Super Statement Decoder

How to Read Your Super Statement

Her Field Notes · 5 min read · General education only

A super statement answers four questions: what went in, what came out, what it earned, and what it is worth now. Everything else on the page is detail hanging off one of those four.

The fun kind of disclaimer. This is general education only and does not constitute financial advice. It explains what the words on your statement mean. It does not tell you what to do about any of them.

Most people open their super statement, look at the big number, feel something about it, and close it. The big number is the least useful thing on the page.

Your statement arrives once a year and reads like it was written for someone else. That is because it was. It is a compliance document before it is a letter to you, which is why the useful parts sit in the middle.

The lines, decoded

Opening balance→What you had at the start of the statement period. Usually 1 July.
Closing balance→What you had at the end. The number on the front page, and the one most people stop at.
Employer contributions→The compulsory super your employer pays. Since 1 July 2026 it is 12% of your qualifying earnings, and under Payday Super it arrives with each pay rather than quarterly.
Personal or voluntary contributions→Anything you put in yourself, on top of what your employer pays.
Concessional contributions→Money that went in before tax: employer contributions and salary sacrifice. Taxed at 15% on the way in for most people.
Non-concessional contributions→Money that went in after tax, from income you had already paid tax on. Not taxed again on the way in.
Contributions tax→The 15% taken from concessional contributions. It is why the amount landing in your fund is smaller than the amount your employer paid.
Government co-contribution→An amount the government may add if you made an after-tax contribution and your income is under a threshold. The threshold changes each year.
LISTO (Low Income Super Tax Offset)→A refund of contributions tax for people under an income threshold, paid into the fund rather than to you.
Administration fee→What the fund charges to run your account. Often a flat dollar amount plus a percentage.
Investment fee and indirect costs→What it costs to manage the money itself. Usually shown as a percentage, and usually taken out before the return is reported.
Insurance premiums→The cost of any insurance held inside your super. Commonly death cover, total and permanent disability, and income protection. It comes out of your balance, not your pay.
Investment option→Which mix of assets your money sits in. Funds give these names such as balanced, growth or conservative. The names are not standardised between funds, so the same word can mean different mixes.
Net investment return or earnings→What the money made or lost over the period, after investment fees and tax.
Preservation age→The age from which super can generally be accessed, subject to conditions of release.
Beneficiary or binding nomination→Who the fund would pay if you died. A binding nomination is one the trustee must follow, and it usually expires after three years unless renewed.
Member number and USI→Your account number, and the code that identifies the fund. You need both when anything has to be matched up.
Her Notes

The one thing worth checking

Compare the employer contributions on the statement against your payslips for the same period. They are meant to line up. If they do not, that is a question for your employer or your fund, and it is the kind of gap that is far easier to sort out in the same year it happens than five years later.

That is a records check, not a money decision. It is the one part of the statement you are better placed to verify than anyone else, because you are the only person holding both documents.

Common questions about super statements

What do the fees on my super statement mean?

Most funds show two kinds. Administration fees are what the fund charges to run the account, often a flat amount plus a percentage. Investment fees and indirect costs are what it costs to manage the money, usually shown as a percentage and usually deducted before the return is reported. Both are taken from your balance rather than from your pay.

Why is the amount in my super less than what my employer paid?

Concessional contributions, which include employer contributions and salary sacrifice, are taxed at 15% on the way into the fund for most people. Fees and any insurance premiums also come out of the balance. Together that is usually the difference between the figure on your payslip and the figure on your statement.

What is a binding nomination on a super statement?

It is an instruction naming who the fund should pay if you die. A binding nomination is one the trustee is obliged to follow, as opposed to a non-binding preference, which the trustee considers but does not have to follow. Binding nominations commonly lapse after three years unless they are renewed.

What does preservation age mean?

It is the age from which superannuation can generally be accessed. Reaching it is one condition among several, and the rules on access depend on circumstances such as whether you have retired.

How do I check my employer is paying my super?

Compare the employer contributions shown on your statement with the super line on your payslips for the same period. Since 1 July 2026 employers pay super on each payday rather than quarterly, so the two are meant to track closely. If they do not match, your employer and your fund are the places to ask.

Rates, thresholds and caps quoted here were current at the time of writing and change most years. This is general education only and does not constitute financial advice. It does not consider your objectives, financial situation or needs. Consider seeking advice from a licensed financial adviser before making decisions about superannuation.

Keep reading: how to read a payslip, why women retire with less super, or find your starting point.