Australia’s screen industry is a powerhouse. It reflects our unique culture while employing more than 55,000 people, with almost half (26,808) working in the production sector, according to Screen Australia.
Yet the nature of screen work is often precarious due to uncontrollable forces including exchange rates, shifting government production subsidies, and (more recently) US industrial action.
Retirement planning is rarely given a thought given the challenge of finding the next job. The result is many self-employed workers have lower super balances than full-time employees, who receive 11.5 per cent of their ordinary time earnings through the superannuation guarantee (SG) which is paid by employers.
Median superannuation balances ranked by employment type and age
Source: Retirement Income Review. Final Report July 2020. https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf Note: Balances from 2017‑18 taxation data. ‘Employee’ indicates those who solely earned salary and wage income. ‘Sole trader’ and ‘partnership’ income includes any person who earned income from running a non‑primary production business as an individual or in a partnership. Source: Data provided by the ATO for the review.
Consider whether super is included in your next contract
There are a range of different employment contracts on offer in the screen industry – not all include super.
Super is a key benefit for traditional employees, with the SG set to rise to 12 per cent from July 1 this year. Super contributions are taxed at a lower rate (15 per cent) than most other personal income. It can then grow quickly thanks to the benefits of compound interest over decades in a fund with a history of strong performance such as Media Super*.
If super isn’t included in your contract, you may consider whether these benefits make it worthwhile to make a voluntary contribution. The government applies annual limits to how much can be contributed to super.
The concessional contributions cap (which applies to employer contributions and personal contributions claimed as a tax deduction) rose from $27,500 in 2023-24 to $30,000 in 2024-25.
You can find a contributions calculator and a range of other retirement calculators at Media Super.
Consolidate super accounts and review investment options
Most working Australians have at least one super account. When you start a new job, your employer checks with the ATO to see if you already have a super account and contributes to it unless you give the employer a fund nomination form.
It’s worth checking whether you still have any lost super accounts or multiple funds online via your MyGov account or the ATO here.
Super should also be invested in the right investment option to maximise returns.
Growth-oriented investment options such as shares are more volatile over the short-term but have the potential to deliver higher returns over the long-term.
Each investment option offered by a super fund will list an expected return target and a Standard Risk Measure, which estimates the number of annual negative returns over a 20-year period.
Consider financial advice
Australia has a complex retirement system which relies on super (and other private savings), the government Age Pension, and home ownership. These factors are inter-related while many retirement decisions also have significant tax implications.
Quality financial advice can help maximise each component to build a comfortable retirement.
Media Super’s Member Advice Services team can help you understand your options and offer different levels of guidance depending on what you need.
Media Super is committed to providing the advice you need, when you need it and we will help you understand which level of advice is right for you.
For more information about Media Super Member Advice Services go to: https://www.mediasuper.com.au/tools-resources/member-advice-services?utm_source=if&utm_medium=editorial&utm_campaign=ms-acq.
*Media Super merged with Cbus on 9 April 2022 and as a result, pre-existing Media Super investment options were closed, and Media Super members were transferred to equivalent Media Super branded investment options under United Super Pty Ltd. The historical performance prior to this date relates to Cbus investment options and does not incorporate the performance of Media Super. Media Super members received a Successor Fund Transfer Exit Statement prior to merging with Cbus, detailing the performance of their Media Super investment options. Past performance is not a reliable indicator of future performance.
This information is about Media Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide what’s right for you. Call 1800 640 886 or visit mediasuper.com.au.
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 offering Media Super products (Media Super).