Did you know many Australians adopt a ‘set and forget’ approach to checking their superannuation balance, potentially losing significant amounts of money due to underperformance or high fees?
In fact, with employers required to contribute 11.5% of your earnings into superannuation, thousands of dollars could flow into your account that you’re not monitoring. Significantly, these contributions, administration costs, investment management fees, and overall fund performance directly impact your retirement savings.
We understand that the process of how to check superannuation balance might seem complicated, but it doesn’t have to be. We’ve covered you whether you’re wondering how to check how much superannuation you have or need help understanding your superannuation statement or to check your super balance.
This guide will explain the steps necessary on how to check superannuation balance online, understand your statements, and ensure you’re getting the most from your retirement savings. Let’s help you take control of your super today!
Understanding Your Superannuation Statement
Your superannuation statement provides a snapshot of your retirement savings and helps you track how your money is performing. Understanding this document is essential for managing your retirement planning effectively.
Key information on your super statement
Once you learn how to get superannuation statement, check that your basic details are correct and up to date. Furthermore, verify that your tax file number is registered with your fund to avoid unnecessary taxation.
The statement typically displays your opening and closing balances for the financial year, showing contributions and net investment earnings that affected your total. Specifically, examine whether your employer has paid 11.5% of your ‘ordinary time earnings’ into your account. These contributions should be made at least quarterly, although many employers contribute more frequently.
Additionally, check for any insurance coverage provided through your super and consider whether it meets your current needs or if adjustments are necessary.
How to read the investment performance section
The investment performance section shows how your chosen investment options have performed. Importantly, super funds typically report returns in different ways:
- Gross Investment Return: The return before any fees, costs or taxes are deducted
- Net Investment Return: The return after investment fees, transaction costs and taxes but before administration fees
- Net Return: Also called Net Benefit, this represents the return after all fees, expenses and taxes
When assessing performance, compare your fund’s returns over more extended periods such as 3, 5, or 10 years against benchmarks to better understand its performance. Remember that short-term fluctuations are expected, while long-term trends provide more meaningful insights.
Decoding fees
Your statement will list various fees that affect your retirement savings. According to research, a fee increase of just 0.5% can reduce a typical worker’s retirement balance by approximately 12%.
Standard fees include administration fees (for account management), investment fees (for managing investments), and transaction costs (for buying and selling assets). Most super funds charge administration fees as either a fixed amount, a percentage of your balance, or a combination.
Many fees are deducted directly from your account balance and appear in your transaction history, whilst investment fees are typically deducted before returns are calculated and applied to your account.
By thoroughly understanding your superannuation statement, you’ll be better positioned to make informed decisions about your retirement savings.
How to Check Super Balance Online
Nowadays, checking your super balance online is far easier than waiting for your annual statement. With digital tools at your fingertips, monitoring your retirement savings has never been more convenient.
Setting up your super fund online account
Initially, you’ll need to register for online access to your super fund. Most super funds offer this service through their website. To set up your account, you typically need your member number (found in correspondence from your fund), name, and date of birth. Following verification, you will need to create a password and get a verification code by email or SMS to finish the registration process. After setting up, you can view your balance, track contributions, and manage investments.
Using the MyGov portal to check your balance
The Australian Taxation Office (ATO) online services through myGov provides a comprehensive view of your superannuation statement. To access your information:
- Sign in to myGov and select “Australian Taxation Office.”
- Select “Super” from the top menu
- Choose “Fund details” to see all your super accounts and balances
- Select “Information” then “Employer contributions” to view year-to-date employer contributions
Moreover, myGov allows you to find lost super, compare funds, and consolidate multiple accounts.
Mobile apps for tracking your super
Many super funds offer dedicated mobile applications for easier account management. These apps typically include features such as:
- Viewing your current balance and transaction history
- Monitoring investment performance over time
- Setting up notifications for contributions
- Updating personal details and beneficiaries
Examples include the AustralianSuper app, which allows balance tracking and insurance updates, and the Super Tracker app, with its MyTracker feature for setting retirement goals.
Security tips for online super access
Since your super represents significant savings, protecting your online access is crucial. Key security practices include:
- Using a strong, unique password or passphrase
- Enabling multi-factor authentication where available
- Regularly updating contact information
- Logging out after each session
- Keeping device software and apps updated
- Never sharing your login details with others
Alternative Ways to Check How Much Super You Have
While digital tools are increasingly popular, traditional methods for how to check superannuation balance online remain vital for many Australians. These alternatives provide essential options for those who prefer speaking with a real person or lack internet access.
