Super and casual work
Super and casual work
Not working full time or dominating a boardroom? No worries, super isn’t just for people who are broadening their portfolio or increasing a tenant’s rent. It’s for everyone over 18 who earns over $450 a month. And, for people under 18 who are working over 30 hours per month. No matter whether you are working full-time, part-time, or casual, no job or industry is exempt from this legislation.
Login, monitor your balance, and check that you get what’s yours
It’s important you keep an eye on the contributions your employer is making into your super fund. Even when you’re working in a casual job, your boss must pay 10% of your salary into a super fund that you’ve chosen to go with. Key point: a fund that you’ve chosen. Even if you’ve elected to go with a fund that your employer offered or suggested, you can change to a new one and rollover your balance at any time*. And be sure to rollover. Multiple funds means more fees. Avoid.
It’s your job to log in your account to check that your super guarantee is being deposited in your account – giving you what’s yours. Your employer should be making the contribution at least every three months.
Independent operator? You’re in charge
If you’re a freelancer, gig-worker, or contractor, you’re the judge, jury and executioner of your own super. In addition to putting enough of your income away for tax time, you’ll also have to be diligent and disciplined in keeping up with regular super contributions so you don't fall behind. It can be tempting to hold onto the full amount quoted on an invoice, however, it can be tough to make up for it later on. A bit now makes a massive difference later.
Choosing a fund
Nearly five million Aussies are with an Industry SuperFund. Industry funds are run only to profit their members and have a history of above average investment returns^. Industry funds’ fees are also usually on the lower side compared with retail funds, and this is important as high fees can eat away at your balance pretty quickly, especially if you work casual or part-time. You can check out the 13 Industry SuperFunds here.