Did you know that for the average Australian worker, super is likely to be their biggest asset, overtaking housing in the coming years?
So what is superannuation?
Super is money paid into your super account by your employer. It might be in addition to your salary, or it might be part of a salary package that includes super. Your employer generally makes the payment to the super fund that you nominate (or to your stapled super fund). The super fund then invests the money on your behalf and is usually accessed when you retire.
Important things you know about your super
Is your employer paying your super?
Generally, you are entitled to superannuation of 11.5% of your ordinary time earnings – put simply, that’s the normal hours that you work.
Generally, super is not paid on overtime, but is paid on other allowances such as sick leave, tool allowances, shift loading etc. Remember that your EBA might specify a higher amount and this is the amount your employer should be paying. Your union or trade association can help you find out how much super you are entitled to receive.
If you are not receiving the right amount or any contributions at all and are a Cbus member, contact us for help. We actively monitor employers to help make sure they are paying super and follow-up any outstanding contributions. If you are not a Cbus member you can report this to the ATO instead.
Tip- a good way to check if you are being paid super is to check your payslip. Super can be called out as ‘Superannuation Guarantee’, ‘Employer Contribution – Cbus’ or ‘SGC’.
Be involved with your super
One of the most important decisions you’ll make about super is where to invest it. Make sure you choose the right super fund for you. Some things to consider:
- Does it have competitive fees?
- Does it have strong, long term investment performance?
- Does it offer insurance cover, particularly cover that is suitable for your industry?
Cbus understands your industry and all profits go back to members. Remember take an active role, check your balance regularly and get advice when needed. It is easy to check your Cbus balance by logging into your account.
Ensure all your super is in one account
If you’ve had a few jobs over the years you may have accumulated a number of super funds. Combining all your super into one account generally saves you fees and paper work. However, it’s important to make sure that your insurance cover with your chosen super fund is adequate.
If you are unsure about what other super accounts you have and are a Cbus member, we can help. If we have your tax file number (TFN) and you give Cbus permission, we’ll do a search on your behalf through the ATO.
You can log in to your online account or contact us. If you are not a member you can search for other super accounts through the ATO.
You can take Cbus with you – even if you change industries
When you change jobs, no matter what sort of work you’ll be doing, you can still keep your super with Cbus. You just need to let your new boss know, or they may pay your super into a different fund, which may not be right for you.
Find out more on how to take Cbus with you.
Industry insurance
Insurance cover is essential in providing financial protection and security.
Cbus is proud to offer our members insurance options that are tailored to meet the needs of people working in the building, construction and allied industries.
When you join Cbus Industry Super, most members qualify for our default level of Death and Total and Permanent Disablement (TPD) cover.
We also offer eligible members access to higher levels of cover appropriate to your circumstances and needs, as well as Income Protection cover for Professional and Non-manual occupations.
The cost of insurance is paid direct from your super account as long as there is enough money. This means you don’t have to budget to make any extra payments. You'll have peace of mind knowing you're covered.
Superannuation contributions calculator
Find out the most tax-effective way you, and your partner, can collectively contribute to your superannuation.
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Compound interest calculator
Find out how much money you'll have if you save a regular amount. The link below will take you to ASIC's MoneySmart calculator.
See how much I can savechevron_rightIt's smart to be with Cbus
There are many reasons why Cbus is the super fund of choice for the building, construction and allied industries.
Proven performance
Cbus super has a history of long-term performance, having delivered an average return^ of 8.87% p.a. over the last 40 years.
Industry connection
We invest back in the field, creating 100,000 direct jobs*.
Super on the go
The Cbus app makes it easy to manage your account, and check your balance wherever you are.
Tools and resources
^ Since inception to 30 June 2024. The investment return for the Growth (Cbus MySuper) option is based on the crediting rate, which is the return minus investment fees, taxes, and until 31 January 2020, the percentage-based administration fee. Excludes fees and costs that are deducted directly from members' accounts. Past performance is not a reliable indicator of future performance.
* Estimated jobs since 2006 to June 2020 based on inductions for completed and committed developments