Super is your money, and it’s yours to control. It’s never too early to think about super, and it’s a good idea to review your super regularly. Your super could be one of the biggest assets you’ll accumulate in your lifetime.
We have outlined 3 simple steps to get your super organised, and to keep it organised.
1. Check your details
Check your contact details are up to date with your super fund. If you’ve recently changed your name or moved, it’s a good idea to update these details. Having up to date contact details on your account is important so your super fund can keep you informed about any changes to your account.
It’s also important to check if you’ve provided your Tax File Number (TFN). If you haven’t added your TFN to your super account and you’re working, the contributions your employer makes to your account will be taxed by the government at the highest rate of 47%, ouch! However, declining to quote your TFN is not an offence.
If you have added your TFN, your super is generally taxed at the standard rate of 15%*.
Don’t know where to find your TFN? Here are some suggestions:
- Your myGov account
- Payment summaries from your employer
- Or call the ATO and they will be able to help you locate it
If you don’t have a TFN, you can apply for one from the ATO here. It’s free!
Another thing, you can only make personal contributions if you have added a valid TFN on your super account. If you don’t have one added, you could be missing out on government incentives.
*If your income exceeds $250,000 in a single financial year, you are classified by the Government as a “high income earner” and an additional 15% tax will apply to concessional contributions made in relation to the income that exceeds $250,000. Read more on the ATO website about tax on super.
2. Check your balance and employer contributions
It’s important to check your super balance to see how much you have and if you’re working, to keep track of your employer contributions. If you are under 18, you’ll need to be working at least 30 hours a week to be eligible for super. If you are over 18, you’re eligible for super regardless of how many hours you work.
Employers are required to pay super guarantee payments at least quarterly. The super guarantee deadlines are:
| Work period (quarters) | Payment deadlines |
|---|---|
1 July – 30 September | 28 October |
1 October – 31 December | 28 January |
1 January – 31 March | 28 April |
1 April – 30 June | 28 July |
You can find more about employer contributions here.
Professional Super sends members a notification each time their employers pay super into their account.
If you’re missing employer contributions, check with your employer that they have the correct details. For Professional Super members, we have a pre-filled form that has everything your employer needs to pay super. Head to the Tell my employer page, and you can either download the pre-filled form or send it directly to your employer!
3. Check for other super accounts and lost super
Having multiple accounts can lead to unnecessary duplicate fees. If you’ve ever changed jobs or previously had a few casual jobs before the stapling reforms came in on 1 November 2021, chances are you might have another super account or even lost super.
Consider consolidating your multiple super accounts into one fund, which means you’ll only be paying one set of fees^. If you’re not sure if you have other super accounts, there’s no harm in doing a search.
Professional Super has a feature called Find or combine my super, where you can search for other super accounts, as well as lost or unclaimed super. We have a step-by-step guide to help you with the process.
^Consider the impact of any loss of insurance cover or other benefits before closing any super fund accounts you may have. If you choose to only transfer part of an account balance, the account will remain open, and you could still be paying fees.
And it’s easy as that! You can do this super health check at any time. However, you could get into the habit of checking it every year, so you can stay on top of your super and have it organised.
Remember, Professional Super is here to help you along the way. If you have any questions, feel free to contact our Member Services Team.