Contacting your fund by phone
The telephone remains an effective way to check how much superannuation you have. To use this method:
- Find your fund’s contact number on their website or your latest statement
- Prepare your details before calling, as you’ll need to verify your identity
- Call during business hours (typically 8:00 am-7:30 pm AEST, Monday to Friday for most funds)
When phoning your fund, you must establish your identity before they can discuss your account details. In addition to your member number, be prepared to confirm details from identity documents such as your driver’s licence, Medicare card, or passport. Some funds offer voice authentication as a secure verification method to streamline this process.
Notably, many super funds provide dedicated hotlines for different account types:
- General Member Hotlines (like 1300 300 820)
- Employer Services (such as 1300 304 947)
- Retirement-Specific Services (e.g., 1300 017 589)
For international callers, funds typically provide specific overseas numbers (e.g., +61 7 3516 1009 or +61 3 9131 6373).
Visiting a branch in person
Despite the convenience of remote options, visiting your super fund in person offers distinct advantages. Face-to-face discussions often provide:
- Personalised attention to complex queries
- Immediate assistance with forms and documentation
- Opportunity to receive printed statements and materials
Before visiting, check your fund’s website for branch locations and opening hours. Appointment bookings are often required, particularly for detailed investment options or retirement planning discussions.
Bring photo identification, tax file number, and member details when visiting. Yet, it’s worth noting that not all super funds maintain physical branches, so confirm availability beforehand.
Though sometimes overlooked, these traditional methods remain essential for checking your superannuation balance, particularly for those seeking personalised service or facing digital barriers.
What to Do After Checking Your Superannuation Balance
Once you’ve mastered how to check how much superannuation you have, taking appropriate action is essential to maximise your retirement savings. Following these crucial steps will help ensure your super works effectively for your future.
Verifying employer contributions are correct.
Your employer must pay 11.5% of your ‘ordinary time earnings’ into your super account every three months. After checking your balance, examine your transaction history to verify these payments. Your payslip should show super contributions, which you can match against your super account deposits. If discrepancies exist, first contact your employer directly. For unresolved issues, report the matter to the Australian Taxation Office (ATO).
Checking for lost or unclaimed super
Super funds and the ATO currently hold billions of dollars in unclaimed and lost super. If you’ve changed your name, address or job, you might have lost track of some accounts. To find this money:
- Log in to myGov and link to the ATO
- Select ‘Super’ then explore the ‘Information’ section
- View details of all your accounts, including lost or forgotten ones
- Identify any ATO-held super waiting to be claimed
The ATO holds super when your fund, employer, or the government cannot find an account to deposit your super into.
Consolidating multiple super accounts
Having multiple accounts means paying multiple fees that reduce your retirement savings. Nevertheless, before consolidating:
- Compare fees, performance and features across funds
- Check if you’ll lose benefits like insurance cover
- Confirm whether transfer fees apply
- Consider if the timing is right for redeeming investments
Once decided, you can consolidate through myGov by selecting ‘Transfer super’ under the ‘Manage’ option.
Setting up regular balance notifications
Regular monitoring helps you stay engaged with your super performance. Many funds offer balance alert services through their online portals or mobile apps. Consequently, you can receive notifications when contributions are made or your balance reaches certain thresholds. These alerts help ensure employer contributions are deposited correctly and allow you to track investment performance throughout the year.
Conclusion
Regular monitoring of your superannuation balance is essential for securing your financial future. Properly understanding statements, online portals, and alternative checking methods can help you maintain complete control over your retirement savings.
Most importantly, knowledge about your super balance enables smart financial decisions. After checking your balance, take action to verify employer contributions, find lost super, and consider consolidating multiple accounts. These steps will help maximise your retirement savings while minimising unnecessary fees.
Remember, superannuation represents one of your most significant financial assets. Regularly checking your balance, understanding your statements, and acting on any discrepancies will ensure your super works effectively for your retirement goals. Start today by implementing the methods outlined in this guide to secure your financial future.
How can I check my superannuation balance online?
Log into your super fund’s website or mobile app. Alternatively, you can use the MyGov portal by signing in, selecting the Australian Taxation Office, and then choosing ‘Super’ to view your fund details and balances.
What should I look for on my superannuation statement?
Key information to review includes your details, opening and closing balances, employer contributions, investment performance, and fees charged. Ensure your tax file number is registered and verify that your employer has paid 11.5% of your earnings.
Are there alternative ways to check my super balance?
You can contact your super fund by phone or visit a branch if available. For in-person visits, bring photo identification and your member details.
What should I do after checking my superannuation balance?
After checking your balance, verify that employer contributions are correct, search for any lost or unclaimed super, consider consolidating multiple accounts if you have them, and set up regular balance notifications to stay informed.
How often should I check my superannuation balance?
While there’s no set rule, checking your balance regularly, perhaps quarterly or at least annually, is advisable. Regular monitoring helps you stay engaged with your super performance and ensures timely action on any discrepancies or opportunities to optimise your retirement savings.