Employers, self-employed, employees and family members (on behalf of others) contribute to a super fund.
Contributions can be made to either of 3 types of fund accounts (you have choice of fund):
- Independent Large Super Funds – retail, industry, bank and financial institutions (APRA – Australian Prudential Regulatory Authority)
- Retirement Savings Accounts (RSA) banks, institutions (rare)
- Self Managed Super Fund (SMSF) you manage it (ATO – Australian Tax Office)
Self Managed Superannuation Funds are also known as:
- DIY Funds