The people involved¶

Superannuation is a team effort. Money is put aside for your retirement, but several different people and organisations each play a part in getting it there and looking after it along the way.

There are four main players — you (the member), your employer, your super fund, and the Australian Taxation Office (ATO). Knowing who does what makes the whole system much easier to follow.

In one line

You own the super, your employer must pay it, your super fund holds and invests it, and the ATO oversees the system and holds lost or unclaimed super.

Why this matters¶

When something about your super needs sorting out, it helps to know who to turn to. A question about your balance goes to your fund. A question about whether your employer has paid can involve both your fund and the ATO. Understanding the roles saves you time and confusion.

What you will learn¶

The four main players in the super system
What the member, employer, super fund and ATO each do
Who holds and invests your super, and who oversees it

Understanding the concept¶

You — the member. The super is yours. In super, the person the money belongs to is called the member. You choose which fund your super goes into (in most cases), you can usually choose how it is invested, and one day you get to use it in retirement.

Your employer. If you are an eligible employee, your employer must pay super for you. The ATO calls this the super guarantee — a compulsory amount your employer pays on top of your wages, into a super fund. Your employer works out the amount and sends it to your fund.

Your super fund. The fund is the organisation that holds your super and invests it for you. It keeps your money safe, invests it so it can grow over time, takes out any fees and insurance premiums, and reports your balance to you. The fund is where your super actually lives.

The ATO. The ATO oversees the super system. It makes sure employers meet their super obligations, and — as the ATO explains — if an employer does not pay, the ATO can step in to collect the amount owed. The ATO also holds some super itself: money that has become lost or unclaimed can be transferred to the ATO until you claim it or move it to your fund.

For accountants & bookkeepers

The employer's obligation is the super guarantee, paid to a complying fund via SuperStream. Where an employer fails to pay in full and on time, the ATO describes the super guarantee charge as the mechanism it uses to recover the amount, which it then directs to the employee's super. The ATO also becomes the temporary holder of unclaimed super money until the member consolidates it.

Example¶

Aisha starts a new job. Her employer works out her super guarantee each pay and pays it into Aisha's chosen super fund. The fund receives the money, invests it, and shows the balance when Aisha logs in. Years earlier, Aisha had a casual job whose small super account she forgot about. That old account went quiet and was eventually transferred to the ATO as unclaimed super. When Aisha checks the ATO's online services, she finds it and moves it into her current fund — so all four players have played their part.

Common misunderstandings¶

Thinking the employer holds your super — the employer only pays it; the fund holds it.
Thinking the ATO invests your super — the fund invests it; the ATO oversees the system.
Assuming lost super is gone for good — it is often simply held by the ATO, waiting to be claimed.

How this works in myaccountant¶

In the app — for employers, myaccountant stores each employee's chosen super fund details, checks them, works out the super owed on every pay, and pays it to the funds. Employees can see the super paid for them in the employee portal. myaccountant is not a super fund itself — it does not hold or invest your super; your super fund does that.

Key points¶

The member is the person the super belongs to — that is you.
Your employer must pay the super guarantee into a super fund for you.
Your super fund holds your money and invests it to grow over time.
The ATO oversees employer obligations and can collect unpaid super.
The ATO also holds lost or unclaimed super until you claim it.
Knowing the roles tells you who to contact when a question comes up.

Learn next¶

General information only — not tax, super or financial advice.

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