In Australia, Superannuation is a fund that individuals invest in, in order to make an arrangement for a source of income during their retirement. Under the Australian government laws, it is compulsory for all employees to at least contribute certain minimum amount under this fund. Usually, the employers are required to provide a portion of the employee’s salary and wages into his/her Superannuation Fund, the employees may or may not add to this amount. The minimum contribution for this is generally 9% to 12%.
There is a section in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994, that any individual can withdraw his amount as long as he meets the criteria mentioned in the said section.
Rayvat offers outsourcing of accounting administration of superannuation funds to Australian businesses. For more details on how we can assist you, let us know!