Frequently Asked Questions (FAQ)
About Super Rewards
Super Rewards is an online shopping platform where retailers pay you cash rewards into your super. This is our way of monetising some of the $2.2 trillion of unpaid work that occurs in Australia, the majority of which is done by women.
Traditionally, money for your super came from your employer, or you. This setup works best for people who are in the workforce but doesn’t work well for people who are not working or are on low incomes.
Super Rewards has created a clever way to get money into your super account, and it’s free to join. We’ve partnered with over one hundred retailers who’ll pay money into your super every time you purchase online through the Super Rewards platform.
You can now be rewarded for the online shopping you’ve already been doing in your daily life and start building a more comfortable retirement at the same time.
We’ve partnered with great retailers to make sure you’ll be rewarded whenever you shop through Super Rewards. All of these retailers care about the superannuation gap and want to see it disappear. It is these retailers that are giving the cash rewards when you shop via Super Rewards. It is their way of rewarding you for being a loyal customer and of helping you achieve a more comfortable retirement.
Each time you shop online with Super Rewards, you’ll earn cash back and we’ll transfer that cash straight into your super. This way you’ll be increasing your super without having to contribute with your own hard-earned money.
Contributing small amounts to your super over time makes a big difference, thanks to the magic of compound interest.
There are two kinds of contributions that can be made to your super fund:
Concessional – This is a pre-tax contribution. It includes the Super Guarantee (currently 9.50%) that your employer pays into your super, and any salary sacrifice amounts. Concessional contributions are taxed at 15%.
Non-Concessional Contributions – These are after-tax contributions that you deposit directly into your super.
There are limits to the amount of money you can put into super each year based on the type of contribution:
|Concessional||$25,000||If your super balance is less than $500,000, you can carry forward the unused portion of your concessional contributions caps on a rolling basis for 5 years.|
|Non-Concessional||$100,000||If your balance is less than $1.4 m, you can make use of three years worth of caps at once and add $300,000 to your account.|
Super Rewards are non-concessional contributions.
ASFA estimates that to live a ‘comfortable’ retirement a single person needs $545,000 and a couple need $640,000. Importantly, this assumes that you own your home, i.e. no rental or mortgage payments will be made once you retire.
According to ASFA, men retire with an average super balance of $270,710 and women with an average super balance of $157,500. Everyone needs more super to have a comfortable retirement, particularly women. Super Rewards is a great way to grow super and improve your financial outlook.
Super Rewards has been designed for women, as women are more disadvantaged economically, and currently retire with 58% as much super as men; please refer below to our reference materials.
However, we recognise there are many sectors of the community who could benefit from Super Rewards and so Super Rewards is open to any gender.
Below are some statistics about women and their retirement, with a link to each source:
- Women retire with 58% as much super as men
- 40% of single women enter retirement in poverty
- The fastest growth in Homelessness Australia is the 55 year old woman
- The value of the unpaid economy each year in Australia is $2.2 trillion, of which childcare alone is $345bn
- The gender pay gap is 21.3% by total remuneration
- Women make up 68.5% of all part-time employees and 37% of full-time employees
- The cost of two children in full-time childcare is greater than the average woman’s salary (source: Average weekly earnings $1409.00 per week. After tax $1085.45, source ABS (2018) ATO (2018). National Average Weekly cost per Child $512.35 (Care for Kids, 2018)
No, Super Rewards is not a super fund. We provide a way for you to shop online and earn cash rewards for your super. We’ll pay your Super Rewards into your super fund or self-managed super fund.
Super Rewards is an authorised representative of Shartru Wealth (ABN 46 158 536 871 and AFSL 422409). We are authorised to provide general advice on superannuation and are regulated by the Australian Securities Investment Commission (ASIC). You can read more in our Financial Services Guide.
How it works
Yes, Super Rewards works with any super fund, including self-managed super funds. Once you earn your Super Rewards, you can transfer them into your existing fund.
You can start earning Super Rewards in just a few steps:
- Sign up online at super-rewards.com.au
- Login to your Super Rewards account and start shopping
To start shopping, simply login to your Super Rewards account. There you’ll see a list of the current offers from our retail partners. To view all offers, click on the menu heading “Retailers”.
Once you see an offer you like, click on “Shop”. A new window will open and you’ll see the retailer’s website.
When you’re on their website, just shop as usual – you don’t need to do anything special or enter any coupon code.
Once the purchase has been made, you’ll see the reward amount in your Super Rewards account. The amount may initially be shown as “Pending”. You should be able to view the transaction in your account within 2-7 days.
Yes, you can shop as you normally would on your mobile as well, just make sure you do so via the Super Rewards platform. That way, you’ll continue earning Super Rewards with every purchase.
Super Rewards is free to join.
We take a percentage of each cash reward from the retailer; this is known as a referral commission. All cash reward offers and amounts you see in your Super Rewards dashboard are net of the referral commission. This means that if the cash back offered on Super Rewards is 7.50%, this is net of our referral commission and you’ll receive the full 7.50%.
Super Rewards can be used by anyone who is between 18 and 65 years old. For those outside this age range certain restrictions apply:
- If you are younger than 14 and 9 months, or 75 or older: You cannot use Super Rewards as you are not able to make contributions to your super
- If you are between 14 and 9 months, and under 18: You can use Super Rewards if you are working at least 30 hours a week and are eligible to contribute money to your super
- If you are over 65 but under 66: You can use Super Rewards if you meet the Work Test or have a super balance of less than $300,000
- If you are over 66 and under 75: You can use Super Rewards if you meet the Work Test
No, Super Rewards is currently only available to those living in Australia.