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3 reasons why you should check your super right now

Posted: 22 May 2020 2:07 pm
News

Girl sitting on her lounge at home on her laptop.

A lot of us go months (or even longer) without looking at our super balance, but there are a few reasons why you should be checking yours ASAP.

When was the last time you checked your superannuation? Given the fact that more than half of us don't even know what our balance is, it was probably a while ago.

It's always important to check on your super, but there are three reasons why it's extra crucial you do it at the moment. Basically, you could save yourself a whole heap of money by doing so.

1. Super scams are on the rise

The government is allowing Australians financially impacted by COVID-19 to access $10,000 from their super early this financial year and another $10,000 next financial year. Almost 2 million people have already applied for the scheme and more than $11 billion has been paid out to members.

You might not have withdrawn any money from your super, but that doesn't mean someone else hasn't. Scammers are contacting super funds pretending to be another member and requesting to withdraw from their super early. More than 100 cases of identity fraud have already been raised with the ATO for investigation.

To make sure you weren't a victim, it's a good idea to check your recent super transactions and check there haven't been any unusual withdrawals. If you do see a withdrawal that wasn't you, contact your super fund immediately to report it.

2. Your employer should have recently paid you super, but did it?

Your employer is required to pay you super each quarter, which means you'll be paid four times a year. The due date for the January to March quarter was 28 April, so you well and truly should have received your money by now. It's a legal requirement that you're paid your super and there are penalties if your employer pays late.

Jump online, take a look at your super transactions and make sure you've received a super guarantee payment from your employer in recent weeks. If you haven't, get in touch with your employer to follow this up as soon as possible.

3. You could have multiple funds

If you've changed jobs this year or perhaps started a second casual job in your spare time, you could have more than one super fund. Having multiple super funds is unnecessary and costly, as you're paying fees on each fund.

To check if you have more than one fund open in your name, log in to your myGov account and click on the ATO services which is connected to your super. If you have more than one fund, it's a really good idea to consolidate them.

If while checking your super you realise you're paying high fees and getting poor returns, it could be time to compare super funds and make the switch. And for an easy way to keep track of your super from now on, download the free Finder app where you can see your super balances alongside your other financial product and accounts.

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