Understanding Superannuation: Eligibility, Benefits, and Calculation Explained

Hi,

Can you please guide me and give the information for the questions below:

1. What is superannuation?
2. What are the eligibility criteria to be entitled to superannuation?
3. If a person works for 4.5 years and resigns, are they entitled to receive the benefit?
4. What is the basis for calculating superannuation?

Regards,
RC

Hi, Superannuation is a salary component. It means an investment vehicle which operates primarily to provide benefits for retirement. Superannuation savings are usually made through trust funds and if these funds meet prescribed government standards, they are eligible for tax concessions. In simpler words, it's setting aside funds during working life for use as retirement income. You could refer to the link below for more details: [http://www.taxmann.com/TaxmannDit/Displaypage/dpage2.aspx?md=24&t](http://www.taxmann.com/TaxmannDit/Displaypage/dpage2.aspx?md=24&t) yp=cn&yr=2007&chp=302. Hope this helps you. Frankly speaking, I have not gone through the link, but the site has a lot of information about taxes. Regards, Kanupriya