How to Read Your Super Statement (and What Actually Matters)

Opening balance vs closing balance🔗

The simplest part, and the best place to start. Your opening balance is what your super was worth at the start of the period (usually 1 July); your closing balance is what it was worth at the end (usually 30 June). The difference is the result of a few things happening at once: contributions coming in, investment returns, and fees, insurance premiums and tax going out.

If your closing balance is higher, great. If it is lower, do not panic yet: a negative return in a single year is normal for a long-term investment.

The contributions section🔗

This shows every dollar that went into your super during the year. Employer contributions are the Superannuation Guarantee (SG), now 12% from 1 July 2025, calculated on your ordinary time earnings. The sanity check: divide your employer contributions by your ordinary earnings for the year, you should get roughly 12%. If it is noticeably lower, investigate (you can report unpaid super to the ATO).

Your own contributions appear here too. Concessional (before-tax)contributions, like salary sacrifice, are taxed at 15% inside the fund (that tax shows as a deduction on your statement) and count toward the concessional cap. Non-concessional (after-tax) contributions come from your take-home pay with no deduction and have a separate cap. Check the ATO for the current caps. If you want to save more into super, see our guide on how salary sacrifice into super works.

Investment earnings (returns)🔗

This shows the growth or loss your money generated while invested, as a dollar amount, a percentage, or both. The important bit: a negative return in a single year is completely normal. Markets go up and down, super is designed to be held for decades, and selling out of a growth option after a bad year just locks in the loss and misses the recovery. The figure shown is for your specific option, after investment fees and fund-level tax, so it is not the raw market return you read about in the news.

Fees (the one that really matters)🔗

Fees are the section most people skip. They should not. A typical statement shows an administration fee (often a flat dollar amount plus a small percentage), an investment fee (usually deducted before the return is calculated, so it may not be a separate line), and any adviser service fee.

Insurance premiums🔗

Most funds include default insurance, and the premiums come straight out of your balance, easy to overlook because the money never leaves your bank account. The three common types are life cover, total and permanent disability (TPD), and income protection. The key question is whether the cover suits your life right now.

If you are in your 20s with no dependants or mortgage, you may be paying for life cover you do not need. If you have a mortgage, a partner or kids, the default cover might be exactly right, or not enough. TPD definitions can be narrow and income protection through super often has a shorter benefit period than a standalone policy, so it is worth understanding before assuming you are fully covered. Our guide on insurance through super vs standalone digs into this.

Your investment option🔗

Arguably the most important section, and the most ignored. Your option is where your money is actually invested: high growth or growth (mostly shares, higher potential return and volatility), balanced (a mix), conservative (more defensive), or a MySuper default if you never chose. Your option drives your long-term outcome more than almost anything else, because a 1% difference in average annual return compounds enormously over 30 years.

As general information (not advice): people with decades until retirement often have time to ride out downturns, which is why higher-growth options are commonly discussed for younger investors, but it depends on your circumstances and comfort with risk. The key action is simply to know what option you are in.

Beneficiary nomination and your details🔗

Your beneficiary nomination tells your fund who gets your money if you die. The catch: super does not automatically form part of your estate, so your Will alone is not enough. A binding nomination must be followed (and typically lapses after three years, so check it is current); a non-binding one is only a guide the trustee can override.

Then check your personal details. Errors in your name or date of birth can cause problems when you access your super. Most importantly, make sure your TFN is recorded: without it, the fund withholds extra tax on concessional contributions and cannot accept personal contributions. And check whether you have multiple or lost accounts, consolidating saves on duplicate fees and insurance, but confirm you are not giving up wanted cover first.

5 things to check on your super statement today🔗

1. Confirm your employer is paying 12% SG. Divide employer contributions by your ordinary earnings; it should be close to 12%.
2. Check your fees. Find the admin and investment fees and compare them with the ATO's YourSuper tool.
3. Review your insurance cover. What do you have, what does it cost, and does it suit your life stage?
4. Confirm your investment option. Know what you are in and whether it fits your time horizon and risk comfort.
5. Update your beneficiary nomination. Is it current, binding, and not lapsed? Fix it now, not when it is too late.

❓ Frequently asked questions🔗

Keep reading🔗

• How to compare super funds in Australia
• Insurance through super vs standalone
• Preservation age: when can you access your super?