Super is a special investment ‘structure’ with tax advantages created by the government to help people save for retirement during their working life. It’s a compulsory scheme where your employer generally needs to pay a percentage of your wages, known as Super Guarantee (SG) contributions, to your super fund.
You can invest in the same assets, such as cash, fixed interest, shares or property, inside or outside super. The difference is that the government provides potential tax savings on investments inside super as an incentive to put your money in. The catch is, you generally can’t take it out again until you retire or meet a specific condition of release.
To find out more about super, visit ASFA's Super Guru website or read our What is super? factsheet.