Superannuation Basics: A Simple Super Check-Up (Australia)

General information only. This article doesn't take into account your objectives, financial situation or needs, and isn't financial, tax or credit advice. Consider whether it's appropriate for you and, where relevant, read the PDS and TMD and talk to a licensed financial adviser or registered tax agent. Figures were checked against official sources on the date shown and can change.

The short version

Your super is invested for decades, so small things like fees, the investment option and duplicate accounts can make a real difference.
Link myGov to the ATO to see all your super accounts, including lost super.
Since 1 July 2026, employers must pay super every payday under Payday Super. The minimum is still 12% of eligible earnings.
Before you combine accounts, check the insurance. Closing an account can cancel its cover.
Your will doesn't automatically decide who gets your super. Check your beneficiary nomination.

If you work in Australia, you probably already own investments, even if you've never bought a share. They're sitting in your superannuation account. For many people, super ends up being one of the biggest assets they'll ever have.

And yet super is easy to ignore. You can't touch it for decades, the statements are long, and the jargon is thick. The good news is that you don't need to be an expert to give it a basic check-up. Most of it can be done from your phone in one sitting with a cup of tea.

Super in one minute

Your employer pays into it. If you're an eligible employee, your employer must pay at least the super guarantee into your fund. According to the ATO, that's 12% of your qualifying earnings. Some employers pay more.
It's paid on payday now. Under Payday Super, from 1 July 2026 employers must pay super at the same time as wages. Moneysmart says payments should reach your account within 7 business days of payday. The ATO allows longer in some situations, such as a new employee's first contributions.
It's invested. Your fund invests your money in a mix of assets such as shares, property, bonds and cash, depending on your investment option.
It's generally locked away. In most cases you can't access it until you reach preservation age and retire, or meet another condition of release. Strict rules apply.
It's taxed differently. Super generally gets concessional tax treatment. The details are complex, so the ATO is the place to check specifics.

The super check-up: 8 steps

1. Find all your super

Changed jobs a few times? You may have more than one super account, and each one may be charging fees. The simplest way to see everything is to sign in to myGov, link the ATO, and go to the Super section. The ATO explains how in keeping track of your super online. You'll see your accounts, including any lost super or super the ATO is holding for you. Moneysmart's find lost super page has more help.

2. Check your employer is paying it

Payday Super makes this much easier. Because super should now usually arrive within days of each payday, you can compare your payslip with your super account regularly instead of waiting months. Moneysmart suggests downloading your fund's app and checking after each pay.

If a payment seems late or missing, Moneysmart suggests checking your fund account first, then asking your employer when and where they paid it. If it's still not sorted, you can report unpaid super to the ATO. Details are on Moneysmart's Payday Super page.

3. Make sure your fund has your details and TFN

Check that your fund has your current contact details and your Tax File Number. Without your TFN, your fund may tax some contributions at a higher rate and may not be able to accept personal contributions. While you're there, set up online access or the app if you haven't already.

4. Consider whether to combine accounts (carefully)

Combining, or consolidating, accounts can mean paying one set of fees instead of several. But before you roll anything over:

Check the insurance on each account. Closing an account usually cancels any insurance attached to it, and new cover can be harder or more expensive to get, especially if your health has changed.
Check for anything else you'd lose, such as features of an older or defined benefit fund.
Check which fund suits you best before choosing which one to keep.

Moneysmart's guide to consolidating super funds walks through it. Also worth knowing: when you start a new job and don't choose a fund, your employer will generally pay into your existing "stapled" fund instead of opening a new one. See stapled super fund.

5. Check your fees

Your annual statement shows the fees and costs you paid, usually as both dollar amounts and percentages. Fees come out every year for decades, so differences that look small can add up. The ATO's YourSuper comparison tool lets you compare MySuper products on fees and long-term net returns, and see how your own MySuper account compares. Past performance isn't a reliable guide to future performance, so treat it as one input, not the whole answer.

6. Check your investment option

Many people are in their fund's default option without realising it. That might suit you, or it might not. Options usually range from conservative (more cash and bonds, smaller ups and downs) to high growth (more shares, bigger ups and downs, and historically more growth over long periods, though with no guarantee). Your age, how long until you retire and how you'd feel about seeing your balance fall all matter. Moneysmart explains the choices in super investment options.

