What is superannuation?
Money your employer must put aside for your retirement, which you generally cannot touch until much later.
It is 12% of your pay, paid on top of it into a fund, and the fund's tax and fees come out of the balance.
The rule
- The super guarantee is 12% of an employee's qualifying earnings, and the ATO's table keeps it at 12% from 1 July 2025 on (ATO, 17 April 2026).
- Payday Super: from 1 July 2026 employers pay super with each payday, calculated on qualifying earnings.
- Employers need not pay the guarantee on earnings above the maximum contribution base, $270,830 a year in 2026-27.
- Concessional contributions, which include the employer's 12%, are taxed in the fund at 15%. The concessional cap is $32,500 from 1 July 2026.
- Generally you must reach your preservation age and meet a condition of release before you can get your super. The preservation age is 60 for people born from 1 July 1964 (ATO).
- Division 296, law from 1 July 2026: an extra 15% tax on the share of earnings that relates to a balance over $3 million, and a further 10% on the share that relates to a balance over $10 million. The thresholds are indexed (ATO, 21 September 2026).
What people ask
How much super should I have at 40?
This page does not give a figure for a balance at any age. That would need guesses about returns, pay and fees that no one can know. It shows this year's arithmetic instead: what goes in, the fund's 15%, a fee on today's balance, and how much of the cap is used.
How much super do I get from my employer?
The rule is 12% of qualifying earnings, up to the maximum contribution base of $270,830 a year in 2026-27. On $100,000 that is $12,000 a year, before the fund's 15% tax.
Why is my super going down?
A super balance moves with the investments the fund holds, so it can fall when those fall in value. The fund's tax on contributions and its fees also come out of the balance. Your fund's statement shows the detail for your account.
How much can I put into super in a year?
The concessional (before-tax) cap is $32,500 in 2026-27, and your employer's 12% counts against it. After-tax contributions have a separate cap, and some people can use unused cap from earlier years.
When can I get my super?
Generally when you reach your preservation age and meet a condition of release. The preservation age is 60 for people born from 1 July 1964.