How to Consolidate Your Super into One Fund

Having multiple super accounts means paying multiple sets of administration fees — often for years, on balances you’ve forgotten about. Rolling your super into a single fund is one of the simplest ways to improve your retirement outcome, but there is one critical thing to check before you close an old account: your insurance cover.

This guide covers the full consolidation process, including the insurance check that many guides miss.

Key Takeaways

• Multiple super accounts mean paying multiple sets of administration fees — often $50–$120 per account per year
• Check your insurance cover before closing any account — closing an old fund may permanently cancel default life and TPD cover
• The fastest way to consolidate is via myGov → ATO online → Super → Manage → Transfer super
• Rolling over does not affect your annual contributions cap or tax treatment
• Use ATO SuperMatch to find all funds linked to your Tax File Number before consolidating

Why Consolidate?

Each super account typically charges an annual administration fee — often $50–$120 per year regardless of your balance. If you have three funds, you may be paying $150–$360 per year in fees that could otherwise stay invested and compound.

The Cost of Multiple Accounts Over Time

Illustrative only — does not account for investment returns or fee increases over time.

Before You Consolidate — Check Your Insurance

This is the most important step. Many super funds provide automatic life insurance, total and permanent disability (TPD) cover, and/or income protection insurance to their members. When you close a super account, the insurance cover attached to that account also ends.

What to Check for Each Fund You Plan to Close

1. Do you have insurance in that fund? Check your annual member statement or log in to the fund’s online portal
2. How much cover do you have? Note the sum insured for life/death and TPD
3. What are the terms? Check whether it’s “own occupation” or “any occupation” TPD — own occupation cover is more favourable and harder to obtain as a standalone policy
4. What will you lose? If you have meaningful cover in the fund you’re closing, ensure you have equivalent cover elsewhere — either in the destination fund or through a personal policy — before rolling over and closing the old account

If you have pre-existing medical conditions, personal insurance may be harder to obtain or more expensive than group cover through super. Rolling out of group cover without replacement can be a significant risk, especially if you have dependants or financial obligations.

Step-by-Step: How to Consolidate Your Super via myGov

The easiest way to consolidate super is through the ATO portal on myGov — it’s free and handles the transfer request electronically without paperwork.

Step 1 — Log in to myGov

Go to my.gov.au and log in to your account. Ensure the ATO service is linked.

Step 2 — Find All Your Super Accounts

In the ATO portal, go to Super → Manage → Search for lost super and run a SuperMatch search. This shows all super accounts linked to your tax file number.

Note every account — including its fund name, member number, and balance.

Step 3 — Choose Your “Destination” Fund

Select the fund you want to keep as your main account. Consider:

• Which fund has the best combination of fees, investment options, and long-run net returns?
• Which fund already has your employer’s SG contributions going in?
• Does the fund have the insurance cover you need?

If you’re not happy with any of your existing funds, you can open a new account with your preferred fund first, then roll everything into that. See How to Choose a Super Fund for guidance on picking the best fund.

Step 4 — Check Insurance in Accounts You Plan to Close

Before rolling out of any fund, log in to that fund’s portal or call their member services line and confirm:

• What insurance cover (if any) is attached to that account
• Whether you need to take any action to replace it before closing

Step 5 — Initiate the Rollover via myGov

1. In the ATO portal, go to Super → Manage → Transfer super
2. Select the account(s) you want to roll out of (the “source” fund)
3. Select the fund you want to roll into (the “destination” fund)
4. Confirm the transfer request

The ATO sends an electronic rollover request to your old fund. Most funds process the transfer within 3–5 business days. You do not need to contact the old fund separately — though you may receive confirmation communications from them.

Step 6 — Confirm the Transfer Has Been Completed

Log in to:

• Your destination fund — confirm the rolled-in balance appears (and the correct investment option)
• Your source fund — confirm the account has been closed or the balance is zero

If the source fund had a zero balance but is still listed as open, contact the fund to close the account — some funds keep accounts open until formally requested to close them.

Step 7 — Update Your Employer’s Payroll

If future SG contributions were going to the fund you’ve closed, notify your employer’s payroll team of your new nominated fund details (BSB, account number, member number). Under the Superannuation Guarantee rules, your employer must contribute to your nominated fund within a reasonable period of notification.

Consolidating Without myGov

If you don’t have myGov access, you can consolidate directly through your destination fund:

1. Contact the destination fund and ask for a rollover/transfer request form
2. Complete the form with details of the fund(s) you want to roll out of
3. Submit to the destination fund — they will contact the source fund on your behalf

This is slower than the myGov method (can take 2–4 weeks) but achieves the same result.

What Happens to Contributions and Tax

• Tax file number: Rolling over super between funds is not a taxable event for you — no tax is payable on the transfer amount
• Contributions: Rollover amounts do not count toward your annual concessional or non-concessional contributions caps — they are a transfer of existing super, not a new contribution
• Investment option: Your rolled-in balance lands in the destination fund’s default investment option (typically MySuper) unless you actively select a different option beforehand

Frequently Asked Questions

Can I consolidate super if I’m still working? Yes. You can consolidate at any time, regardless of your employment status. Consolidation does not affect your ability to receive future employer SG contributions.

Does consolidation affect my concessional or non-concessional contributions cap? No. Rolling over super between funds is not a contribution — it is a transfer of existing super. The amount transferred does not count toward any annual cap.

Can I consolidate an SMSF with a retail or industry fund? Yes. If you are winding up an SMSF, you can roll the SMSF balance into a complying retail or industry fund. The SMSF must be in a position to transfer (i.e. assets can be sold or transferred in specie under specific rules) — see your SMSF administrator or adviser for guidance specific to SMSFs.

My old fund says I have a defined benefit component — can I still consolidate? If part or all of your old fund is a defined benefit (where your entitlement is calculated by a formula based on salary and years of service, rather than by account balance), be very cautious before rolling over. Defined benefit entitlements are often significantly more valuable than their current transfer value — rolling out of a defined benefit fund is typically irreversible and should be carefully considered, ideally with advice from a financial adviser.

How long does a super rollover take? Via myGov (ATO portal): typically 3–5 business days. Via the destination fund’s paper process: 2–4 weeks. If a transfer hasn’t appeared after 30 days, contact both funds and the ATO.

See also: Consolidating Super. For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.