Understanding your super account¶

Your super account works a bit like a long-term savings and investment account for your retirement. Money goes in, the fund invests it, and some smaller amounts come out along the way. What is left is your balance — your super.

Once you know what an account contains, checking it stops feeling mysterious. This lesson shows what is inside a typical super account and how to find and read yours.

In one line

Your super account holds your balance, with contributions and earnings going in and fees and insurance coming out — and you can check it through your fund or myGov.

Why this matters¶

Super is often someone's largest savings apart from their home, yet many people never look at it. A quick check can reveal money coming in as expected, fees you did not know about, or insurance you are paying for. Knowing how to read the account puts you in control.

What you will learn¶

What a super account contains
What goes in and what comes out
How to find and check your super through your fund and myGov

Understanding the concept¶

Moneysmart describes the most common kind of super account as an accumulation account, where your balance builds up from contributions and investment earnings, less fees. Here is what that looks like in practice.

Your balance. This is the total value of your super right now — the headline number when you log in.

Contributions coming in. These are the amounts paid into your account. The main one is the super your employer pays for you. You can often add extra yourself as well.

Investment earnings. Your fund invests your money, and any returns are added to your account. Earnings can go up and down over time, because investments rise and fall.

Fees coming out. Moneysmart notes every fund charges fees for looking after your super. They are taken out regularly and reduce your balance.

Insurance premiums coming out. Many super accounts include insurance, such as life cover or cover if you cannot work. Moneysmart notes the fund deducts the cost of this insurance from your super balance.

Your investment option. Moneysmart notes most funds let you choose how your money is invested. If you do not choose, your money goes into the fund's default option, which is designed to suit most people.

How to check it. There are two easy ways:

Through your fund — log in to your fund's website or app to see your balance, transactions, fees, insurance and investment option.
Through myGov — the ATO explains you can use ATO online services, which you reach by logging in to your myGov account, to see your super accounts in one place. This is also where lost or unclaimed super can show up.

Example¶

Mia logs in to her super fund's app. She sees her balance at the top. Scrolling down, she sees her employer's contributions arriving each pay, some investment earnings added over the year, and small amounts taken out for fees and for insurance she did not realise she had. She also spots that her money is in the fund's default investment option. Later, Mia signs in to myGov, opens ATO online services, and notices a second, older super account she had forgotten — now she can decide what to do about it.

Common misunderstandings¶

Thinking the balance only ever goes up — earnings rise and fall, and fees come out.
Not realising you may be paying for insurance through super until you check.
Assuming you have only one account — checking via myGov often reveals others.

How this works in myaccountant¶

In the app — myaccountant is not a super fund, so your balance, earnings and investment option live with your fund, not here. What myaccountant does for employers is store each employee's chosen super fund details, check them, work out the super owed on every pay, and pay it to the fund. Employees can see the super paid for them in the employee portal. To see your full balance, fees and insurance, log in to your fund or check via myGov.

Key points¶

Your balance is the total value of your super right now.
Contributions and investment earnings go into the account.
Fees and any insurance premiums come out of the account.
Most funds let you choose an investment option, or use a default one.
Check your super through your fund's website or app.
Check it through myGov as well, using the ATO's online services.

Learn next¶

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

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