Tip 1: Keep your super all in one place

  • You may still have multiple super accounts from different jobs. It’s a good idea to consider bringing them all together to keep track of your super easier and avoid paying multiple account fees which erodes your balance.1

    To search and consolidate your super visit MyGov.

    If your employer is making employer contributions to another superannuation fund and you would like them to make the contributions into Essential Super, share your super account details with your employer simply by logging onto the CommBank app or NetBank > select Essential Super > Tell your employer.

Tip 2: Help your super grow

  • Whilst retirement seems far away, have you ever wondered how much super you should have at your age? Websites like Super Guru are helpful in giving an estimate, based on your date of birth, on how much you’d need to have a comfortable retirement later on.

How much super you should have at your age2:


From 1 July 2023, your employer is generally required to put 11% of your salary into your super account. However, you can choose to make additional voluntary contributions to help grow your super.3

  • Salary sacrifice: You can set up an arrangement with your employer to have part of your before-tax income paid straight into your super account. Your employer is generally required to pay a 11% super guarantee on your earnings. This is regardless of how much you salary sacrifice. Putting in a little extra each week can make a big difference over the long term. 

    The extra amounts contributed to your super are generally taxed at 15%, as opposed to your take home salary which may be taxed at up to 47% if you are a high income earner. Salary sacrifice may reduce your taxable income, which may mean less tax withheld from your take home pay. For details, refer to the Moneysmart website. 
  • Personal contributions: Personal contributions can also boost your super. If you’re eligible, you might also be able to claim a tax deduction. When you claim a tax deduction on personal contributions, they’re before-tax (concessional) contributions. If you don't claim a tax deduction, they’re after-tax (non-concessional) contributions. You will need to supply a notice of intent to your super fund in order to make a concessional contribution and claim tax benefits.

    If you are a low income earner, the Government may also make a co-contribution for contributions where you haven’t claimed a tax deduction. For those eligible, the government contributes 50 cents for every dollar of your personal superannuation contribution, up to $500 a year.

    Low income earners who are earning $37,000 or less may also receive the ‘low income superannuation tax offset’ – which effectively means the Government refunds your 15% contributions tax by making a government contribution to your fund, up to $500 a year.

For more information and to check your eligibility, visit the ATO website.

Find out how you can make a contribution into your Essential Super account.

Tip 3: Consider the First Home Super Saver Scheme (FHSSS)

  • Saving up for your first home can be hard. With the FHSSS, you may be eligible to use your super to save for a home deposit faster.

    The FHSSS may help you get a foot into the property market faster by allowing you to save money for your first home inside your superannuation fund. This will help you save faster because of the tax concessions you can get within super.

    Find out more

Tip 4: Review insurance options

  • It’s a good idea to review your insurance regularly throughout your working life. If your family situation changes, you may find you want to increase your level of insurance cover or consider other insurance options outside super.

    Getting insurance through your super can be a cost effective way to get coverage if you think this is something you need.

    With Essential Super, we offer Death as well as Total and Permanent Disablement (TPD) cover for our members. The premiums are paid out of the money in your super account. It’s important to read through the Product Disclosure Statement (PDS) and Reference Guide closely so you know exactly what you’re getting.

    ASIC’s Moneysmart website, also explains what type of life insurance cover members can get through their super, as well as things to consider with each type of insurance cover.

    To review your insurance options, log on to NetBank > Essential Super > Insurance.

Tip 5: Review your Investment Options

  • How your super is invested makes a difference to its performance and balance by the time you retire. Typically, growth assets like property and shares have higher returns than defensive assets like cash and fixed interest, but carry more risk. With Essential Super, your money is automatically invested in one of our Lifestage investment options based on your age. Your investment mix is adjusted as you grow older. Your super balance may go up and down when markets become volatile from time to time so it’s a good idea to regularly review and make sure you’re comfortable with the type of investment options you have selected in your super to ensure your super is on track.

    To see how your super is invested log into NetBank or the CommBank app> select Essential Super > Investments4

    Our Investment Fact Sheets will show you a short summary of the investment options, the strategy and its performance over time. Read the investment holdings for each option and Target Market Determination (TMD) for Essential Super

Things you should know

  • Before you make a decision on consolidating your super, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.

    2 Source: www.superguru.com.au/calculators/super-detective

    3 Contribution caps apply

    Before making any major decisions around your investment options, it’s a good idea to understand the risks associated with your current investment strategy and any changes you may like to make.

    Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the Trustee of Essential Super ABN 56 601 925 435 and the issuer of interests in Essential Super. Essential Super is distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 (HoldCo) and its subsidiaries which include AIL. The Bank holds an interest in CFS through its significant minority interest in HoldCo.

    This information is issued by AIL and may include general financial product advice but does not consider your individual objectives, financial situation, needs or tax circumstances. The Target Market Determination (TMD) for Essential Super can be found at cfs.com.au/tmd and includes a description of who the financial product is appropriate for and any conditions on how the product can be distributed to customers. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guide at commbank.com.au/essentialsuper-documents or call us on 13 4074 for a copy. Neither the Bank, AIL, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in this product is subject to risk, loss of income and capital invested. 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. Where we mention ‘we’, ‘us’ or ‘our’, we mean AIL.

    The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank Group. The insurance cover is provided under policies issued to the Trustee.