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About Essential Super

Features for employers

  • Set up and manage quickly and simply in NetBank; enabling you to meet your super guarantee obligations easily.  
  • Make super contributions in NetBank easily, with a dedicated page for superannuation payments.
  • Essential Super is a MySuper compliant product that can be used as a default fund for your business.  
  • No fees for your business and your employees benefit from easy to understand, competitive fees.
  • No decisions for you; your employees are defaulted in to age-based investment and insurance options.
  • Our consolidation Concierge Service is available for your employees who have super elsewhere.
  • Essential Super also has a Gold rating from SuperRatings.

Setting up Essential Super

It's easy to set up an Essential Super account for your business - simply log on to NetBank via the link below or visit any CommBank branch.

Once you’ve set up an Essential Super account for your business, you can create new super accounts and process super contributions for your employees alongside your business banking in NetBank. Just follow these three simple steps to get started.

1. Log on to NetBank

NetBank makes it easy to meet your employer super obligations and manage your business cash flow in one place.

2. Add employee accounts

Simple on screen instructions will guide you to easily add new employee super accounts.

3. Make super contributions

Once your employees’ new Essential Super accounts show in NetBank, you can start making contributions.

Features for your employees

Not only is Essential Super easy for employers, it benefits employees too. Once their account has been created, employees can manage their account simply in NetBank. Other features include:

  • An account with competitive fees and no hidden charges.
  • A dedicated helpline for all their queries.
  • Convenience of checking balances anytime in NetBank and making extra contributions when it suits them.
  • Your employees will be invested in the default MySuper Lifestage product based on their age. Each lifestage option has an investment mix for people of a similar age, designed by a team of experienced investment professionals. We also offer three other investment options for your employees to choose from.
  • Your eligible employees will be automatically approved for Death and Total Permanent Disability (TPD) cover at a level matched to their age:
    • No medicals required (provided they have money in their account within 120 days of opening it).
    • Flexibility to change or cancel their cover at any time.

Your super obligations

  • You must pay at least 9.5% of your employee’s salary into their super fund if they are eligible to receive super guarantee contributions (until 30 June 2016)
  • The minimum payment is increasing incrementally to 12% by 2025
  • To avoid penalties, employer super guarantee contributions must be made before the quarterly cut-off dates set by the Australian Taxation Office
  • You also need to follow the SuperStream standard for super payments — from 1 July 2015 (if you have 20 or more employees) or 1 July 2016 (if you have fewer than 20 employees).

Australian businesses generally are required to select a default fund. A default fund is a super fund chosen by an employer, for the purpose of making super guarantee payments for employees who have not selected a preferred fund (by completing a super fund - standard choice form available from the ATO).

Once you have set up Essential Super as your default fund, you can easily join all your new employees to ensure you don't miss a cut-off date for any super guarantee payments.

From 1 January 2014 default funds need to comply with the MySuper requirements. Essential Super is a MySuper compliant product.

Employers are not liable for the performance of the super fund they choose on their employee's behalf as their default fund.


Date you need to pay your employees’ super contributions


28 October


28 January


28 April


28 July

Essential Super for business

Save time on super in NetBank

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Important information

Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the trustee and issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. This information is not financial product advice and does not take into account any person’s individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) for Commonwealth Essential Super and consider talking to a financial adviser before deciding whether to acquire or continue to hold this product. Click here to download the PDS, collect one from any branch of the Commonwealth Bank or call us on 13 4074 and we’ll post one out to you. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’). The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries.  An investment in Essential Super is subject to risk, loss of income and capital invested.