Smart super housekeeping for the new financial year

The start of a new financial year is a good time to pause, take stock of your superannuation, and make sure everything is set up to support your long‑term retirement goals.

A few simple checks can strengthen your financial position, reduce the chance of surprises later, and help you make the most of the opportunities the super system offers.

Think of it as an annual reset: a chance to tidy up, tune up, and take control.

Review your contributions strategy

Keeping track of your super balance can help you plan more confidently for retirement, and this financial year’s higher contribution caps effectively give you the ability to add more into your super and pay less tax on your income.

Think about whether a salary sacrifice strategy, where you agree to let your employer direct part of your before-tax salary into your super account, could help you save more tax effectively.

Salary sacrifice contributions are generally taxed at 15% up to the maximum concessional-contributions cap of $32,500 per financial year*. If you already have a salary sacrifice arrangement with your employer and have received a pay boost, consider adjusting your regular salary sacrifice amount.

You could also consider making personal contributions using your after-tax money and may be able to claim a tax deduction if you have paid more than 15% tax on your earnings during the financial year and have not exceeded the annual maximum concessional-contributions cap.

In addition, if you have unused concessional cap amounts from the past five financial years, you may be eligible to use carry-forward contributions to boost your super before the end of the current financial year.

legalsuper provides access to various calculators to show how your balance may grow over time under different scenarios. Using these tools at the start of the year can help you decide whether you need to adjust your contributions or investment settings.

Consolidate your accounts and check for missing super

If you have more than one super account, you may be paying multiple sets of fees and insurance premiums.

Consolidating your super into a single fund can reduce costs significantly and make your retirement savings much easier to manage. But before consolidating, check that you will not lose insured benefits post the consolidation.

Meanwhile, Australian Taxation Office (ATO) data shows there is currently billions of dollars in lost or unclaimed super held on behalf of millions of Australians by super funds or the ATO. Do you have any lost or unclaimed super?

If you’ve moved jobs over time and have opened different super accounts along the way, you may be missing some of your accrued super. If you’re not sure, the ATO website has detailed instructions on how you can check for lost or unclaimed super.

Confirm your employer contributions

It’s also worth checking that your employer is paying you the correct Super Guarantee amount and that your contributions are arriving on time.

With Payday Super now in effect, contributions should land in your legalsuper account shortly after each pay cycle. Reviewing your transaction history early in the year will help you spot any issues before they compound.

Review your investment options

Superannuation should always be viewed as a very long-term investment, where you progressively accrue and invest your contributions over time to help build your retirement nest egg.

Your super investment choices should always reflect your long-term goals, time frame, and comfort with taking on investment risk.

So, the start of the financial year is a good opportunity to check whether your current investment options still suit your personal circumstances, especially if your income, financial priorities or risk settings have changed.

Please remember that past performance is not an indicator of future performance.

legalsuper has a broad range of investment choices to suit individual needs. You can view them on our investment options page.

If you do want to make any changes you can update your investment choices by downloading and completing the Superannuation member change of details form available on our website under Tools & Resources.

Check your insurance cover

Another important area to consider is whether you have adequate insurance cover.

legalsuper provides a range of insurance options, including Death cover, Total and Permanent Disablement (TPD) and Salary Continuance (income protection).

Review whether your current level of cover is still appropriate for your needs and whether the premiums are affecting your balance more than expected. Life events such as having children, taking on a mortgage, or changing jobs can all affect the type of cover you need.

You can change your legalsuper insurance cover by downloading and completing the Superannuation change details (insurance) form available on our website under Tools & Resources.

Nominate or update your beneficiaries

A valid binding beneficiary nomination ensures your super is paid according to your wishes if you pass away.

Now is a good time to review your nominations (if you haven’t done so recently) to make sure they still reflect your current circumstances, particularly after major life changes such as marriage, separation, or the birth of a child.

Keeping this up to date provides clarity and peace of mind for you and your loved ones.

You can nominate or update your beneficiaries by downloading and completing the Nomination of beneficiary/ies superannuation form available on our website under Tools & Resources.

Review your personal details

legalsuper relies on accurate personal information to administer your account and communicate with you. Check that your contact details are up to date, if you’ve moved or changed email addresses, and that your bank account information is current.

Having correct details ensures your super contributions are allocated properly and that you receive important updates from us.

You can change your personal details by downloading and completing the Superannuation member change of details form available on our website under Tools & Resources.

Stay engaged throughout the year

Super is one of your most important long‑term assets and staying engaged can make a meaningful difference to your retirement outcome.

Set a regular reminder to view how your super is tracking, ensure your information is current, and to keep an eye on any regulatory changes that may affect your entitlements or opportunities.

A little housekeeping now can set you up for a stronger, more confident financial year ahead.

If you need more help, contact our Member Services Team to for support.

Send us a message, book an appointment, or call us on 1800 060 312.

^{* Division 293 tax is an additional 15% tax on concessional super contributions if your combined income and low-tax employer and salary sacrifice concessional contributions exceed $250,000 in a financial year.}