Changes in employment can be the perfect time to think about your super because we’re generally already thinking about changes in financial circumstances. Here are a few tips and things to think about at this time of your life.

 

Do we still have your up-to-date details?

It’s important to make sure we still have up-to-date contact details for you. If you need to update them, get started with our step-by-step HOW DO I…update my details?

 

Make sure you don’t end up with more super accounts than you need

When you change jobs, your new employer will probably set up another super account for you unless you give them some instructions on where you’d like your super paid. Most employees can choose which account their super is paid to, even if your employer has a default fund that they contribute to.

One of the great features of your membership with us is that you can keep your membership even when you leave the Commonwealth Bank Group and you can ask your new employer to contribute to your Accumulate Plus account. Find out more about asking your employer to contribute or try out this online tool to compare us with another fund.

If you’re a Defined Benefit or Retirement Access member and you’d like to receive contributions from other employers, you can use an Accumulate Plus account. Find out more about opening an account if you don’t have one already.

 

Do you have some extra cash to consider adding to your super?

If your new job has also come with an increase in salary, perhaps you want to consider adding a bit extra to your super? It's easy to think that super is something you can leave for later but taking small steps now could add up to thousands of extra dollars over time.

All it takes is adding a little extra to your super – if you start early enough, even small amounts can make a huge difference when you do it regularly.

Find out more about contributing to super.

 

If you’re self-employed

It might be great being your own boss, but one thing to think about is that you may no longer have an employer making regular super contributions for you. To minimise any effect to your super savings over the long term, you should consider whether to make your own contributions to your super.

You can make after-tax contributions to your super, and you may be eligible to claim a tax deduction for the contributions through your tax return – these are called personal deductible contributions. Find out more in the Reference Guide: Boost your super for Accumulate Plus.

If you’re now earning a lower income and you make after-tax contributions to your super, you may also be eligible for a super co-contribution from the government or a low income superannuation tax offset. Find out more about these schemes in the Reference Guide: Boost your super.

Other useful resources

    Super returns for small business

    When you work long hours running your own small business, there’s often little time to plan for retirement. But a business isn’t the same as a financial plan. (Source: Colonial First State)

    Super for the self-employed

    This short video will show you how you may be able to claim a tax deduction for money you put into super if you’re self-employed. (Source: Australian Taxation Office)

    How to break the super glass ceiling

    Different work patterns and incomes mean that Australians don’t end up with the same super balances when they retire. (Source: CommBank)

    Superannuation calculator

    Find out how much super you’re likely to have when you retire (Source: ASIC MoneySmart)