How to Read Your Super Statement — What to Look For

Your annual superannuation statement is one of the most important financial documents you receive each year. Most Australians glance at the balance, file it, and forget it. Here’s what to actually check — and what the numbers mean.

When You Receive Your Statement

Super funds must send annual statements after 30 June each year. Most arrive between August and November. Many funds now provide digital statements via their online portal — you can often access these year-round, not just annually.

Section 1: Your Account Balance

The statement will show:

• Opening balance: Balance at the start of the period (1 July)
• Closing balance: Balance at the end of the period (30 June)
• Net investment return: How much your investments grew (or fell) during the year

Check: Is the closing balance what you expected based on contributions and market performance?

Section 2: Contributions

The statement will list contributions received during the year:

• Employer contributions (SG): Should be 11.5% of your OTE (FY2024–25)
• Salary sacrifice contributions (if applicable)
• Personal (after-tax) contributions
• Spouse contributions (if applicable)
• Government co-contributions (if applicable)
• Rollovers in from other funds

Check:

1. Is the employer SG amount approximately 11.5% of your salary?
2. If you salary sacrifice, do the contributions match what was agreed?
3. Are personal contributions and rollovers correctly shown?

If employer SG contributions are missing or lower than expected, this may indicate underpayment — contact your employer and check myGov.

Section 3: Fees Paid

Your statement must show the actual dollar amount of fees you paid during the year. This typically includes:

• Administration fee
• Investment fee (often embedded in returns rather than listed separately — check the PDS)
• Insurance premiums (shown separately)
• Advice fees (if applicable)
• Buy/sell spread (when applicable)

Check:

1. What was the total fee as a dollar amount and as a percentage of your average balance?
2. Is the fee competitive for your balance size and option? (Reference: How Much Are You Paying in Super Fees?)

Section 4: Insurance

The statement shows:

• Type of insurance cover (death, TPD, income protection)
• Cover amounts (in dollars or units)
• Premiums deducted from your account

Check:

1. Is the cover amount appropriate for your situation?
2. Are premiums reasonable relative to the cover?
3. Has any cover been cancelled or changed? (Inactivity rules under Protecting Your Super can result in cover being cancelled automatically)

Section 5: Investment Performance

The statement shows:

• The investment option you are in
• The return for the year (%)
• Sometimes the return over 3, 5, or 10 years

Check:

1. Is the option still appropriate for your age and risk tolerance?
2. How does the return compare to the fund’s stated benchmark?
3. Is the net return (after fees) competitive vs peer funds?

Use the APRA heatmap and YourSuper tool to benchmark.

Section 6: Beneficiary Nomination

The statement may remind you of your current beneficiary nomination. Key points:

• Binding nominations expire every 3 years and must be renewed — check the expiry date
• Non-binding nominations do not expire but are not guaranteed (the trustee has discretion)
• A nomination with an ex-spouse or outdated nominee needs updating

Action: Review and update if needed.

Common Red Flags on a Super Statement

For more: How Are Super Fees Calculated?, How to Read Your Super PDS, Super Insurance Explained, Protecting Your Super Reforms. For advice on your situation, speak with a licensed financial adviser via MoneySmart.