Join us in taking proactive steps towards securing your financial future with a Super Health Check. This comprehensive assessment includes five simple yet crucial steps to empower you to manage your super effectively, understand your entitlements, and make informed decisions about your retirement plans.

Check 1: Check your contact details

Check your contact details and tax file number (TFN) are up to date with the ATO and your super fund. This helps prevent lost super and assists the ATO in matching any unclaimed super to you. It’s also important to ensure your bank account details are up to date.

Log on to ATO online services through myGov. In the top menu, select My profile. From the drop-down options, select either:

• Personal details to update your name, contact number, email and home address
• Financial institution details to update your bank account and
  • under the Account heading, you will see Income Tax and Superannuation
  • select either Add or Update.

To update your contact details and TFN with your super fund, see their website or contact them directly.

Check 2: Check your super balance and employer contributions

It’s important to check your super balance each year to see how much you have and keep track of your employer contributions. You can do this anytime on ATO online services or through your super fund.

Your employer should pay your super at least every 3 months. They may choose to do it more frequently, such as your regular pay cycle. From 1 July 2022 to 30 June 2023, your employer should pay at least 10.5% of your salary into your super. From 1 July 2023 to 30 June 2024, the rate increases to 11%. If you’re under 18, you need to work more than 30 hours a week to be eligible for super.
Funds report account balances to the ATO at certain times of the year. Balances shown in ATO online services may be different to your actual current balances.

Log on to ATO online services through myGov. From the top menu, select Super and then either:

• Fund details to see all your super accounts and balances and the most recent data reported by your fund.
• Information then Employer contributions to see the total year-to-date employer contributions in a selected year – select Transactions to see each contribution separately.

For help calculating the amount of super your employer should be paying, use the ‘Estimate my super tool‘. If you do not receive super contributions or the amounts are incorrect:

• contact your employer and request an update.
• report it to the ATO.

Check 3: Check for lost and unclaimed super

You may have lost track of some of your super when you changed your name, address or job, for example. This is why it’s important to ensure your fund has your current details.

Lost super is when your fund has lost touch with you, or your account is inactive. This money is held by your fund. Unclaimed super is when your fund transfers lost super to thr ATO.

All your super accounts including lost and ATO held super are displayed on ATO online services.

Log on to ATO online services through myGov. From the top menu, select Super. Then select either:

• Fund details to check for lost super – if you want to keep your super with the same fund, contact them directly to update your details.
• Manage and then Transfer super to transfer this lost super to an eligible super account – or ask your fund to complete the transfer for you.
• Manage and then Transfer super to transfer ATO held super to an eligible super account.
• Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65.

Check 4: Check if you have multiple super accounts and consider consolidating

If you’ve had more than one job, you may have more than one super account. It’s important to know how many super accounts you have. Combining your super may reduce fees and make it easier to manage.

If you decide to consolidate your super, it’s important to choose the fund that’s right for you. You should check that it provides better value, and the insurance cover suits your needs, which may change throughout your life. To see which fund is the best option for you, visit MoneySmart via www.Moneysmart.gov.au.

Log on to ATO online services through myGov. From the top menu, select Super then either:

• Fund details to see all your super accounts and balances.
• Manage and then Transfer super to consolidate your accounts, then
  • select the fund you want to close (transfer)
  • select the fund you want your money transferred to from the accounts listed
  • confirm your selection and submit request.

Check 5: Check your nominated beneficiary

Take the time to ensure you have a valid death beneficiary nomination in place with your super fund as this isn’t covered by your will. This means your loved ones will not be put through unnecessary difficulties to finalise your estate.

Most binding nominations expire every 3 years. Some super funds have an option where nominations do not expire and remain in place until they are revoked.

If you don’t nominate a beneficiary, your fund may not know who your benefit should be paid to. In these cases, they will follow the law. This usually means they pay it to one or more of your dependents or your legal personal representative.

To check or nominate your death beneficiary:

• Refer to your super fund’s website or contact them to check if you already have a valid nomination in place.
• To update it, complete the form from your super fund, sign and date in the presence of 2 witnesses.

Remember, Momenta Advisors is here to support you every step of the way on your journey to financial wellbeing.

Reach out to us today to schedule your Super Health Check and take control of your financial future.