super for your first job

Make sure your employer is paying your Superannuation Guarantee (SG) contributions

Your employer should be regularly contributing into your super account, as long as you’re earning over $450 per month. You can do this by checking with your superannuation fund. Employers sometimes make their compulsory contributions slowly, or not at all.

If you are not receiving your super contributions reminder your employer to do so, or consider reporting your employer to the ATO.

If you’re planning on making a lump sum contribution before the end of the financial year, make suer your employer contributions are current so you don’t go over the annual limits on contributions (caps).

Review your super fund – is it right for you?

You are likely to have your superannuation fund for many years to come, maybe that the only reason you have the fund you do is because it was chosen for you. It makes sense to examine your fund to make sure it’s right for you.

Evaluate the fees, the performance, the investment options, the insurance options, the beneficiary options, and the service and communication.

Think about putting extra money into super

Making extra contributions to super when you are young can have an immense benefit over time. This is due to the effect of compounding returns – helping you accumulate much more in super by retirement. Have a look at this superannuation calculator to explore further.

Even if money is tight, getting into the habit of making (even small) extra contributions will go a long way.

Find lost super

You can search for your lost super:

online using myGov

by phoning our lost super search line

by completing a paper form.

You can also ask your preferred super fund to conduct a search on your behalf.

If you have multiple accounts, think about consolidating them

Consolidating your super means moving all your super into one account. It makes your super easier to manage, and saves on fees. Before you consolidate, pick the best super fund for you. You can transfer your super for free in a few simple steps, via your super fund or myGov.

Consolidating your super can save you time and money.

Having all of your super in one account means you; save money by only paying one set of fees; have less paperwork; and can keep track of your super balance more easily.

Before you change out of a super fund, there are few things you need to do to make sure you don’t lose important things like insurance.

Check employer contributions: Check your current accounts to see if changing funds will affect how much your employer contributes. Some employers contribute more to certain funds.

Check your insurance cover: Before you leave a fund, check to see if you have any insurance through the fund. This might be life, total and permanent disability (TPD), and/or income protection insurance.

Tell your employer: Whether you choose a new super fund or one of your existing ones, give your employer the details they need to pay your super into your chosen account.

See if you’re eligible for the government co-contribution

The super co-contribution helps eligible people boost their retirement savings.

If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.

Evaluate your insurance cover

Super funds typically have three types of insurance for members:

– life (also known as death cover)

– total and permanent disability (TPD)

– income protection

When comparing the default insurance offered by super funds, look for:

– the premium rates

– the amount of cover

– any exclusions or definitions that might affect you

Check your cover to see whether your current cover is right for you.

Check to see how your super is invested

Your super fund invests your money for you. Most funds let you choose from a range of investment options, from conservative to growth.

It’s worth taking the time to check your options and decide what’s right for you. The options you choose can make a big difference to how your super grows.

You can find out about your fund’s investment options by checking its website or product disclosure statement (PDS).

Most funds allow you to change your super investment options online.

Learn about the First Home Super Savers (FHSS) Scheme

Explore the FHSSS to see if it can help you to save for your first home.