How myGov Can be Used To Monitor Your Super

When it comes to managing your finances, it's crucial to stay informed about the status of your superannuation account and ensure that your employer is consistently contributing on your behalf. In the past, keeping track of your super could be a daunting task involving numerous phone calls and paperwork. However, with recent enhancements to the Australian Taxation Office's (ATO) online service and the introduction of the myGov portal, accessing this information is now just a few simple clicks or keystrokes away.

So, what kind of superannuation details can you find on myGov, and where can you locate them?

Where to Access Detailed Super Information

While most individuals associate the ATO solely with tax matters, it also plays a significant role in the superannuation system. With the government's expansion of the online Single Touch Payroll (STP) reporting system to all businesses, your employer is now required to directly transmit a wealth of tax and superannuation data to the ATO through their payroll software every time they pay you.

This development allows the ATO to closely monitor employer super contributions and super funds. As a result, checking the information the ATO holds on your behalf can be an effortless way to track and gain insights into your superannuation.

What super-related information is available?

1. See your super accounts

By utilizing myGov, you have the capability to review all the super accounts that have been reported to the Australian Taxation Office (ATO) on your behalf. These accounts can come from various sources such as a super fund, retirement savings account (RSA), or self-managed superannuation fund (SMSF). The types of accounts you can expect to find include:

• Open accounts: These are marked with a 'yes' indicator if they have received a super contribution within the past six months.
• Closed accounts: Accounts that have been closed on or after July 1, 2018.
• Inactive accounts: Accounts that have not received any contributions within the past six months or longer.
• Lost accounts: These accounts are classified as 'lost' because the super fund is unable to contact you.
• Pension accounts: Accounts specifically designated for pensions.
• ATO-held super: Super accounts held directly by the ATO.
• Newly opened super accounts: Details of recently opened accounts should be available shortly after they are established, provided that the super fund has reported them to the ATO.

It's important to note that defined benefit funds and certain public sector superannuation schemes may report information differently. Consequently, members of these funds will only be able to view data from the most recent annual reporting date.

For SMSF accounts, please be aware that the following conditions apply for the account information to be displayed on myGov:

• The SMSF must be a registered and complying super fund.
• There should not be any outstanding SMSF annual return (SAR).
• The Australian Business Number (ABN) of the SMSF must be reported accurately, and the membership should be correctly added through the Australian Business Register.

2. Check your employer’s SG contributions

Enhanced Reporting System for Employer Super Contributions

Through the Single Touch Payroll (STP) reporting system, employers now provide regular updates to the Australian Taxation Office (ATO) regarding their reportable employer super contributions. This encompasses various types of contributions, including Superannuation Guarantee (SG), salary-sacrifice amounts, voluntary employer contributions, and award contributions.

By combining this information with data received from super funds, the ATO has significantly improved its ability to monitor employers' compliance with SG contribution requirements. This also enables you to conveniently access details about the contributions made by your employer to your superannuation account.

To view this information, simply navigate to the Super tab, select "Information" from the dropdown menu, and click on "Employer Contributions."

3. Check for ATO-held super

In situations where the government, your super fund, or your employer is unable to locate an account for the transfer of your superannuation, the Australian Taxation Office (ATO) takes charge of holding the funds until you make a claim.

ATO-held super encompasses various categories, including:

• Lost member accounts: Super accounts that have been classified as lost due to an inability to locate the account holder.
• Inactive low-balance accounts: Super accounts with low balances that have remained inactive.
• Unclaimed super: Funds belonging to members aged 65 years or older, non-member spouses, and deceased members that have not been claimed.
• Super for temporary residents: Funds held for individuals who were temporary residents in Australia and have been absent from the country for six months or longer.

The ATO acts as a custodian for these unclaimed funds, ensuring their safekeeping until you come forward to claim what is rightfully yours.

4. Check if you have insurance cover on your Super - Accessing Insurance Details for Your Super through ATO Online Service with myGov

By utilizing the ATO online service through myGov, you have the ability to review specific information regarding the presence of insurance cover within your superannuation. Any super account that includes insurance coverage will be clearly indicated with a 'yes' flag. This allows you to easily identify whether insurance is part of your super and obtain the necessary details related to it.

5.Recovering Lost Super - Track and Reclaim Your Unclaimed Funds

Losing track of your superannuation is a common occurrence, especially if you have changed jobs, relocated, or lived abroad for a period of time. Fortunately, if you have unintentionally misplaced some of your super, there is a simple solution to locate it. You can now utilize the Australian Taxation Office's (ATO) online services through myGov to check the whereabouts of your super or any forgotten super accounts.

Through the ATO's online services, you have the opportunity to track down and reclaim your lost super funds. This convenient platform enables you to retrieve information about any super accounts you may have forgotten about, ensuring that you regain control of your unclaimed funds. Don't let your lost super remain dormant - take advantage of the ATO's online services via myGov to reconnect with your hard-earned savings.

6. Streamline Your Super - Consolidate Multiple Accounts with Ease

With the convenient tools available on the myGov portal, you have the power to merge your funds from multiple super accounts or any ATO-held super into a single super account of your preference. This process, commonly known as a transfer or rollover, simplifies your financial management and ensures that your super is consolidated in one place.

It's important to note that when using the online service on myGov, you can only transfer the full balance from one super account to another super fund. If you wish to transfer a partial balance, you will need to directly contact the super fund involved.

Take control of your super by utilizing the online transfer feature on myGov, enabling you to streamline your funds and have a clearer overview of your consolidated super account. Say goodbye to multiple accounts and enjoy the convenience of managing your super from one central location.

