Help & support
Superannuation, or 'super', is money set aside and invested on your behalf with the goal of providing income in retirement. In most circumstances, your employer pays compulsory contributions, which is a percentage of your salary, into your chosen superannuation account.
Colonial First State (CFS) is proud to offer Essential Super – a low-fee super account which can be viewed in the CommBank App.
Learn more about Essential Super1 and its range of features.
If you’re over 18 and working, (or under 18 and working at least 30 hours per week), it’s compulsory for your employer to make superannuation payments into your superannuation account.
This contribution is in addition to your salary, with the rate currently at 11.5% of your pre-tax salary.
You can choose which fund your super contributions are paid into.
In addition to the compulsory employer contribution, you can also add to your super account by making voluntary contributions up to a cap.
Super is a long-term investment.
Your fund will invest and manage your super on your behalf, with the goal of providing long-term returns over time.
You can choose your own investment options or invest in your fund’s ‘default’ option.
You can change super funds at any time and move your super from one account to another by a process known as ‘consolidating’.
You can withdraw your super once you’ve reached your ‘preservation age’ - and retire, usually between 55-60 years old, depending on your date of birth.
If you’re between the ages of 60-64, you may be able to open a ‘transition to retirement’ account, which allows you to reduce your hours worked and take a part-pension from your super.
At 65 years old, you can access your super, even regardless if you are still working.
It is also possible to apply for early access to your superannuation under some circumstancesby meeting a condition of release.
Your employer is required to make contributions to your super. These contributions are called Superannuation Guarantee, or 'SG' contributions. The minimum SG rate is 11.5% of your pre-tax salary; this will increase to 12% on 1 July 2025
If you move to a new job and don’t nominate a super account to receive your contributions, your employer will be required to search for any existing accounts and pay your contributions into that account (your ‘stapled super fund’). You can at any time choose or change your nominated super account. Refer to the ATO website for more information.
Your employer is legally required to pay your super at least every three months. From 1 July 2026, this will change, and your super will be paid into your super account at the same time as your salary. For information on your super payments, including when it was paid, where it was paid and how much was paid, check your payslip or ask your employer. You can also check your contribution details through myGov (linked to the ATO).
If you’ve ever changed jobs, you may have multiple super accounts with different funds. If so, you could be paying multiple sets of fees which can make a dent in your retirement savings. In addition, having more than one account can make it harder to keep track of your super.
Consolidating your super refers to finding any other super accounts you may have and bringing them together, or (consolidating) into one account to avoid paying multiple sets of fees.
In Australia, you can find and consolidate your super online via the ATO in your myGov account.
You can help your super balance grow by making your own contributions. There are several ways to make additional contributions.
One way is by salary sacrificing2 an arrangement between you and your employer to pay a bit extra from your pre-tax salary into your super, on top of your employer super guarantee. Pre-tax super contributions are called ‘personal concessional contributions’, as these contributions may be able to help reduce your taxable income.
You can also make ‘personal non-concessional contributions which are contributions made using your after-tax income. These contributions are generally not tax deductible unless you complete a notice of intent form, and ensure you’ve met the eligibility criteria. For more information on non-concessional contributions, please visit the ATO website.
There are limits to how much you can contribute to your super. The annual concessional contributions cap as at 1 July 2024 is $30,000 which includes your SG contributions, salary sacrifice, and any personal contributions you claim a tax deduction on. The non-concessional contributions cap as at 1 July 2024 is $120,000.
As your actual contribution limits may vary, it’s a good idea to keep track of the contributions you’ve made. A financial advisor may help you better understand your position as contributions made over your contributions cap may result in additional tax.
We’ve prepared an article with more information on understanding different types of super contributions. Read more on understanding different types of super contributions
Depending on how you contribute to you super, you may be able to claim a tax deduction. We’ve outlined 5 different ways to save tax using superannuation. Read more on ways to save tax using super
If you make an after tax super contribution and are a low-income earner, you may be eligible for the government superannuation co-contribution.
For those eligible, the government may contribute 50 cents for every dollar of your contribution amount, up to $500 a year.
For eligibility requirements see the ATO website.
Any amount you salary sacrifice into super is generally taxed at a rate of 15%. For some people, this may be lower than their marginal tax rate, which could be up to 47%3.
People on higher incomes may also benefit, as they may reduce their taxable income, whilst also boosting their super.
If you are earning $37,000 or less, you may also be eligible for the ‘low income superannuation tax offset’ (LISTO) payment of up to $500.This means the Government refunds the 15% contributions tax that applies to your concessional contribution by making a government contribution to your fund. You don’t need to do anything to receive the LISTO payment, as long as your fund has your tax file number. See the ATO website for more details
For some people, super could be one of their largest assets. This happens over time, and a result of your super fund investing your money on your behalf, ready for you when you retire.
Super funds will invest your money in their default or ‘my super’ investment option, unless you make an active decision to change it into another investment option. Choosing an investment option to suit your financial goals is important. You can find more information about investment options on your super fund’s website or product disclosure statement (PDS).
Everyone’s financial goals are different, so it’s important to understand the different investment options available within the fund.
All investment carries risk, and some investment options carry more risk than others. However, higher-risk investment options usually have the goal of delivering higher returns than those with a lower-risk profile. Typically, if you have a long time frame to reach retirement, it may be more suitable to have a greater exposure to higher-risk or growth assets like shares, versus lower-risk assets, like cash. For example, Essential Super’s default Lifestage investment mix becomes more defensive as you get older. This option is managed on your behalf, so you don’t need to make any changes or decisions.
