Over the course of your entire career, it’s easy to lose track of super along the way. Take a few minutes to find your lost super today, and thank yourself tomorrow.
Tracking down your super is a simple process with potentially great rewards.
You might discover unclaimed super out there with your name on it, or realise you are unnecessarily losing money to multiple sets of fees.
By following a few easy steps, you can create a single, strong fund and make the most of your super.
Track down your super
If you have moved address, changed names, or held multiple jobs, there is a good chance you have lost super somewhere along the way.
Luckily, you can view and manage your active superannuation funds easily with the Australian Tax Office (ATO) via myGov.
The first thing you need to do is create online myGov and ATO accounts.
To start retrieving your lost super, simply follow these steps:
- Visit the myGov website.
- Create a free account.
- Log in and choose the ‘services’ tab.
- Click the green link symbol next to ‘Australian Taxation Office’.
- Enter the requested details to create an ATO account.
Once your ATO account is verified, select the ‘super’ dropdown menu in the taskbar to view all super accounts currently registered under your name.
Consolidate your super funds
Rolling your super accounts into one makes good sense. Not only will you avoid paying multiple fees, it will make managing your super easier.
Consolidating your super is relatively straightforward. Using your ATO account, you can transfer your super balance online.
It will take several months, but the ATO will complete the transfer for you. Before you empty any of your super accounts, check the terms and conditions to see if the fund will charge you an exit fee.
Super fund providers will also often be able to help you bundle your super, just contact them and ask.
Before you make any decisions, take the time to choose the primary fund that is right for you. You’re not restricted to the funds already open in your name.
Research which type of fund is most appropriate; you might decide to open a new industry super fund or explore the possibility of a self-managed super fund (SMSF).
Take control of your super
Once you have all of your super in the one place, you can start making the most of it. Monitor your super balance closely and make voluntary contributions when you can.
To ensure that your employer is paying you the right amount of super,visit the employer contributions calculator on the government’s Money Smart website.
You should always remember to:
take five minutes to update your super when you change your details
ask your employer if they can pay super contributions into your nominated fund, when you start a new job, and
consider consolidating your super again if your employer has a compulsory fund, or just take the extra time to check the statements for both accounts regularly.
Taking a little time now to track down and manage your super will pay off down the line. If you want to learn more about SMSFs, download an today.