After you earn a certain amount, you employer will be required to set an amount of money aside to contribute to your superannuation (super) account. This is why on your first day, your employer would have asked you to provide your super fund details.
Why is it important?
As you might be working at different Christmas casual jobs each year, or generally different jobs throughout the year - it’s important that you bring the same super fund details to each employer. It is like your bank details, you want to tell your employer where to deposit it.
Otherwise, you might end up with multiple funds, paying multiple fees.
Super is important, it is your money.
Depending on how much you earn, your employer contributes 9.5% of your wage into your super account. This money is then invested by managers of the fund. Over time your super compounds so it can be accessed when you retire.
The ATO has a tool to estimate how much super your employer should be contributing for you. Check it out here.
Look organised on your first day
If you don’t provide your super details, your employer will nominate a super fund for you. So, if you have been working somewhere else during this year or last year, it might be a completely different fund!
Student Super has zero fees for balances under $1,000 which means you can get organised before your first day of work. They also provide you with pre-filled forms so you can easily take your account to any job. Find out more here.