In Australia, Superannuation is a compulsory retirement program – Corporates are required by law to pay an additional 9% an employee’s salaries and wages into a complying superannuation fund. Job Capital’s default Superannuation fund is Australian Super. (link to Australian Super website - http://www.australiansuper.com/?cmpid=799)
Superannuation Guarantee law applies to everyone between the ages of 18 and 70 who work in Australia and earn over $450 per month. They can also choose to make extra voluntary contributions to their superannuation, receiving tax benefits if they do so.
However, since superannuation is money invested and to be used for retirement, strict government rules will prevent early access except in certain circumstances such as severe financial hardship or on compassionate grounds. However, this does not apply to workers who do not live permanently in Australia.
Superannuation and Migrant Workers
Because this money won’t be noted on pay slips or payment summaries, you might not realize that it is being paid into an account on your behalf. So, if you do not plan on staying permanently in Australia, you’re eligible for a Superannuation Refund once you leave the country and your visa has expired.
Job Capital will take care of the process of reclaiming the money on your behalf (once you have left Australia). We’ll track down your Superannuation, handle any paperwork and, once the application has been lodged, forward the money to your account once it has been received and you have left Australia.