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Find your super

Find your 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 has to be made.

But keeping track of it might be tricky if you change jobs, or work several part-time jobs, or are employed on a casual basis.

Data from the Australian Taxation Office (ATO) showed in August 2016 that there is almost $12bn in lost superannuation.

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 $4,000 or less, the fund has to transfer the money to the ATO and that is known as ‘unclaimed super’.

Unclaimed super can be claimed at any time, with up to $2.5bn being returned to individuals during the 2015-16 financial year, according to the ATO.

Members can lose contact with their super funds when they change jobs, move house, or forget to update their details.

Casual workers, students and workers with multiple part-time jobs can be unaware that they have super, or they may have forgotten about it.

The ATO highlights that you should try to make certain that your super fund has your tax file number (TFN) because that can help to reunite you with your super at any stage of your life.

You can search for your super by contacting the ATO, but Essential Super customers can now do it anytime using the CommBank app or NetBank. Simply logon, select your Essential Super account and tap ‘Consolidate my super’.

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.

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 (, 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.