The start of a new financial year is the perfect time to take stock of your finances – and that includes your superannuation. 

Your super plays a critical role in funding your retirement, so understanding and actively managing it is essential. That’s why we recommend doing a quick super health check – a simple process that helps you stay in control and plan your super strategy going forward.

For most people, a super health check only takes a few minutes, and most of it can be done through the ATO’s online services via myGov.

The check involves five easy steps:

1. Check your contact details – Ensure your address, phone number, and email are up to date so your super fund can keep you informed.
   
2. Check your super balance and employer contributions – Confirm that your employer is paying the correct amount on time, and track how your super is growing.
   
3. Check for lost or unclaimed super – You might have old accounts or unclaimed super you’ve forgotten about. Reuniting with these funds can significantly boost your balance.
   
4. Check if you have multiple accounts – Having more than one account could mean you’re paying multiple sets of fees. Consider consolidating to save on costs.
   
5. Check your nominated beneficiary – Ensure your loved ones are protected by keeping your beneficiary nominations up to date.
   

You can do a super health check any time, but EOFY is an ideal opportunity, especially when you’re reviewing your tax and financial position. It’s also a good way to spot any unauthorised activity early and report it to your super fund.

A few minutes today could make a big difference to your future. Take charge of your super this new financial year.