As you might not access super until you retire, it’s important to make sure it is working hard for now. At the end of the day, super is your money!
Here is what you can check to keep your super is organised;
1. Check that you are being paid super
There are two things to check on your payslip:
- Super is paid into the right super fund.
Your super fund is generally listed on your payslip. Otherwise, you can also see this when you log into your MyGov account under the linked ‘Australian Tax Office’ service, and then going to ‘Super’ and ‘Fund’ details. - The right amount of super is paid.
In the FY 23/24, the super guarantee is generally 11% of your ordinary time earnings. This is set to increase to 12% by FY25/26. Your payslip will indicate how much super is set aside for you each time you’re paid, but your employer is only obligated to pay the super quarterly into your super account. Check your super account on the 28th January, 28th April, 28th July and 28th October super guarantee deadlines.
If you have noticed an error - speak to your employer or payroll officer immediately. It’s important to make sure they are paying the right amount of super into the right super fund. Correcting these might be a long process if you leave it for too long. There is support from the ATO if your employer continues not to pay super.
Engineering Super makes it easy to stay on top of this by emailing its members every time they are paid super.
2. Combine your super
If you have worked multiple jobs, it’s likely you have earned super and could have multiple super accounts. Finding these other super accounts and combining them into one will help you save on fees. Lost super is from closed super accounts that have been sent to the ATO.
Engineering Super members can use the ‘Transfer my super’ feature to combine any other super funds into their Engineering Super account.
Before combining your super, consider what effect it may have on things like insurance and tax. It could have other effects to so it’s a good idea to seek professional advice if you're unsure. Engineering Super does not currently offer insurance.
3. Nominating beneficiaries
Nominating a beneficiary is important if you have a super account. In case of your death, having a beneficiary nominated ensures your super is paid to the person(s) you choose. There are binding nominations (legal binding) and non-binding nominations (your preference, but the trustee is legally responsible and will allocate accordingly to the relevant laws).
Engineering Super members can nominate beneficiaries via this form or contact the member services team for more information.
4. Consider making voluntary contributions
Voluntary contributions or personal contributions are additional contributions to your super account. These can be organised by transferring the funds yourself or setting up a salary sacrifice arrangement with your employer.
Making personal contributions can help you build up your super account or save for your first home with the First Home Super Saver Scheme. Making personal contributions could also enable you to claim a tax deductions each financial year. There’s more info on the ATO website about the eligibility for tax deductions.
5. Review your investments
It’s a good idea to review how your super is invested. Most funds offer a mix of investment options to suit a range of investor’s time horizons and return objectives (level of risk). Consider your own timeline and long-term goals and whether the option you’re invested in is right for you. Seek professional advice if you’re unsure and need some help.
We hope you have found these five tips useful in getting your super organised. Check out more posts in the Engineering Super Learning Hub.