7. Gain Insights into Your Total Super Balance (TSB)

By utilizing myGov, you have the ability to access crucial information regarding your Total Super Balance (TSB) as of the previous year's 30th of June. This provides you with a comprehensive overview of your superannuation status.

Furthermore, myGov allows you to conveniently view details related to your transfer balance cap. This includes information on any elections associated with your transfer balance cap, such as the option to commute an excess Transfer Balance Cap amount.

The ATO online service integrated with myGov empowers you to stay informed about your TSB and make necessary decisions regarding your transfer balance cap. Take advantage of this user-friendly platform to effectively manage your superannuation and ensure compliance with relevant regulations.

8. Settle Your Division 293 Bill with Ease​

If you have been issued a Division 293 bill by the Australian Taxation Office (ATO), you can conveniently make the payment through various available methods.

To pay your Division 293 bill, you can:

• Online payment: Visit the ATO website and access their online payment system. Follow the prompts to securely submit your payment using a credit card, debit card, or electronic funds transfer.

• BPAY: Use the BPAY payment method by contacting your financial institution or accessing your online banking platform. Follow the instructions provided to enter the necessary details, including the biller code and reference number specified on your Division 293 bill.

• Bank transfer: Initiate a bank transfer from your financial institution to the ATO's designated bank account. Ensure that you include the correct payment reference details to accurately allocate the payment to your Division 293 bill.

• Mail: If you prefer traditional mail, you can send a cheque or money order payable to the Australian Taxation Office along with your payment slip. Be sure to include the reference number provided on your bill to ensure proper allocation of the payment.

It's important to note that the ATO may provide specific instructions or alternative payment methods on your Division 293 bill. Therefore, carefully review the bill and any accompanying instructions to ensure a smooth and accurate payment process.

9. Monitor Your Bring-Forward Contribution Cap

With the convenience of myGov, you can easily keep track of your remaining balance within the three-year bring-forward contribution cap. This feature is particularly helpful if you have been making non-concessional (after-tax) contributions that exceed the annual contribution limits.

By accessing myGov, you will be able to view the amount that remains within your three-year bring-forward contribution cap. This information allows you to monitor and manage your contributions effectively, ensuring that you stay within the prescribed limits and avoid any potential penalties or excess contribution charges.

Take advantage of myGov's user-friendly interface to stay informed about your bring-forward contribution cap status. This will assist you in making informed decisions regarding your non-concessional contributions and maintaining compliance with the relevant regulations.

10. Explore Unused Carry-Forward Concessional Contributions available to you

In addition to other features, myGov allows you to determine whether you have any unused concessional contributions cap amounts that can be carried forward to the current financial year.

Concessional contributions encompass various types of contributions, including employer Super Guarantee payments, salary-sacrifice arrangements, and personal contributions for which you claim a tax deduction. The current annual cap for concessional contributions stands at $27,500.

To check your unused carry-forward amounts, follow these steps:

1. Access the Super tab on myGov.
2. Select "Information" from the dropdown menu.
3. Click on "Carry-forward concessional contributions."

On this page, you will find comprehensive details regarding your concessional contributions. This includes your total concessional contributions cap for the financial years since the carry-forward rule was introduced, the total concessional contributions you have made during that period, and the overall amount of unused concessional contributions cap available to you.

Utilising unused carry-forward concessional contributions can be an advantageous strategy to maximize your concessional contributions during the current financial year, surpassing the regular annual cap while also enjoying a tax deduction for your contributions. This approach can provide valuable tax benefits and help you boost your retirement savings.

11. Applying for the First Home Super Saver (FHSS) Scheme through myGov

If you meet the eligibility criteria, you can conveniently apply for the First Home Super Saver (FHSS) scheme and access essential information about your account and application using myGov. This platform allows you to efficiently manage your FHSS scheme-related activities. Here's how:

1. Access myGov and navigate to the Super tab.
2. Select "Manage" from the dropdown menu.
3. Click on "First Home Saver."

By following these steps, you will be able to initiate the application process for the FHSS scheme and gain insights into your account. Additionally, through myGov, you can apply to the Australian Taxation Office (ATO) for an FHSS determination. This determination will provide you with details regarding the amount of voluntary super contributions you can withdraw from the scheme for your first home purchase.

Take advantage of the streamlined process offered by myGov to simplify your FHSS scheme application and efficiently manage your voluntary super contributions. This valuable resource ensures that you can access the information and assistance you need to pursue your dream of homeownership.

12. Optimize Your Super Choices with the YourSuper Comparison Tool​

The recently introduced YourSuper comparison tool by the Australian Taxation Office (ATO) simplifies the process of evaluating MySuper products and selecting a super fund that aligns with your requirements. This tool presents a comprehensive table that ranks MySuper products based on their fees and investment returns, enabling you to make an informed decision.

When utilizing the ATO online services, you can access the personalized version of the YourSuper comparison tool. This feature allows you to compare your current MySuper products with those offered by other super funds. By doing so, you can gain a clear understanding of how your existing options stack up against alternatives in the market.

The tool also provides a helpful prompt if you possess multiple super accounts, encouraging you to consider consolidating them for greater simplicity and efficiency.

Empower yourself with the YourSuper comparison tool available through the ATO online services. By leveraging this resource, you can conveniently assess and compare MySuper products, paving the way towards a well-informed decision regarding your super fund selection.

Why not take the next step and talk to a qualified financial planner? 

LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your financial planning requirements. 

If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.

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