How to Check Your Superannuation Balance

Superannuation, often referred to simply as “super,” is Australia’s national retirement savings system. It requires employers to contribute a percentage of an employee’s earnings into a superannuation fund, which then invests these funds to grow over time. This system is designed to help individuals accumulate sufficient savings to support themselves financially in retirement, reducing reliance on public pensions. Regularly checking your super balance is an important step in managing your financial future, allowing you to monitor your retirement savings and ensure contributions are being made correctly.

Using MyGov to View Your Super

MyGov is the primary digital gateway for Australians to manage government services, including superannuation. To access your superannuation information, create a MyGov account and link it to the Australian Taxation Office (ATO). This linking process involves signing into MyGov, navigating to “View and link services,” selecting the ATO, and verifying your identity with personal details and tax record questions. If you cannot answer the verification questions, the system might guide you to obtain a linking code from the ATO.

Once linked, sign in and select the ATO service to access your superannuation details. Within ATO online services, navigate to the “Super” section for a comprehensive overview of your accounts. This includes details of all super funds associated with your Tax File Number (TFN), showing current, lost, or unclaimed super. The portal also displays employer contributions, personal contributions, and your total super balance, though balances may not always be real-time as funds typically report to the ATO annually with a June 30 balance.

MyGov also helps identify and track lost or unclaimed superannuation, which can occur if you change jobs, names, or addresses without updating your super fund. The ATO holds these funds on your behalf if a super fund cannot contact you or if an employer cannot locate an active account for contributions. While MyGov provides a centralized view, it might take up to six months for recently opened super accounts to appear.

Checking Directly with Your Super Fund

You can also obtain detailed and often more current information directly from your super fund. Most super funds offer online member portals or mobile applications to access your account information with provided credentials. These platforms typically display your estimated balance, investment returns, contributions, and fees.

Another common method is reviewing your annual superannuation statement, which funds are legally required to provide. Issued between September and December, these statements detail your balance, investments, fees (administration, investment, transaction), and insurance coverage. While comprehensive, these statements reflect your balance as of a specific date, typically June 30, and may not show your current balance.

For direct inquiries, you can contact your super fund via their customer service phone line or email. When contacting them, provide your superannuation member number and personal identification details like your full name, date of birth, and address for verification. This direct contact can be useful for questions about specific transactions, investment options, or insurance policies held with that fund.

Consolidating Multiple Super Accounts

After checking your super balance, you might discover you have multiple super accounts, often a result of changing jobs over time. Consolidating these accounts into a single fund can reduce duplicate administration and investment fees, simplify management, and provide a clearer overview of your investment strategy. Each super account typically incurs its own set of fees, and by combining them, you avoid paying multiple sets of charges that can erode your retirement savings.

One of the most straightforward ways to consolidate your super is through your MyGov account, provided it is linked to the ATO. Within the “Super” section of ATO online services, you will find an option to “Transfer super” if you have multiple accounts. This feature allows you to select accounts to transfer funds from and into your chosen super fund, typically facilitating the transfer of entire account balances. The ATO then handles the rollover process, which usually takes a few days.

Alternatively, you can initiate a super consolidation directly through the super fund you wish to keep. Your chosen super fund can often facilitate the rollover of funds from your other accounts into theirs. Before consolidating, consider potential impacts like loss of insurance coverage tied to other funds, or any applicable exit fees. Also, inform your employer of your chosen super fund to ensure future contributions are directed correctly.