Simple super tips for new parents

21 July 2025

Growing your family is an exciting time with a lot of changes and adjustments. One thing on your mind is probably how this will affect your finances, including your super. Here are some tips to help guide you.

1. Add to your partner’s super¹

If you’re in a couple, you may want to consider how superannuation factors into your family’s broader financial goals. While you can’t merge your super accounts, partners can help boost each other’s super balance while one of you is on parental leave or earning less. There are a couple of ways to do this through spouse contributions:

• Your partner may be able to grow your super balance with a contribution from their take-home pay. This might benefit them too, as they may be eligible for a tax offset.
• There’s also the possibility of contribution splitting. To do this, your partner transfers some of their before-tax super into your account. The super they transfer must be from a before-tax source. This includes super added to their account by their employer, either as part of the 12% Super Guarantee or via a salary sacrifice arrangement.

2. Make sure your insurance fits your growing family’s needs

When it comes to providing security for your family, insurance through your super² can help provide a safety net if the unexpected happens. And the cost of your cover is paid out of your super account, not your take home pay.

Superannuation funds generally offer basic cover when you open an account³. A simple review of your insurance can give you peace of mind. Make sure any changes to your lifestyle are considered in your level of insurance cover too. A growing family can mean moving to a bigger home, buying a bigger car, taking time out of work or changing jobs.

In some circumstances, insurance cover linked to your super will lapse if there are no contributions or rollovers made into your account. Be sure to have a look at the insurance cover you have through your super and check the terms and conditions that might apply if you’re taking time off paid work.

3. Nominate a beneficiary

We know it can be hard to think about, but you should consider nominating a beneficiary to receive your super and any insurance entitlements, if you were to pass away.

It’s important to keep your nominations up to date. A good time to review your beneficiaries is when you experience a big life event, such as having children.

4. Find and consider consolidating your super

If you’ve ever had more than one job, you could have some lost or unclaimed super that you don’t know about. According to the Australian Tax Office (ATO), Australians have almost $17.8 billion in lost and ATO-held super⁴.

You can find any lost super you may have using the ATO online services. Alternatively, if you’re an AustralianSuper member, we can help you track down any lost super.

You might want to consolidate any lost super you find⁵. This could save you on fees, avoid duplicate insurance policies, and make easier to get visibility of your balance. Knowing how much you have makes it easier to decide if you’ll need to top up your balance.

Make sure your level of insurance fits your growing family

Nobody likes to talk about death. But the only thing scarier than dying is the thought of how your family would survive financially if you were no longer around. So when it comes to providing security for your family, a simple review of your insurance now can provide you with peace of mind.

A change in your family structure is one of the 4 key times in life to review your super. A growing family can mean a move to a bigger home, or buying a bigger car, or it could mean taking on more work or a new job. Make sure any changes are covered by reviewing your levels of cover, and needs. Superannuation funds generally offer basic cover when you open an account², but it’s important to understand that you can apply to adjust this level of cover to suit your life stage.

In some circumstances, insurance cover linked to your super will lapse if there are no contributions being made into your account. Be sure to have a look at the insurance cover you have through your super, as well as check any special conditions that might apply if you’re off work.

While checking in on your insurance, you should consider nominating a beneficiary if you haven’t already done so. By nominating a beneficiary, you can decide what happens to your super including any insurance entitlements, if you die.

Adding to your partner’s super

If you’re a couple, you may want to consider ways to make your superannuation contributions part of your bigger financial plans. While you can’t combine your superannuation with your partner’s, you may wish to boost the super balance of your significant other while they’re on a parental break. There are a couple of ways you can do this. 

Contribute with an after-tax payment

You may be able to grow your partner’s super balance with a contribution from your take-home pay. This might also benefit you too, as you may be eligible for a tax rebate. 

Split a super contribution before-tax

There’s also the possibility of using contribution splitting. This is a method of adding to your partner’s superannuation by transferring some of your before-tax super into their account. The super you transfer must be from a before-tax source. This includes super added to your account by your employer, either as part of your 11% Super Guarantee, or via a salary sacrifice arrangement.

Exploring these types of strategies to see if they’re right for you and your family can potentially offset some of the contributions you or your partner will be missing while on parental leave. This can make a difference when it comes time to retire. You’ll just need to make sure you’re eligible to use either of these strategies.

Get the most out of earning less with a super co-contribution

If you’re on parental leave, you’re probably earning less than what you normally would. If this is the case, and your yearly income is less than $58,445 (before tax, for the financial year of 2023-2024) and you make an after tax contribution to your super, you may be eligible for a super co-contribution from the Australian Government.

Top up your super with a co-contribution

The Australian Government makes co-contributions to help low and middle-income earners boost their retirement savings. These co-contributions can also help before you retire, so it’s worth checking if you’re eligible to receive them while you’re on parental leave.

The government will match 50 cents for every $1 you add to your super from your after-tax income (up to a maximum of $500 a year) if you:

• make after-tax contributions to your super,
• earn $43,445 or less a year before tax (financial year 2023-24), and
• meet other eligibility criteria.

If you earn more than $43,445 in the financial year 2023-24, the matching rate gradually reduces until it phases out completely at $58,445. This co-contribution gets paid directly into your super account after you’ve lodged your tax return for that year.

Before making additional super contributions, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.

Prepare to go back to work

It’s also important to think about life after parental leave, so if you’re starting a new job when you come back from your break – remember to let your new employer know which super fund you are with, to ensure your payments are made to your nominated account.

By taking the time to evaluate your super options, you’re preparing to look after your growing family, and freeing yourself from having to think about the above points too much once your baby arrives.