Superannuation statements: Every employed Australian has a superannuation account, but not everyone understands how it works. Compulsory super contributions were introduced in 1992 under Paul Keating’s government. Over the past 29 years, superannuation assets in Australia have grown to a massive $2.7 trillion, 1.5 times Australia’s gross domestic product.

Last year, the Australian government introduced a scheme allowing employees impacted by the COVID-19 pandemic early access to their superannuation, leading to 2.6 million Australians withdrawing funds.

Here are some major reasons why it is a good idea to check your superannuation statement:

Your Employer Might Have Not Paid You the Amount You Are Owed

Recent audits by the Australian Tax Office (ATO) discovered that 11 to 20 percent of employers are not making the correct super contributions. The JobKeeper payment introduced by the federal government to combat the COVID-19 pandemic’s impact has added complexity to this issue.

Your Personal Details Might Be Out of Date

Your super contributions could end up lost if you’ve changed your name, moved house, or changed your contact information without informing your superfund provider. $20.8 billion in lost and unclaimed super across Australia highlights the importance of keeping your details up to date.

Your Intent to Claim a Deduction May Be Missed

Since July 1, 2018, you have the option of topping up your superannuation and claiming a tax deduction. It’s essential to complete and lodge an ‘intent to claim’ form with your superfund provider to benefit from this option.

Your Superfund May Not Have Your Tax File Number

If your superannuation account is being taxed more than 15 percent on contributions, it’s likely that your superfund provider does not have your Tax File Number (TFN). Update your TFN through the superfund’s online member portal or call center to ensure proper taxation.

Your Superannuation Account May Be Subject to Fraudulent Activity

The Australian Competition and Consumer Commission (ACCC) warns that superannuation scams are common. The ACCC’s Scamwatch and the Australian Federal Police (AFP) have reported numerous scams and investigations. Check your annual super statement for any unauthorized withdrawals, especially if you accessed funds early due to COVID-19.