Super wellbeing review

Your superannuation is likely to grow into one of your most significant financial assets, so it’s worth giving it regular attention. While many people don’t think about super until they’re close to retirement, the decisions you make today, even small ones, can meaningfully influence your final balance. This is largely thanks to the compounding effect of investment returns over time.

The key takeaway? Take a moment to log in to your super account or review your annual statement. Staying informed helps you stay in control.

As advisers, we pick up a lot of important information from super statements that clients may not be aware of.

Important things to look for

• Ensure your personal details are accurate.
• Check where your portfolio is invested.
• Ensure your employer superannuation guarantee contributions are being received, and understand the other types of contributions you can make.
• Understand whether you hold insurance cover within your super fund.
• Ensure you have a beneficiary nomination in the event you pass away.
• Understand your fees.
• Find lost super.
• Check if you have multiple super accounts.

Keeping personal details up to date

Keeping your personal information current is essential, as incorrect details can lead to lost or unclaimed super. This includes your name, address, email address, mobile contact information, Tax File Number and bank account details. Updating this information through myGov (under ATO Online Services → My Profile) takes only a few minutes.

It’s also worthwhile checking your details directly with your super fund, as they rely on accurate records to manage your account and communicate with you.

Monitoring your balance and investment position

Reviewing your super balance every year is a simple but important habit. It helps you understand how your investment is progressing, where it’s invested, and whether your chosen investment option still fits your circumstances.

If you feel your investment mix may no longer be appropriate for your age or risk profile, a review can help ensure your super strategy remains aligned with your goals.

Because funds only report account balances to the ATO at certain times, you may notice slight differences between what appears in your myGov account and the balance shown by your fund, this is normal, and the fund’s balance is usually the most current.

Super contributions

Keeping track of employer contributions

Your employer Super Guarantee contributions (12% of your annual ordinary earnings up to the Maximum Super Contribution Base) must be paid at least quarterly, although from 1 July this year, they must be paid at the same time as your wages.

Reviewing your account helps confirm these contributions are being made correctly and on time. Missing contributions can have a substantial long‑term impact, as you lose not only the contribution itself but also the compound investment growth it would have generated over many years.

You can check your contributions through your super fund’s online portal, your annual statement, or via ATO Online Services on your myGov account. If something doesn’t look right, contact your employer first; if the issue isn’t resolved, the ATO can step in.

Types of super contributions

Salary sacrifice

Extra super paid from your pre‑tax salary. This counts toward your annual concessional contributions cap ($30,000), together with employer Super Guarantee contributions.

Personal deductible contributions

Super you contribute from your own money and claim as a tax deduction. These also count toward your annual concessional contributions cap ($30,000).

Non-concessional contributions

Super contributed from after‑tax money where no tax deduction is claimed. These count toward your annual non‑concessional contributions cap ($120,000).

Beneficiary nominations

Superannuation isn’t automatically distributed according to your will, so having a valid and up‑to‑date beneficiary nomination is a crucial part of estate planning. Without one, your super fund trustee will decide who receives your benefit based on legislation, which may not reflect your wishes.

A standard death benefit nomination is not binding, meaning the trustee has discretion to decide who receives your super death benefit.

Most funds offer binding nominations, which generally expire every three years, or non‑lapsing nominations, which remain in place until updated. Reviewing your nomination regularly ensures it reflects your circumstances and avoids unnecessary complications for your loved ones.

To update your nomination, your fund will require a signed and witnessed form. If you’re uncertain about who to nominate or how this fits into your broader estate planning, legal or financial advice can be valuable.

Checking for lost or unclaimed super

It’s surprisingly easy to lose track of super over the years, especially if you’ve changed jobs, moved house or changed your name. Lost super remains with the fund until contact is re‑established, while unclaimed super is transferred to the ATO.

Through ATO Online Services, you can quickly view all super accounts linked to you, including any lost or ATO‑held balances. You can transfer these into an active super account or, in some situations, withdraw the money if eligible.

Understanding whether you have multiple super accounts

Keeping your super consolidated ensures better visibility and reduces the chance of paying unnecessary fees or duplicated insurance premiums, which can slowly erode your balance over time.

If you find you have more than one account, consider whether consolidating them into a single fund may be beneficial. Before making any changes, it’s important to compare the features of each fund, including fees, long‑term performance and insurance cover, as closing an account may cancel valuable insurance policies.

If you’re unsure which fund is best suited to your needs, we can help you review your options.

We’re here to help

If you’d like support reviewing your super, consolidating accounts, checking contributions, making additional contributions or updating your beneficiary nomination, we’re here to help. A small amount of attention now can make a meaningful difference to your financial future.