7. Check your insurance

According to Moneysmart, most super funds offer life cover, total and permanent disability (TPD) cover and income protection. Most funds automatically give life and TPD cover to members aged 25 or over. A few things to know:

Cover doesn't start automatically for new members under 25 or with a balance under $6,000, unless you ask for it (or your fund provides automatic cover for a dangerous job).
By law, funds cancel insurance on accounts that haven't received contributions for at least 16 months. Your fund should contact you first. If you want to keep it, tell them.
Premiums come out of your super balance, so cover you don't need costs you money, and cover that's too low may leave you exposed.

Moneysmart's insurance through super page explains the pros and cons.

8. Check who gets your super if you die

This one surprises people: your super doesn't automatically follow your will. Moneysmart explains that funds offer different kinds of nominations. A binding nomination requires the fund to pay your eligible nominated beneficiary, but lapsing binding nominations expire after three years unless renewed. A non-binding nomination only guides the trustee. Check what you have, especially after big life changes like a new relationship, a separation or a new baby. See who gets your super if you die.

Thinking about adding extra?

Because super is invested for a long time, small extra contributions, especially earlier in life, can make a noticeable difference by retirement. Common ways include salary sacrifice, personal contributions (which may be tax-deductible in some cases), the government co-contribution for eligible lower-income earners, and spouse contributions.

There are annual limits, called caps, and eligibility rules, and they change over time. Moneysmart's super contributions page and the ATO are the places to check current figures. And remember that money in super is generally locked away until retirement, so make sure your emergency fund and nearer-term goals are covered first.

Watch out for super scams

Super is valuable and often ignored, which makes it a target. Be very wary of anyone who offers to help you access your super early outside the legal rules, cold-calls you to "review" or move your super, or pushes you to set up a self-managed super fund to buy property or chase a special opportunity. Illegally accessing super can lead to serious penalties, and you could lose your retirement savings. Moneysmart's superannuation scams page lists the warning signs. If in doubt, contact your fund using the details on its official website.

Your 20-minute checklist

Sign in to myGov and link the ATO.
List every super account you have and note any lost or ATO-held super.
Compare your last few payslips with contributions in your fund.
Check your fund has your TFN and current contact details.
Note the total fees from your latest statement.
Look up your MySuper product on the YourSuper comparison tool.
Check your investment option and insurance cover.
Check, or make, your beneficiary nomination.

Super can get complicated quickly, particularly around insurance, contributions and tax. If you're unsure, your fund can explain your account, and a licensed financial adviser can give advice for your situation.

Frequently asked questions

How do I find all my super accounts?

Create a myGov account, link it to the Australian Taxation Office (ATO) and look under Super. The ATO's online services show the super accounts it knows about, including lost super and super the ATO holds for you, and you can transfer or consolidate from there.

How much super should my employer pay?

For most eligible employees, the minimum super guarantee is 12% of their eligible earnings, which the ATO calls qualifying earnings. Under Payday Super, from 1 July 2026 employers must pay super each payday, and in most cases it should reach your fund within 7 business days (longer in some situations, such as for a new employee). Some employers pay more.

Should I combine my super accounts?

Combining accounts can mean paying one set of fees instead of several. But check what insurance each account has first, because closing an account can cancel its insurance, and check for any other costs or features you'd lose. Moneysmart has a guide to consolidating super.

Does my will decide who gets my super?

Not automatically. Super is usually paid by your fund according to its rules and any nomination you've made. A binding nomination requires the fund to follow your instructions if it's valid, but some lapse after three years. Check what you have with your fund.

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Sources

Checked on 10 October 2026. Official sources are updated regularly, so follow the links for the latest figures.

Important information

This article provides general information only. It is not financial, tax, legal or credit advice and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for you, read the relevant PDS and TMD before acquiring any financial product, and consider seeking advice from a licensed financial adviser or registered tax agent. BARBAR is not a licensed financial adviser and does not recommend any particular financial product, fund or provider. Examples are illustrative only, not predictions or promises. Investing involves risk, including possible loss of capital, and past performance is not a reliable indicator of future performance. Rates, thresholds and rules change, so check the linked official sources for current information.

Superannuation Basics: A Simple Super Check-Up for Australians