Should You Consolidate Your Super? With Superannuation, it is best to get the most out of it. Here are a few things you should know before consolidating your super.

Fewer accounts could mean fewer super fees

If you’ve ever changed personal details like your name, address or job, chances are you may have more than one superannuation account lying around. Having more than one account can mean more than one set of fees, less earning capacity, or inadequate insurance coverage.

By consolidating your super, you put all of it in one place and with one super fund. That means minimal fees, plus easier account management.

How to consolidate your super

If you have other super accounts, consoldating is easier than you think. You’ll need to have your past used fund’s details ready and choose one.

Before you consolidate

Before you consolidate, make sure to get the full picture. Ask your super provider for important information about any fees that may apply, or any other information about the effect this transfer may have on your benefits, such as insurance coverage, before making a decision.

Beware, if you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund before you consolidate your super into another fund.

Consolidate Now

It’s important to know that combining your super into one account doesn’t automatically transfer any insurance you have with your other super fund(s). If you want to transfer insurance cover, you’ll need to do this before you combine your super.

Not sure if you already have insurance with another super fund?

You can find out whether you have insurance (and super) with any super fund by looking at your latest statement or by simply asking if you have coverage & if so, how much?

Remember, you’ll need to do this before you combine your super into one.

Lost Super?

If you think you have some lost super, you can contact the ATO on 13 28 65.

Individuals and agents can complete a super search by phoning the automated super search line.

Be prepared to provide the following information upon request:

  • Your personal details
        • tax file number (TFN)
        • name
        • date of birth
        • visa holder status (if applicable)
  • Your contact details
        • current postal address,
        • daytime phone number
        • email address (if applicable)
  • Your super fund details – any super fund where contributions may have been made on your behalf
        • super fund name
        • account number
        • beneficiaries
        • period of contributions
  • Your previous details
        • name
        • address
        • employment (if applicable).

You can also log into your mvGov account linked to the ATO and click on Manage my Super.

How much is superannuation in Australia?

The minimum superannuation you must pay for each eligible employee is 10.5% of their ordinary time earnings (OTE).

However, this is scheduled to progressively increase to 12% by 2025.

This compulsory payment is called the super guarantee (SG) and must be paid at least quarterly.

Period General Super Guarantee (%)
Prior to 1st July 2021 9.50 %
01.07.21 to 30.06.2022 10.00 %
01.07.22 to 30.06.2023 10.50 %
01.07.23 to 30.06.2024 11.00 %
01.07.24 to 30.06.2025 11.50 %
01.07.25 onwards 12.00 %

How much does the average 55-year-old have in super?

So, what are the current average balances for different age groups?

Age Bracket Male Female
45 -49 $165,587 $122,228
50 -54 $214,795 $157,124
55 -59 $286,283 $209,653
60 -64 $359,870 $289,179


We have also provided a comprehensive breakdown on how much money you should have for your Super, and what to do fix that. If you do want a personal discussion about your finances and should you consolidate your super, contact Financailly Sorted on (03) 9888 3175 or on [email protected]