ATO releases YourSuper comparison tool

The ATO said the tool links to a super fund’s website when selecting a MySuper product from the table and can show current super accounts alongside other MySuper products. Individuals can access the personalised version through myGov, with links to help consolidate super accounts.

“The information displayed in the comparison tool is collated and supplied by the Australian Prudential Regulation Authority (APRA),” the ATO said.

“From September 2021, the tool will show how APRA assessed the annual performance of each super fund. Until then, all funds will show as ‘Not assessed’ in the Investment Performance column.”

When accessing a personalised version of the tool which allows users to view and compare existing MySuper products, they will need to log in to ATO Online services through myGovExternal Link and go to the Super drop-down menu and select Information, then select YourSuper Comparison.

Users can also access a non-personalised version of the YourSuper comparison tool without logging into myGov.

The ATO reminded that as it is not a financial adviser, users should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to their unique circumstances.

As MySuper products are basic superannuation accounts without unnecessary features and fees, the ATO said the YourSuper comparison tool can compare MySuper products based on only a few key differences.

“If you can’t find your current account type within the MySuper products list, your account may not be a MySuper product. To find out if your account is a MySuper product, contact your super fund,” the ATO said.

“If your current super fund is not shown in the tool, this may be because it does not have any MySuper products.

“Most people are entitled to choose the super fund that their employer will pay their super contributions into. Choosing your own existing super fund means that you’re not unintentionally opening additional super fund accounts and you can choose a fund that’s right for you.

“When choosing a super fund, you may consider factors including performance, fees, insurance, investment options and services. You may wish to speak with a financial adviser.”

“The YourSuper comparison tool can provide further information about different MySuper products which may suit you, based on the details you provide. To view all super products available from a fund, visit that fund’s website.”