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Super health check

Your super is one of the biggest assets you’ll accumulate in your lifetime.

However, many Australians think they don’t need to worry about their super until retirement. Some don’t think about it at all.

It's never too early to think about your super and the earlier you get on top of it, the better. It's a good idea to regularly review and manage your super. At the very least, make sure you:

Small decisions you make today can have big impacts on your final super outcomes.

For instance, missing out on some employer contributions today, could have a huge impact on your super balance in retirement due to the compounding effect of earnings. The same can happen if you have lost or unclaimed super.

Benefits of a super health check

A super health check consists of 5 simple and important things you can do to get on top of your super today. It will help you:

You can check on your super at any time. However, we suggest you get into the habit of doing a health check each year when you prepare your tax return.

Get started

To start, follow the prompts below or download the super health check from the ATO.

The best way to perform these checks is either on ATO online services through myGov or by contacting your super fund directly. You just need a myGov account linked to the ATO.

Once you link your myGov account, you can also use the ATO app.

Check 1: Check your contact details

Check your contact details and tax file number (TFN) are up to date with the ATO and your super fund. This helps prevent lost super and assists the ATO in matching any unclaimed super to you. It's also important to ensure your bank account details are up to date.

Log on to ATO online services through myGov. In the top menu, select My profile. From the drop-down options, select either:

To update your contact details and TFN with your super fund, see their website or contact them directly.

Check 2: Check your super balance and employer contributions

It's important to check your super balance each year to see how much you have and keep track of your employer contributions. You can do this anytime on ATO online services or through your super fund.

Your employer should pay your super at least every 3 months. They may choose to do it more frequently, such as your regular pay cycle. From 1 July 2022 to 30 June 2023, your employer should pay at least 10.5% of your salary into your super. From 1 July 2023 to 30 June 2024, the rate increases to 11%. If you’re under 18, you need to work more than 30 hours a week to be eligible for super.

Log on to ATO online services through myGov. From the top menu, select Super and then either:

For help calculating the amount of super your employer should be paying, use the ATO's Estimate my super tool. If you do not receive super contributions or the amounts are incorrect:

Check 3: Check for lost and unclaimed super

You may have lost track of some of your super when you changed your name, address or job, for example. This is why it’s important to ensure your fund has your current details.

Lost super is when your fund has lost touch with you, or your account is inactive. This money is held by your fund. Unclaimed super is when your fund transfers lost super to the ATO.

All your super accounts including lost and ATO held super are displayed on ATO online services.

Log on to ATO online services through myGov. From the top menu, select Super. Then select either:

Check 4: Check if you have multiple super accounts and consider consolidating

If you’ve had more than one job, you may have more than one super account. It's important to know how many super accounts you have. Combining your super may reduce fees and make it easier to manage.

If you decide to consolidate your super, it’s important to choose the fund that’s right for you. You should check that it provides better value, and the insurance cover suits your needs, which may change throughout your life. If you are unsure of what to do, contact your super fund or seek independent financial advice.

Log on to ATO online services through myGov. From the top menu, select Super then either:

Check 5: Check your nominated beneficiary

Take the time to ensure you have a valid death beneficiary nomination in place with your super fund as this isn't covered by your will. This means your loved ones will not be put through unnecessary difficulties to finalise your estate.

Most binding nominations expire every 3 years. Some super funds have an option where nominations do not expire and remain in place until they are revoked.

If you don’t nominate a beneficiary, your fund may not know who your benefit should be paid to. In these cases, they will follow the law. This usually means they pay it to one or more of your dependents or your legal personal representative.

To check or nominate your death beneficiary:

Contact Us Today.

Whatever your requirements, we can help you find the solution.

Unit 6, 1 Sigma Drive Croydon South, Australia VIC 3136

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