Before making decisions around your investment options, it might help to seek professional advice. A financial adviser can review your finances and create a personalised super strategy to help you reach your retirement goals.
Super is a long-term investment, and it is normal for your super balance to fluctuate up and down, depending on the performance of the assets your super is invested in. While investment market returns can be unpredictable in the shorter-term, they typically grow over the long-term. Before you change your investment options, it’s important to consider your age, investment timeframe, long term goals and desired level of risk. You may also consider speaking to a financial adviser.
You can view how your super is performing, as well as past performance in your account or on your fund’s website.
There are costs to manage your account and investments. In addition to the administration and investment management fee, there may be other fees, including if you switch investment options.
Generally, fees are deducted automatically from your account on a regular basis, such as monthly or annually. They may either be flat fees, a percentage of your account balance, or a combination of both – this information can be found in your funds’ Product Disclosure Statement (PDS). How much you have been charged in fees should be available in your account history and on your annual statement.
You can check your account or annual statement to review the total fees and costs you’re paying and whether the features you’re paying for are right for you.
If you think your fees are too high and you’re looking to compare against other super funds, you can do this by using the ATO’s YourSuper comparison tool.
Before changing funds, it is important to consider several factors, such as fund performance, investment options and fees. It is also important to consider any impacts to your insurance. You can switch your super fund by submitting a rollover request (either to your existing super fund or new super fund) or via the ATO.
Most super funds offer insurance cover, typically life insurance (also called death cover), income protection, and total and permanent disability (TPD) cover.
Insurance is optional and the cost usually depends on the types and amounts of cover you have, as well as factors like your age and gender. Your insurance premiums are automatically deducted from your super balance on a regular basis, just like your other fees.
You should make sure you know what you’re covered for and whether this insurance suits your needs. To find out more, visit Moneysmart’s guide on insurance in super.
Read what to consider when choosing life insurance inside or outside super.
There are special circumstances, known as a ‘condition of release’ when you may be able to access some or all your super early., A condition of release can typically be met on compassionate grounds due to severe financial hardship, if you’re permanently or temporarily incapacitated, or if you’re terminally ill.
To learn more about conditions of release and if you may be able to access your super early, head to the ATO website.
If you’re a temporary resident leaving Australia, you can also withdraw your super via a Departing Australia superannuation payment.
Once you’ve met a condition of release, your funds can be accessed. Depending on your circumstances, this can be by commencing an income stream (full or part-pension) or making a lump sum withdrawal. The option you choose may affect your financial circumstances, tax position and entitlement to government concessions and benefits. If you are unsure how this may affect you, you could speak to a financial adviser before making a decision regarding accessing your super.
Your super is designed to provide income in retirement and is designed to generate returns over the long term. For this to occur, it remains ‘preserved’ until you reach a certain age or fulfil a condition of release.
The common ways to satisfy a condition of release are:
If you are an existing Essential Super member, visit our member resources to learn how to make the most of your account.
1 Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (referred to as Colonial First State or CFS) is the Trustee of Commonwealth Essential Super ABN 56 601 925 435 and the issuer of interests in Essential Super. Essential Super is distributed by Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The CFS Group consists of Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 (HoldCo) and its subsidiaries, which include CFS. The Bank holds an interest in the CFS Group through its significant minority interest in HoldCo.
This information is issued by CFS and may include general financial product advice but does not consider your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it.
The Target Market Determination (TMD) for Essential Super can be found at http://cfs.com.au/tmd and includes a description of who the financial product is appropriate for and any conditions on how the product can be distributed to customers.
You should read the Product Disclosure Statement (PDS) and the Reference Guides for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guides at https://commbank.com.au/essentialsuper-documents or call Colonial First State on 13 4074 for a copy. If you need advice on your personal circumstances, please talk to a financial adviser.
None of the Bank, HoldCo, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention 'we', 'us' or 'our', we mean the Bank.
The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank Group or CFS. Insurance cover is provided to eligible members of Essential Super under policies issued to CFS.
2 The fee comparison is for MySuper products. This fee comparison is based on the Lifestage 1965-69 investment option for a member balance of $50,000 and may vary for different age cohorts. The Chant West Super Fund Fee Survey compares the Lifestage option that is closest to 71% growth assets, which is consistent with the average risk and return profile of most non-lifecycle products. Total fees and costs include administration fees and costs, investment fees and costs and net transaction costs on a gross of tax basis. Fund averages are calculated by Chant West on a weighted average basis. This comparison has been prepared by CFS using data sourced from the Chant West Super Fund Fee Survey, effective 30 June 2024 and is based on information provided to Chant West by third parties, that is believed accurate at the time of publication. Fees may change in the future which may affect the outcome of the comparison. Chant West may make adjustments to fees and costs for comparison purposes and therefore data may vary to other published materials. Whilst care has been taken to ensure that the data provided by Chant West is correct, CFS neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Additional fees may apply. PDS and Fees and Investments Reference Guide to find out more.
3 The highest marginal tax rate is 45% plus 2% Medicare levy. Concessional contributions such as SG contribution and salary sacrifice are generally taxed at just 15% when received by your fund. However, an extra tax may be payable on part or all of these contributions if your income and before-tax contributions are more than $250,000 in a financial year.
Past performance is not an indicator of future performance.
