Super

Superannuation for under 25s

What you do with your super now can make a huge difference to how much you'll have later in life to do the things you want. Now is the time to check you are being paid the right amount of super and that it is getting invested properly and growing.

• What is super?
• What money goes into your super?
• How your super grows
• Simple steps to more super 
• Watch out for super scams

What is super?

Super is money that is paid by your employer, in addition to paying your salary, into a super account of your choice. Once you retire and reach your preservation age, you can access your super.

You can add to your super from your own money and you may also be eligible for extra super payments from the government if you are on a low income.

What money goes into your super?

Are you getting the right amount of super

If you are entitled to super it's important to check the right amount is being paid into your super account.

Make sure you know the amount your employer must pay you under the superannuation guarantee. They may pay you more than this amount, but not less.

Work out how much super you should be paid.

Employer contributions calculator

Not sure what super you are being paid?

• Take a look at your pay slip - Your pay slip must include any super contributions your employer has paid. If you can't see information on super payments on your pay slip talk to your employer.
• Check your super balance - Most super funds have a website where you can check your super balance and see the contributions your employer has made. You should have received an email or letter from the super fund you are with, which will give details of their website. You can also check your super balance in the annual statement sent to you from your super fund.

If you are concerned that you are not being paid super or not being paid the right amount of super check the Australian Tax Office's (ATO) page on unpaid super or call them on 13 10 20.

How your super grows

If you want to know where you money in super is invested, take a look online at your super account or your most recent superannuation statement.

By contributing a little extra to super, even as little as $50 a fortnight, you can make a big difference to your super balance when you retire.

Work out how much super you will have when you retire.

Superannuation calculator

Simple steps to increasing your super

Here are five quick and simple steps that can make big difference to your super and your life in retirement.

Make sure your super fund has your tax file number

If your super fund doesn't have your Tax File Number (TFN) you will be paying a lot more money in tax and you won't get the government low income super tax offset if you are eligible. This is a government contribution of up to $500 to your super account if you earn less than $37,000 per year.

If you are not sure whether your super fund has your TFN, check your member statement from your fund, or give your super fund a call.

Check your super statement and track your super online

Getting your annual super statement is a great trigger to do a quick check of your super or you can create an online account with your super fund so you can regularly keep track of it and watch it grow.

Here are some key things to look at when you are checking your super:

• Your balance - Keep a close eye on your super balance. If the balance doesn't look right or you're just not sure, contact your super fund straight away.
• Employer's payments - Check you receive the right amount of super from your employer.
• Fees - Make sure you're not overpaying in fees as that can really eat away at your super over time. For more information see super fees.
• Investments - Take a look where your money is invested and how it has performed. Find out more about super investment options.

If you don't understand your super statement statement or think there is an error, contact your super fund. Remember it's your money and you have a right to know what's happening with it.

Find your lost super

Your super is your money, so don't lose track of it. If you've ever changed your name, address, job, or done casual or part-time work, you may have lost track of some super.

See how to check your super and find lost super by registering for the ATO's online services via myGov.

Consolidate your super

If you have a few different super funds you can save on fees consolidating into one fund. If you want to find out which super fund is best for you see our page on choosing a super fund.

You can you transfer super from different funds (including lost super and ATO-held super) to the super account you want by creating a MyGov account and linking it to the ATO services.

Changing jobs?

You don't need to change super funds each time you change jobs. You can usually ask for your super from your new employer to go into your existing super account. Also make sure you tell you super fund if you change jobs, address or name.  

Watch out for super scams

An offer to help access your super money now might seem like a great idea to get some quick cash but if you agree to it, you could end up in a lot of trouble. Accessing your super before retirement age is illegal except in very limited circumstances.

Learn more about superannuation scams.

Your super is your money. By taking a few small steps now you could make a huge difference in the long run and give you a lot more money to enjoy in retirement.

Related links

• ASIC's Be MoneySmart online modules
• First job
• How super works
• Super contributions
• Teaching resources for secondary schools
• Your first tax return - tax guidance for under 25s

Last updated: 04 Feb 2019