How do I get my Superannuation Fund get setup?
Setting up your superannuation fund is as easy as telling your new employer/recruitment agent which company you want them to pay your money to. Usually you 'set up' your superannuation fund just before you start work or when you sign up with a recruitment agency (or at least before your first wages are paid).
It really is as simple as that! Each employer/recruitment agency has a fund (sometimes several) that they use by default if you haven't already chosen one.
Remember though, it's not always possible because your employers will all use different companies, but the idea is to use as few as possible to make claiming your money easier when you leave (more in a moment).
For example you could be in Brisbane and land a job as a waiter/waitress and the fund company your new employer uses is 'AMP Superleader'. After that you and your mates decide to head north up to Cairns and get jobs working in a bar and the fund they use could be 'SunCorp'.
So which Superannuation Fund(s) should I use?
You'll find that some superannuation companies are used more frequently than others (see a list of common super companies in part 3). The bottom line is, if you're on a Working Holiday Visa/student visa it doesn't really matter which fund you choose because you're only a temporary part of the Australian work force. So that's easy enough but just remember it is important to write down the details of every fund company you use because if you don't, when it's time to claim you can loose it! (more in a moment).
Ideally, the best thing to do is choose one company and stick to it (i.e, use the same superannuation fund company with each new employer/recruitment agency you work for). This will make it much easier to claim back ALL of your money because you will only have the one super fund company to deal with. And don't worry about the actual claim process, it's not difficult and there's people who can do that for you if you wish (so no problem).
Anyway, that's the 'ideal' situation but it doesn't always work out that way. Usually employers only use 1 or 2 supperannuation companies and might not be able to use the same one you have chosen. In this case you would need to choose one of the funds they use and add it to your list of superannuation companies as you go. Incase you were wondering, your list will only end up with maybe 5 or 6 companies after a year of working in Australia so it's not going to be a headache.
So as we said, the best thing to do is make a list of all the superannuation fund companies you have used while you've been working including dates for the periods you work, name of the fund company, name of the employer etc... Copies of your wage slips will be important so make sure you keep those, you can take a photo of your wage slips as a backup don't forget. This will help immensely when you want to claim your money back!
The Backpacker's Budget (Cost Of living In Australia)
Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.
Packing Guide & Checklist for Backpacking Around Australia
Read our helpful backpacking checklist and get lots of tips about what to pack before you go to Australia. Learn about choosing the right backpack, what essentials you will need to take with you and how to travel light when you need to.