29 May 2023
Whether you're at uni to train for your dream job, upskill for a career change, or just challenge your mind, you'll find yourself busy. And finding time to manage finances can easily slip away. Some simple tips and checks can help keep you across your money - even if it seems like a long time until you can access it.
For many people, being at uni means juggling a busy schedule of education and paid work. You may even have a few different jobs that make contributions to your super savings. Below are some tips to help you keep track of your super.
Tips to keep track of your super
1. Choose a fund you can stay with for the long-term
Choose a top-performing fund for your super – one you can stay with for the future. Look at fees and performance over the long term and consider your future. If you’re in your early 20s, your super is invested for at least 40 years, so fees and long-term performance are key.
2. Let any new employers know which super fund you’re with when you change jobs
For most jobs you can choose which fund your employer super contributions are paid into. Just tell your employer which fund you are with and provide them with the details needed. These include your fund’s unique superannuation identifier (USI) and Australian Business Number (ABN).
If you’re an AustralianSuper member you can download this form to give to your employer, with the key information already filled out.
Thanks to super stapling rules, if you don’t nominate a super fund, your employer must check if you have an existing fund on the Australian Taxation Office (ATO) database. This helps avoid your super getting paid into multiple accounts.
3. Make sure you're getting super contributions
If you’re working while you’re studying, you may be eligible for employer super contributions.
In Australia, your employer must pay what’s known as the super guarantee (SG). You may be eligible if you’re:
- Classified as an employee (as opposed to a contractor)
- 18 years old or older
- Under 18 years old and you work more than 30 hours a week.
Make sure you understand what you’re entitled to, so you don’t miss out on any payments. You can find out more on the ATO website.
The SG rate is legislated to rise on by 0.5% a year until it reaches 12% by 2025.
4. Understand net benefit
Your super fund’s main job is to contribute to the growth of your retirement savings by delivering you returns on the money put into your super. You do your bit – your money goes in; a good fund does its bit, – by investing your money with skill and focus. The combined result should be a growing balance over the course of your working life and in retirement.
That’s the investment part. Then there’s the fees and costs – what your fund charges to manage and invest your money.
In relation to your super, net benefit is the investment return delivered to you by your super fund, minus the admin and investment fees and costs, and taxes.READ MORE: NET BENEFIT AND WHY IT’S IMPORTANT TO YOUR SUPER