Starting a new job often gives you a chance to look at ways to make the most of your income and super.

Though you may not be able to access it right now, super is your money. How and where it's invested is likely to make a difference to the amount you may have when you eventually retire.

Here are a few questions you might like to think about:

  • What are your super fund choices?
  • Can you combine your super if you have more than one account?
  • How is your super invested?
  • Can you add to your super?

Find out your super fund choices

When you start a new job, you don’t always have to agree to join the super fund that your employer chooses.

If you already have a super account, you might be able to ask your new employer to make payments into that account. You should talk to your employer to find out your options. For more information on your choice of fund, visit

Should you combine your super funds?

Having just one super account can be easier to keep track of. But if you decide to bring all your funds together, you want to make sure you choose the account that best suits you.

It’s important to compare any fees as well as what is covered and benefits of your insurance cover before you make any changes.

You can search for any super you might have by contacting the Australian Taxation Office (ATO). You can also check online if you have a myGov account.

How is your super invested?

Most super funds let you pick from a range of investment options, for example, Global Shares, Australian Share, Fixed Interest, Global Property, Cash or a mixture of all, so you can change the investment strategy to suit you.

The right investment options for you will depend on many factors, including:

  • your financial situation, which might be different now you have a new job
  • how far off retirement might be
  • what you plan to do when you retire
  • how much risk you’re comfortable taking on

Your super statement should explain where your money is invested and you can contact your super fund to discuss any alternatives to the strategy that might be offered by the fund.

Adding to your super

There are ways of adding to your super that you might want to look into. Some options might provide you with tax benefits, too.

You might want to consider salary sacrificing some of your pre-tax income into your super, but you’d need to discuss if this is a possibility with your employer.

If you’re able to salary sacrifice, you should check the concessional contributions cap on the ATO website to ensure that your salary sacrifice (along with any other pre-tax contributions such as your employer's super guarantee) doesn't exceed this cap and be subject to extra tax.

Depending on your income and any contributions you make to your super, you might be eligible for a government co-contribution of up to $500 a year.

You might also be eligible to claim a tax deduction when making personal super contributions, while a tax offset may apply if you make eligible after-tax contributions to your spouse's super account.

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Things you should know

Remember, before you make a decision about your super, you should compare the costs, fees, risks and benefits of super funds. It makes sense to consider whether you can replace any insurance cover you may lose when you bring your accounts together, as well as any costs for withdrawing from other super funds and any investment or tax implications.

This article is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. The Commonwealth Bank is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law. Information in this article is up to date as at the date of publication.