If you’re like most people in Australia, you have a superannuation account. But do you know how to find unique superannuation identifier and what it is exactly? In this post, we’ll show you how to find it and explain what this identifier is used for.
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What is a Unique Superannuation Identifier number?
In Australia, your superannuation account is identified by a Unique Superannuation Identifier (USI), which is a code assigned to you by the Australian Taxation Office (ATO). It is used to keep track of your superannuation account and any contributions made to it.
A USI is used to identify a super fund and the individual products offered by that super fund. A super fund can have one or multiple USIs, depending on how many products it offers.
The USI allows money to be paid to funds at the product or sub-fund level instead of the fund level. That means that a fund is not limited by the number of USIs it can nominate.
How to create your unique superannuation identifier in Australia?
Here’s how you can get a USI:
- Visit the ATO website and register for an ABN.
- Upon registration, you will be given a unique code that will be used to identify your superannuation account.
- Use this code to set up your superannuation account with any provider in Australia.
Note: If you already have an existing superannuation account, you can use your ABN to transfer your account balance to your new provider.
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Where to find my unique superannuation identifier?
If you don’t know how to find your unique superannuation identifier, you can usually find it on your annual super statement or your super fund’s website. If for some reason you can’t access either of these, simply log onto the ATO website and enter your personal details. Once you have located your record, you will be able to view your superannuation balance and transactions.
You can also use the Super Funds Lookup to find contact details for your superannuation fund. If you have any questions about your superannuation, like how much super should I have at my age, the ATO website also provides a range of resources and contact numbers.
How to change your unique superannuation identifier in Australia?
You may not be aware a super unique superannuation identifier can be changed. If you don’t know how to find a USI number for super funds or you’ve lost it, there are a few steps you need to follow to have it changed:
- Contact your superannuation fund provider and request a new identifier.
- Once you have the new identifier, you’ll need to update your member profile with the Australia Taxation Office.
- Finally, you’ll need to notify your employer of the change so that they can update their records.
Note: Changing your superannuation identifier is a relatively simple process, but it’s important to follow the steps carefully to avoid any disruptions to your retirement savings.
How will USI benefit you and your retirement savings account(s)?
Australia currently has a unique superannuation identifier for each individual’s retirement savings. This is intended to make it easier for people to keep track of their retirement savings and to ensure that they receive the correct payments when they retire, since a government pension is the main source of income for nearly 50% of Australians post-retirement, retirement statistics reveal.
There are a number of benefits to having a unique identifier for your retirement savings:
- It makes it easier to keep track of your savings, which is important if you have multiple accounts with different providers. Moreover, it will help you with reportable superannuation contributions that you or your employer make to your super.
- It helps to ensure that you receive the correct payments when you retire. This can be important if you move between jobs or change superannuation providers.
- It can help to ensure that your children inherit your superannuation in the event of your death.
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Bottom line
It may take you some time to find your unique superannuation identifier, but with the help of our guide, it can be easy and straightforward. We’ve outlined the different ways how to find unique superannuation identifier, and what to do in case you’ve lost it or want to change it. By following these simple steps, you can rest assured that your retirement savings are in good hands.
FAQs:
1. What are the benefits of having a unique superannuation identifier?
Having a unique superannuation identifier gives you the ability to track your retirement savings and plan for your future more effectively. This is especially important if you have multiple accounts or are changing jobs frequently.
2. What to do if you lose or forget your unique superannuation identifier Australia?
If you don’t know how to find unique superannuation identifier or you’ve lost it, you can contact the Australian Taxation Office (ATO) and they will help you out.
