Australian Tax Office /Superannuation
Australian Tax Office /Superannuation
Australian Taxation Office
This includes collecting revenue, administering the goods and services tax (GST) on behalf of the Australian states and territories, administering a range of programs that provide transfers and benefits to the community, administering the major aspects of Australia’s superannuation system, and being custodian of the Australian Business Register.
Anyone who is eligible to work and wants to work in Australia needs a Tax File Number (TFN). This unique number will be used throughout various stages of life including changes of jobs or changing superannuation funds. Everyone is required to apply for TFN prior to commencing employment.
Superannuation
Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work.Super is important for you, because the more you save, the more money you will have for your retirement. You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65 years old.
For most people, your employer pays money – ‘contributions’ – into a super account for you. This is called the ‘super guarantee’. They pay these contributions on top of your salary and wages. There are laws about how much super your employer must pay.
From 1 July 2022, your employer may need to contribute to your super regardless of how much you are paid per month. If you're under 18, you need to work more than 30 hours in a week to be eligible.