How to consolidate super through myGov: step by step, and what to check first

To consolidate super through myGov, sign in at my.gov.au, link your account to the Australian Taxation Office, open the super section, choose transfer super, pick the account you want to keep and select the accounts to roll into it. The transfer is free and usually completes within a few business days, though funds can take longer. Before you press submit, check two things in every account you would close: insurance (closing an account normally ends its cover) and employer arrangements (some employers pay more than 12% only into a particular fund). Consolidating usually saves duplicate administration fees and premiums, but those two checks decide whether it is right for you.

This guide is part of the fund comparison checklist section. General information only, not financial advice.

Why consolidate

Before you start: the checks that matter

1. Insurance. List life, TPD and income protection cover in each account, the amount and the premium. If you have a medical condition, are over about 60, or work in a risky job, new cover may be harder to get. Ask the fund you are keeping whether it will accept your cover and whether you can transfer existing cover before closing the other account. See insurance inside super.
2. Employer contributions. Does an employer pay more than the 12% super guarantee, or give a fee discount, only into one fund?
3. Defined benefit interests. These often cannot be rebuilt once rolled out. Get advice first.
4. Retirement income accounts. Account-based pensions are not consolidated like accumulation accounts, and older pensions may have rules that cannot be replaced.
5. Notice of intent to claim a deduction. If you made personal contributions to an account and want to claim a tax deduction, give that fund a valid notice of intent and receive its acknowledgement before you roll the money out. Afterwards, the fund cannot accept the notice for the money that has gone.
6. Fees and performance of the account you keep. Consolidate into a competitive product, not just the biggest balance. Use the annual super fee calculator and the ATO's YourSuper tool.

The switch or consolidate checklist lists these checks so you can tick them off.

Step by step in myGov

1. Go to my.gov.au and sign in, or create an account.
2. If you have not already, link the ATO to your myGov account.
3. In ATO online services, open the Super menu and select Manage, then Transfer super (the wording may change).
4. Check the list of accounts shown, including any ATO-held super — money the ATO holds for you as lost, unclaimed or from inactive low-balance accounts.
5. Choose the destination account you want to keep.
6. Select the accounts or ATO-held amounts to transfer and confirm.
7. Keep the receipt number. The funds process the rollover; you can track it in myGov.
8. Once the money arrives, check the destination balance and confirm the old account is closed.

Some accounts cannot be transferred online, such as defined benefit funds, accounts with insurance the fund wants you to confirm, or where details do not match. In that case, contact the fund you are keeping and ask it to arrange the rollover, or use the ATO's request to transfer whole balance form.

Other ways to consolidate

• Ask the fund you are keeping. Most funds have an online "combine your super" service and will request the rollover for you.
• Paper form. The ATO's rollover form, sent to the fund you are leaving, with proof of identity.

After consolidating

• Give your employer the details of the fund you kept on a standard choice form, or the fund's pre-filled form, so future contributions go there.
• Update your beneficiary nomination in the fund you kept; see death benefits and beneficiary nominations.
• Check your investment option in the fund you kept; rolled-in money usually goes into the default option unless you choose otherwise.
• Keep an eye out for a final small amount: interest or a late contribution can arrive in the old account after it closes. Funds usually forward it or the ATO picks it up.

Worked example: three accounts into one

Illustrative member with three accounts:

Account C's fees are limited by the small-balance cap (3% of $2,600 is $78 a year at most), but they still eat into a balance that has no contributions coming in. By keeping A and rolling B and C into it:

• Flat fees saved: $62.40 a year from B, plus whatever C was charging
• Premiums saved: $156 a year from B, if the member decides the cover in A is enough
• Total illustrative saving: about $218 a year plus C's fees

Over 25 years, $218 a year invested at an illustrative 6% return after fees grows to roughly $12,000. The member first checks that A's cover is adequate, because B's cover will end when the account closes.

To see what the fee saving is worth over time, run the numbers as in the fee drag worked example.

Frequently asked questions

How long does a rollover take?

Funds must generally process a valid rollover within a few business days of receiving everything they need. Delays usually come from mismatched details, insurance checks or a fund needing more identification.

Will I lose money when I roll over?

There is no exit fee, but a sell spread may apply in the old fund and a buy spread in the new one, usually a small percentage of the amount. You will also be out of the market for the days the money is in transit.

Can I consolidate into a self-managed super fund?

Yes, but SMSF rollovers have extra verification steps, and switching to an SMSF because of an unsolicited call is a common scam pattern. Read super switching scams.

What if I have lost track of an old fund?

myGov shows accounts reported to the ATO, including lost accounts. See finding lost and unclaimed super.

Official sources

• myGov — sign in, link the ATO and transfer super
• ATO — consolidating super, ATO-held super, rollover forms, notice of intent
• Moneysmart — consolidating super funds and the checks to make
• AFCA — complaints if a rollover is delayed or wrong