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Find my super

Find my super

If you’ve ever had a job, chances are you have superannuation.

Employers have to make compulsory superannuation contributions on behalf of most employees.

It’s called superannuation guarantee (SG) and regardless of how big or small a business is, the contribution should be made if you're aged 18 or over1 and earning more than $450 before tax a month.

Sometimes your employer will suggest a super fund when you start working. This means if you change jobs frequently or work several part-time jobs, you can end up with multiple accounts and lose track of some of your money.

How does super go missing?

If a fund can't contact a member, or they are an eligible member and their fund hasn't received a contribution to their account for five years, they are considered a 'lost member'.

If a lost member's balance is $6,000 or less, the fund has to transfer the money to the Australian Tax Office and that is known as ‘unclaimed super’. You can claim unclaimed super at any time.

What can you do to claim your super?

You can search for any unclaimed super by contacting the ATO. Essential Super customers can also search anytime through the CommBank app or NetBank. Simply log on, select your Essential Super account and tap ‘Consolidate my super’.

Make sure your current super fund has your tax file number (TFN) because that can help reunite you with your super at any stage of your life.

Before you jump in and consolidate, it makes sense to consider whether you can replace any insurance cover you will lose if you roll over, as well as any withdrawal fees from other super funds.

You should also compare the costs, risks and benefits of your super funds and consider any investment or tax implications.

1. Super guarantee is only payable to employees under age 18 if they work for 30 or more hours a week.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Investors should consult a range of resources, and if necessary, seek professional advice, before making investment decisions in regard to their objectives, financial and taxation situations and needs because these have not been taken into account. Past performance is not indicative of future performance. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Pty Ltd ABN 65 003 900 169 AFSL 231139 a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (the Bank). Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. This information is not financial product advice and does not take into account any person’s individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) for Commonwealth Essential Super and consider talking to a financial adviser before deciding whether to acquire or continue to hold this product. Download the PDS (https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/EssentialSuper_PDS.pdf), collect one from any branch of the Commonwealth Bank or call us on 13 4074 and we’ll post one out to you. Colonial First State is a wholly owned subsidiary of 'the Bank'. The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. An investment in Essential Super is subject to risk, loss of income and capital invested. 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. 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.