If you’re an Australian work visa holder, you may be eligible to superannuation. This is a way to help you save money for your retirement, if you become an invalid or for your beneficiaries upon your death. It is known in other countries as your retirement income or pension. It is also commonly referred to in Australia simply as “super”.
Employers of holders must co-contribute to the individual’s superannuation if he or she is an eligible employee. This means that the employee must be 18 years old or above, but not over 70 years of age. Additionally, he or she must also be paid at least $450 per calendar month before taxes. The Australian visa holder must also have full-time, part-time or casual work.
If you are an eligible Australian work visa holder, then your employer is required to pay at least 9% of your earnings for regular work hours. The superannuation remittance is called the super guarantee payments and is normally paid on a quarterly basis.
The superannuation monies go into a fund. There are two types: the super funds (which is managed by trustees) and the retirement savings account. These funds have their own rules but must also comply with the government standards. They are generally called complying super funds.
You are entitled to access your retirement savings when you leave Australia, especially if you are on a temporary resident visa. This payment is not made available to permanent Australian citizens because they have the option to retire in the country. This is called the Departing Australia Superannuation Payment (DASP).
The payment can be processed online. The Australian visa holder just needs to provide his or her tax file number, personal details, passport number and superannuation fund details including the name of the fund and the account number.