Money
Superannuation — what new arrivals need to know
Super is compulsory retirement savings. Your employer pays it on top of your wages. The Super Guarantee rate, choosing a fund, consolidating duplicate accounts, and DASP for departing temporary residents.
Published 17 May 2026 · Last reviewed 17 May 2026
Super is compulsory retirement savings. Your employer pays an additional percentage of your gross salary into a super fund of your choice. You can't access it until you reach preservation age (currently 60).
The Super Guarantee rate
- As of 1 July 2025, the rate is 12% of your ordinary time earnings. This is the legislated target and the rate stays at 12% from 1 July 2026 onwards (no further increases scheduled).
- Your payslip should show super separately. It's on top of your wage, not deducted from it.
Choosing a super fund
- You can nominate any complying fund. If you don't choose, your employer pays into your "stapled fund" (your existing super fund from a previous job) or a default fund.
- Major industry super funds (AustralianSuper, Australian Retirement Trust, Hostplus, REST, HESTA, Cbus) generally have low fees and decent long-term returns.
- Self-managed super funds (SMSFs) are an option for people who want more control but they involve significant compliance.
- The ATO publishes a fund comparison tool: https://www.ato.gov.au/calculators-and-tools/your-super-comparison-tool
Consolidating super
- If you've had multiple jobs (especially in your first year), you'll have multiple super accounts. Each charges fees. Consolidate via myGov — link the ATO, view all your super accounts, and choose where to roll them.
For temporary visa holders — Departing Australia Superannuation Payment (DASP)
- When you leave Australia permanently and your visa expires, you can claim your super back as a DASP.
- It's taxed at a high rate (verify current rates at https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/in-detail/departing-australia-superannuation-payment-dasp)
- Apply through the DASP portal: https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/in-detail/departing-australia-superannuation-payment-dasp
Payday Super (from 1 July 2026)
- From 1 July 2026, employers must pay super at the same time as your wages, not quarterly. Super contributions must reach your fund within 7 business days of payday.
- For you as an employee, this means super arrives faster and unpaid super becomes more visible. Check your super balance regularly.
Common gotchas
- Some employers underpay super or pay it late. Use the ATO's "Report Unpaid Super" tool if you spot it: https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/in-detail/unpaid-super
- For PR / citizens, super is locked up until preservation age. Don't think of it as accessible savings.
- The DASP option is for departing temporary visa holders only. If you go PR, you can no longer claim it back — it stays in your super fund.