On July 1, stage 3 tax cuts come into effect and the Super Guarantee increases by 0.5 per cent, which makes it a good time to get to know your Super to make sure it’s working for you, says Peter Treseder from AustralianSuper.

“Super can be ‘set and forget’, but it can be better if you engage with your super,” he says.

He says people should also check their insurance cover noting the default insurance is usually not enough for the average Australian.

“Compare the cost to increase to an adequate amount to an external provider, it’s typically cheaper with your super fund and you don’t have to pay the premiums out of your post tax salary, as it comes straight out of your super,” he says.

Australians can also consider the tax concessions available in super compared to investing outside of super.

“When salary sacrificing, you’re asking your boss to put a dollar you earned into super instead of paying you that $1, so it goes into super and for those earning $250,000 or less, gets taxed at only 15 per cent,” he says.

“If you were to take that dollar home, it would be taxed at your marginal tax rate, usually around 30 per cent for most people.”

But he says “remember that money contributed to super is locked away in super until you are 65 or you retire”.

“Of course, this is general advice only and doesn’t take into account your personal objectives, financial situation or needs. So before making a decision, you should consider your financial circumstances and contribution caps that may apply.”

It’s also worth checking your fund’s fees and performance – some funds have higher fees and perform worse than others – as I explain in this story here: