Changing super funds¶

Your super is yours, and you can generally choose to move it to a different fund. You might do this to bring accounts together, to find lower fees, or to pick investments that suit you better.

There are really two separate things you can change, and it helps to keep them apart: where your future super is paid, and where your existing balance sits. You can do one, the other, or both.

In one line

Telling your employer of a new chosen fund sends future contributions there; rolling over moves your existing balance — and you can do either or both.

Why this matters¶

Super is likely to be one of your biggest savings by the time you retire. Choosing the right fund, and knowing how to move to it, means your money is where you want it and is not being split across accounts you have forgotten. Getting the steps right also means you do not accidentally lose something valuable, like insurance cover, along the way.

What you will learn¶

How to tell your employer about a new chosen fund
The difference between redirecting future contributions and rolling over a balance
What to check before you switch funds

Understanding the concept¶

Redirecting future contributions. Most employees can choose the fund their employer pays super into. The ATO explains that you tell your employer your choice by giving them the details of your fund — usually on a Superannuation standard choice form. Once you do, your employer pays your future super into that fund. This only affects contributions from that point on. It does not move any money already sitting in your old fund.

Rolling over an existing balance. A rollover is moving the money already in one super account into another. The ATO explains that you can transfer a whole account balance from one fund to another using ATO online services through myGov, which also lets you see your accounts in one place. A rollover closes the old account and moves the money across. Redirecting contributions and rolling over are separate steps — telling your employer about a new fund does not move your old balance, so if you want everything in one place you need to do both.

For accountants & bookkeepers

A whole-of-balance rollover between funds closes the transferring account, so it is handled through ATO online services or a paper request rather than a partial move. The receiving fund must be a complying fund willing to accept the rollover. Remind clients that redirecting contributions via the standard choice form and rolling over a balance are independent actions — one does not trigger the other.

Example¶

Mia has super with an old fund from a previous job and wants everything in a new fund she prefers. First, she gives her employer the new fund's details on a standard choice form, so her future super goes there. That handles new contributions — but her old balance is still in the previous fund. So she also signs in to myGov, links the ATO, and requests a rollover of the old balance into her new fund. Now both her future super and her existing balance are in the one place. Before doing any of this, Mia checks the fees, insurance, and investment options of the new fund.

Common mistakes¶

Thinking that telling your employer about a new fund also moves your old balance — it does not.
Rolling over a balance but forgetting to give your employer the new fund, so contributions still go to the old one.
Switching without checking insurance — Moneysmart warns you may lose or not get the same cover in the new fund, which matters most if you have a medical condition or are older.
Not comparing fees and investment options first — Moneysmart notes small fee differences can add up over time.

How this works in myaccountant¶

In the app — if you are an employee, myaccountant lets you set or update your chosen super fund, so your future super from your employer is redirected to that fund. That covers the "where future contributions go" side. myaccountant is not a super fund and does not roll over or consolidate existing balances — moving money already in an old fund is done through the ATO's online services in myGov.

Key points¶

You can generally choose to move your super to a different fund.
Telling your employer of a new chosen fund redirects future contributions only.
A rollover moves your existing balance and is done through myGov.
Redirecting contributions and rolling over are separate steps — you may want both.
Before switching, check fees, insurance cover, and investment options.
Moneysmart is a good, independent place to compare what to check — no fund is recommended here.

Learn next¶

General information only — not tax, super or financial advice.

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