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 4 simple steps to check your super is 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%. 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
- Previous super statements
- 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 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.
Cruelty Free 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 Cruelty Free 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!
#If you are under 18, you’ll need to be working at least 30 hours a week to be eligible for super.
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.
Cruelty Free 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.
^ 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.
4. Check your nominated beneficiaries
Did you know that under Australia law, super isn’t covered in your will?
It’s important to make sure beneficiaries are nominated for your super in the event of your death.
Beneficiaries can be;
- Dependants
- Someone in an interdependency relationship with you
- Your Legal Personal Representative (LPR)
Find out more on who can be a beneficiary from the ATO here.
Cruelty Free Super has two types of nominations:
- Non-binding nominations
This nominates who you prefer to receive your super. If you make a valid nomination, the Trustee will take this into account but is not legally bound to follow it. - Non-lapsing binding nominations
This nomination gives you more certainty of who will receive your super. If you make a valid nomination, the Trustee must pay your super to the person(s) you have nominated. To make a non-lapsing binding nomination, the form must be signed and dated by two independent witnesses.
Both nominations do not expire and remain in place until they are cancelled or revoked. Cruelty Free Super members can nominate a beneficiary or cancel one by filling in the forms located on the member portal here.
If you’re not sure if you have a valid nomination in place, contact your super fund. Cruelty Free Super members can contact our Member Services Team (find our contact details here).
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.
Remember, Cruelty Free Super is here to help. If you have any questions, feel free to contact our Member Services Team.
