Establishing a superannuation fund is necessary not just for retirement, but also to ensure an individual is being fairly compensated as per their agreement with an employer and/or a company.
When a lodgement has been made, officials at the Australian Taxation Office are able to identify accurate figures that an employee is receiving. This is because unlike a tax return, a superannuation lodgement will have a case officer investigating the funds received from one employer/firm, and will be able to calculate the annual income of an individual based on the 9.5% superannuation fund that has been delivered by an employer.
It is important that applicants of sponsored visas (482, 186, 187, etc) have already established their superannuation funds. This is to ensure individuals have been compensated fairly in relation to their agreed contracts with employers.
For example, if an individual with a superannuation fund wanted to apply for an RSMS visa, he/she would find it very helpful as Government Officials would be able to look into superannuation funds received and identify whether the candidate had been receiving a salary of $53,900 or upwards, consistently for three years, and hence accept their application.
Despite the superannuation being held at 9.5%, there were plans to increase this to 12 % by 2025, although the Productivity Commission last year urged the Government to conduct a review before increasing the superannuation guarantee rate.
Why Superannuation is important for your visa
