GN 01743.010 Overview of the Australian Social Security System
The Australian Social Security system provides retirement, survivors and disability benefits. In addition, Australian law mandates employer contributions to supplementary retirement plans under a program called Superannuation Guarantee (SG). Although the dual coverage provisions of the agreement apply to SG, the benefit provisions do not.
A. Description of the social security program
The Social Security program pays a flat-rate benefit that is means tested. If an individual's income and resources exceed certain limits the benefit is reduced or suspended. The Social Security program is administered by the Australian agency, Centrelink.
B. Description of the superannuation guarantee program
In 1992 Australia established the Superannuation Guarantee (SG) program of compulsory employer retirement contributions to private funds to supplement benefits payable under the Social Security program. Benefit amounts from these funds are based on the contributions and investment yield of an individual's account. The Australian Taxation Office provides Government oversight for the SG.