Superannuation, or super for short, can sound super boring. Trust us, we know. But when you think about it, it can also be a superpower if you use it in the right way.
Super is one of those things that — once you get it right — becomes a lot easier to manage and feel confident about. So let’s get to it.
By the end of this guide you’ll know how to find out:
- How much super you have, and if it's in one account or several.
- How to find and consolidate your super if you want to.
- If your employer is paying your contributions correctly, and what to do if they're not.
Whew.
First things first.
What is superannuation?
Superannuation is intended to fund your retirement. Pretty much every working Australian has money deposited for them, by their employer, into a type of investment fund known as a superannuation fund. If you’re self-employed, it’s up to you to set up and contribute to your own super account.
If you’re a working Australian aged over 18, or you're under 18 and work for more than 30 hours per week, your employer must set aside 11% of your ordinary earnings into your super account.
Not sure if you have super? You can check online.
How to find your super details
- Go to my.gov.au and log in or create an account.
- Link your myGov account to the Australian Tax Office (ATO).
- Select Super then Fund details in the menu.
Important: Make sure you take notice of the ‘as at’ date of your superannuation balance. The balance you see might be from the close of the previous financial year – that is, the last time it was 30 June. The amount of money you actually have in your superannuation account could be different.
How to find your super balance
The easiest way to find your current super balance is to log on to the website of your super fund, or call them up. If you’re a Spaceship Super customer, you can see your balance in the Spaceship app.
What you might not know is that your employer is only required to deposit your super into your super account quarterly, even though you may be paid weekly or fortnightly. So there can be a mismatch in the amount of super that you’ve been paid, and the amount that shows in your super account — but it should even out over time.
This requirement is changing and as of 1 July 2026, employers will need to pay your super at the same time as they pay you.
If you check your super and it looks like it’s less than it should be, you can ask your employer how frequently they make super payments. You can also see the superannuation lodgment dates at the ATO, which is the date your employer is required to pay your super fund by, for the previous quarter.
Important: Make sure your employer has the most up-to-date information for where you want your super paid. The ATO has a Superannuation Standard Choice Form you can fill in, or if you’re a Spaceship Super customer, you’ll receive a pre-filled contribution form emailed from us, which you can also download at any time from your Spaceship Super account.
What can you do if you have multiple super accounts?
If you have more than one super account showing in your myGov list, it can be less than ideal. It’s pretty common, though, with 2020 Government research finding that more than a third of multiple accounts are held by people aged 35 or less.
If you do have multiple super accounts, it means you’re likely paying more fees which will lessen the value of your balance over time, compared to if you weren’t. An approach some people take is to combine multiple super funds into one account, which is known as consolidation.
Here’s some more about consolidating your super and how to see if that’s something you should think about.
If you do want to consolidate your super, it’s pretty easy, and you can do it for free at myGov. Remember to make sure your employer has your updated super details so they pay your super to the right account.
Before deciding to consolidate funds, you should consider how rolling over your existing super funds will impact you. Things you might want to think about before you decide to consolidate include how the fees, risks and benefits of your other super funds compare to the fund you would be consolidating into. By rolling over the full value of an existing super account, your existing super account will be closed, and you may lose some benefits, such as life insurance.
Basically, the point is that not all funds have the same benefits. Talking to a professional financial adviser can help you make this decision.
Is your employer paying your contributions correctly?
Generally, if you’re a working Australian, your employer must legally pay at least 11% of your total earnings into the super account you choose. On 1 July 2024, this amount is increased to 11.5% and on 1 July 2025 will increase again to 12%.
They should list your super contribution amount on your payslip. You might receive your payslip as a print out, an email, or a downloadable document. If you’re unsure how to see it, check with your employer.
If it looks like you’re not being paid correctly, consider speaking to your employer. Check that they have the right details of your super fund. Alternatively, you can contact the ATO to tell them if your super hasn’t been paid, has been paid late, or has been paid into the incorrect fund.
What’s next?
There’s heaps to learn about super. At Spaceship, we actually think it’s a really exciting way you can maximise your future so you can live the life you want to live. Once you have the basics down, you can get started thinking about how to maximise your super through salary sacrificing and making voluntary contributions.
