Your superannuation is a pretty important part of your financial life so you should make sure your super fund details are all up to date, and that you know what you’re paying for.
Some things to check on your next superannuation statement include:
1. All your details are correct and up to date
One of the most important things to check, it is crucial that your superannuation fund has all your personal details correct. If you don’t, you may encounter big issues down the track. If you have recently moved, changed your name, or changed any other details, contact your fund and fix this as soon as you can. You might be able to do this online, but you can do this in person if you prefer.
2. Your fund has your Tax File Number (TFN) recorded
Your super fund will need your tax file number, otherwise, you’ll pay a much higher tax rate on your superannuation earning, your employer contributions will be taxed at a higher rate, and you’ll be unable to make after-tax contributions to your super. So make sure your fund has your TFN correct.
3. Your money is invested appropriately
Your superannuation fund is merely a vehicle for your money, which can be invested in a wide range of asset classes – anything from cash to infrastructure to Australian shares to property.
If you have chosen an investment option for your funds they will generally be in a default mix of growth and conservative assets.
4. Your super is consolidated, if appropriate
If you have had multiple jobs over the years, it is pretty possible that you have super existing separate from what you see as your main super fund. You may want your entire superannuation balance to be in one place, and it is generally not that hard to find and consolidate your different super funds.