Use my.gov.au

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There are now easier ways to keep a track of your superannuation and the Australian’s Taxation Office myGov account can now show you details of all of your super accounts, including any you have lost track of or forgotten about.

It takes less than 10 minutes to set up a myGov account and once linked to your superannuation, you can view your balances, super funds and consolidate funds in a few clicks. Before you consolidate though, ensure you are checking any benefits you may lose, fees applicable and check if you have insurance as this will lapse on rollover.

Choice of super form

These days, most people can choose the super fund they want their employer contributions paid into, as long as it's a complying fund. If you are unsure if you have choice, talk to your payroll department to confirm this. Note that some exceptions including federal and state public sector employees.

If you are eligible to choose a fund, your employer should give you a Standard choice form within 28 days of when you start work with that employer or alternatively you can lodge a choice form during your employment. You can find the choice of super forms here. Your super fund will generally complete the choice of super form on your behalf without charge.

By lodging this form, your superannuation contributions will go to your existing fund and will avoid a new super fund being established.

Check the return on your investments

It’s important to ensure that your funds have been allocated to the investments that you requested or that they are in the risk category you specified. Check that the returns on your investments, whether positive or negative, have been accurately recorded or seem reasonable. If you have any questions on this, request a performance report on your specific investments from your super fund. Your super fund will be able to tell you your return and how this compares to other investments choices and super funds. Remember to take out expenses like insurance as these aren’t performance based.

Finally, if you don’t understand or have questions about your superannuation fund, a call to your financial adviser or super fund should give you the answers you need and give you the peace of mind that your nest egg is in order.

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Olivia Maragna is the co-founder of Aspire Retire Financial Services and is an independent and respected financial expert. Olivia’s advice is general in nature and readers should seek their own professional advice before making any financial decisions.

You can follow Olivia on Facebook or Twitter at https://twitter.com/oliviamaragna