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.