How to Consolidate Your Super Accounts

Having multiple super accounts is one of the most common — and most expensive — financial mistakes Australians make. The ATO estimates that around 6 million Australians hold more than one super account, paying duplicate fees and insurance premiums that silently erode their retirement savings.

Why consolidate?

Every super account comes with its own set of administration fees, investment fees, and often insurance premiums. If you have three accounts each charging $100/year in admin fees, that's $200/year you're wasting on fees for accounts you're not even using. Over a 30-year career, that's $6,000 in fees alone — before you factor in the lost investment returns on that money.

Before you consolidate: Check whether any of your existing accounts have insurance cover (death, TPD, income protection). Closing those accounts may cancel that cover, and you might not be able to get the same cover again — especially if your health has changed. Make sure you have replacement cover arranged before rolling over.

How to consolidate via MyGov

Log in to myGov and link the ATO
Go to Super → Manage → Transfer super
Select the accounts you want to close and choose the fund you want to keep
Confirm the transfer — most rollovers complete within 3–5 business days

How to choose which fund to keep

Don't just default to your current employer's fund. Compare:

Fees: Total annual cost including admin, investment, and indirect costs. Use our super comparison calculator to compare at your balance level.
Performance: Look at 5–10 year returns, not just last year. Funds like AustralianSuper and Hostplus have consistently strong long-term track records.
Insurance: Compare the default insurance cover and premiums in each fund.
Investment options: If you want more control, check what options each fund offers beyond the default MySuper option.

Consolidation checklist

Step	Action	Why it matters
1	Find all accounts via MyGov	Don't miss any — check for lost super too
2	Compare fees at your balance	A 0.3% fee difference on $100K = $300/year
3	Check insurance in each account	Don't lose cover you need
4	Check for defined benefit accounts	Never consolidate these without advice
5	Transfer via MyGov	Fastest method, usually 3–5 business days
6	Confirm transfer completed	Check your receiving fund's balance after a week

What about employer contributions?

Once you've chosen your preferred fund, give your employer a Superannuation Standard Choice Form so all future SG contributions go into that one fund. Your employer is legally required to pay into your chosen fund (with some exceptions for certain enterprise agreements). The current SG rate is 12% of your ordinary time earnings.

Related guides

Important information The information on SuperFind is general in nature and does not take into account your personal financial situation, needs, or objectives. It is not personal financial advice. Before making any financial decisions about your superannuation, consider whether the information is appropriate for your circumstances and consider seeking advice from a licensed financial adviser. Super fund data including fees and performance returns shown on this site were current as of April 2026 — always verify figures on the fund's website. Past performance is not a reliable indicator of future performance. Data sourced from APRA, ATO, and individual fund disclosures. SuperFind is a DecisionLab publication.