Living in Australia as an international student could be one of the best adventures in your life. Apart from travelling to some of the most beautiful places on the continent and studying your dream course in one of the top-rated universities in the world, you can also work part-time and experience the working culture in Australia.
Working in Australia might be necessary for some to pay off their student loans or accommodations, but for others, having a part-time job provides them with the work experience they need. For instance, employers may require you to obtain an industry certificate depending on the industry and type of employment you are applying for. As such, they may be willing to pay for these qualifications so that you can upskill. In addition, working part-time in Australia gives you a great benefit known as superannuation.
Read on as we share more about this and tips on claiming your superannuation.
Superannuation refers to an organisational pension scheme created by a company or business to benefit its employees. In other countries, superannuation is also known as a pension scheme. Funds deposited into a superannuation account will grow, usually without any tax implications, until the sum is withdrawn or the account owner has retired.
Typically, superannuation is intended to help Australian citizens pay for their retirement, and the sum cannot be withdrawn until you reach retirement age. However, many international students are here on temporary visas and will not retire in Australia. Hence, you may be able to claim your superannuation once you leave the country permanently. Fret not, as you can still return to the country on another visa even after claiming your superannuation.
You are eligible to claim your superannuation fund if you meet any of the following criteria:
If you are working a part-time job while studying and also earning over 450AUD before taxes, you’ll be eligible for the employer’s superannuation contributions. In Australia, your employer is required to pay a minimum of 10% of the value of your wage into your superannuation fund.
You are eligible for this if you:
Be sure to understand your entitlements so that you do not miss out on any payments. However, it is important to note that superannuation is not deposited into your account monthly. Following the law, employers must pay superannuation every three months into the employees’ nominated account. Hence, if you do not see your super after working for a month or two, don’t panic, as it will come in after three months.
If you have opened a superannuation account through your bank, then it is advisable to contact your Super fund directly. The staff at the bank will let you know the documents that are required from you so that they can release the funds. In most cases, you will be asked to provide them with a copy of your expired visa and a certified copy of your passport.
We recommend claiming your superannuation as soon as possible because if there is no activity on your super account for six months, it will be transferred to the Australian Taxation Office (ATO).
It is advisable to keep track of the super accounts that you have, especially if you have multiple accounts. Or, if you have had multiple part-time jobs, you may be more prone to having ‘lost’ super. Performing a simple search through ATO online services can help track down money that belongs to you.
If you find ‘lost’ super, you may consider combining your accounts into one. By doing so, you can save on fees that could eat away your balance, especially if you are no longer working in that job.
For a university student in Australia, the government understands that you might only be working casually, part-time, or even juggling a low-paying full-time job. Hence, if this is the case, you may be eligible for a super co-contribution from the Australian government.
Find out more about your eligibility for super co-contribution.
Working part-time in Australia not only broadens your study experience but also allows you to take the first step toward planning for your future and a retirement plan. If you are looking for student accommodations in Adelaide or Melbourne, Australia, you should consider living in Y-Suites. Our Waymouth Suites in Adelaide and A’Beckett Suites in Melbourne are located near cafes, restaurants, and even malls, making it easy to look for part-time jobs nearby. As we support communal living, we have weekly community events that you can participate in and ask your peers questions about claiming your superannuation.
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