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Hannah June

The AMP survey suggests that Hannah will live to 95 years of age
(AMP, n.d.), and the Super preservation age calculator shows us that
Hannah can access her Superannuation at the age of 60 (ASIC,
2015). Hannah has 44 years to build up her super until the expected
retirement age. Hannah is not eligible for superannuation guarantee
contribution from her employer because she is not over 18 and/or
shes under 18 however doesnt work 30 hours a week (ASIC, 2014).
Although Hannah still makes her own individual monthly
contributions into her super fund and because Hannahs salary is
under A$30,488 she is entitled to the maximum co-contribution of
A$500 from the government. This means the government will
provide an extra 50% of every A$1 Hannah contributes to her super
fund after tax, however the maximum the government can provide
is A$500 (ASIC, 2014). The ATO can only do this because Hannah
provided her tax file number to her super fund (ASIC, 2014).
Hannah has chosen to go with a commonwealth retail super fund
(CommonWealth Bank, n.d.) as it has a huge variety of investment
options that Hannah can switch through depending on which
investment benefits her best in that stage of life (ASIC, 2015), also it
is an accumulative fund meaning that Hannahs super will grow from
the money invested (ASIC, 2014).
The only time Hannah is eligible for superannuation guarantee
contribution is when she works everyday for the whole week leading
up to Christmas. Hannah ends up working 30 hour that week and so
her employer was required to contribute 9.5% of her ordinary time
earnings into her super (ASIC, 2014). When this happens her
employer has to also do loading (extra pay (often up to 20 per cent
extra) on top of the normal full-time rate to compensate casual
employees for lack of access to entitlements)