Every employer has to pay quarterly 9% of wages (there is a special definition of wages) to a complying fund as long as you earn more than $450 per month.

If you worked for more than one employer it is quite likely that you have more than one Superannuation Fund. Each time you change employers, you must roll over your funds into your new employers Superannuation Fund.

If you do not know where your previous employers were contributing for you, you can phone your previous employer, they should be able to give you the name of the Super Fund and your member number.

Superannuation Funds charge Administration Fee to keep account of your money. In addition to this fee, they also charge Management Fee for investing your money. Administration Fee is usually a set amount, which is charged every month. Management Fees is charged as a percentage of your fund balance, this fee could range from 0.5% to 6%.

Most Superannuation Funds invest in Australian and Overseas Shares. Value of these shares change everyday, hence the value of your fund balance also may change every day.

These funds are obliged under SIS Act to report to you, your fund balance at least once in 6 months. If you phone your Superannuation Fund and identify yourself, you can usually get your current fund balance over the phone.

If you have more than one fund, than you are paying administration fees to more than fund. If you are married and your children are also working your whole family could be paying a set of Administration and Management Fees.

Unlike Administration Fee, Management Fees is not shown on your half yearly or annual statement. This fee is deducted before any income is credited (given) to your Super fund account.

If you have $40,000 in your fund and your Superannuation Fund had income of 7 % and the Fund Manager were charging you Administration Fee of $10 per month and 3% Management Fees.

Your account should look like this:

Although your fund has earned a 7% return or $2,800 only $1,600 would be shown on your statement and management fee of 3% or $1,200 will not be displayed.

What if the Superannuation Fund is charging you 5% Management Fees and as it is not displayed on your statement, you may not even know about it.

Under Current legislation Super Funds are NOT forced to disclose Management Fees on member statements. Hence, Fund Managers prefer to hide the exact fee charged from members.

Do you know what percentage Management Fee you are paying?

If any Super Fund holds your super money and cannot find you (receives back sent mail etc), it has to deposit the balance of your fund with the Australian Taxation Office in a fund called "Unclaimed Super". Hundreds of Millions of Dollars are currently with the Tax Office waiting for members to claim them.

It is very easy to find out if the tax office is holding any money for you. All you have to do is enter your tax file number and full name on their website, to check now click here, it is a free service provided by the tax office.