The superannuation fund was established in Australia in 1983 via an agreement between the government, employers, and trade unions to allow workers to accumulate funds for retirement. Employers have mandatory contributions based on employee wages. Employees are encouraged to supplement their funds with voluntary contributions. The program is similar to the 401K accounts and individual retirement accounts (IRAs) in the United States. The access age for superannuation funds is sixty. There are several companies that handle the funds. Selecting the right one is key to seeing the funds grow via investments, competitive products, simple benefits, and low fees.

There are some companies that specialize in the needs of small businesses. Managing Small business Super funds requires a focus on maximizing benefits for employers and employees instead of shareholders. Members can make their money work for them to achieve financial goals for retirement. Investments, insurance plans and extended benefits are provided to members of the company. Expert advice on financial matters, access to discounted loans and credit cards, as well as support staff available to answer questions are just some of the benefits of membership. Small business owners should compare fees, previous returns on investments, and the options available for employees.

Navigating funds can be confusing and difficult if finance is not the focus of the business. Small business owners have plenty to do to keep the business operating, competing, and thriving. Handling retirement funds is a full time job so it is wise to let an experienced company complete that ongoing task. Spend time and talents running the business and leave the finances to experts. It is also a way to ensure regulations and contribution amounts are met consistently. A standard choice form, for example, has to be provided for new employees within twenty-eight days of beginning employment. The employer has to select a default fund into which to pay contributions until a specific find is chosen by the employee. The selected super company can guide both employer and new employees through that process to make sure paperwork is filled out properly and contributions are directed to the right place. The amount of voluntary contributions from the employee also have to be documented.