Superannuation does not have to be time consuming or difficult.
The ATO has published the five-step super check to assist individuals manage their current super now and provide a better future in retirement.
1. Check your super statements
Always check your annual superannuation statement for your balance, contributions made during the year, any insurance cover, the fees charged and the overall financial performance of the fund.
2. Make sure your fund has your Tax File Number
This enables the ATO to provide super details for online services such as myGov, ensures the correct tax is charged on contributions and any government co-contributions can be paid.
3. Keep track of your super using myGov
On your myGov account, you will be able to see super balances for all funds held and help to assist in combining funds into one preferred superannuation account.
4. Consider government contributions
If you are a low or middle-income earner you may be eligible to boost retirement savings by making a personal (after-tax) contribution and the government will contribute up to $500.
5. Put extra money into your super
Additional contributions beyond the 9.5% employer contribution can be made via salary sacrifice or a personal contribution. Remember to check the superannuation contribution caps prior to making additional contributions.