A superannuation statement describes an account over a particular reporting period. It combines money entering the account, amounts deducted from it and changes in investment value. The closing balance brings those movements together.
Reading only the difference between opening and closing balances treats contributions as though they were investment returns. A reconciliation shows which amounts came from outside the account and which belong to earnings, costs or other adjustments.
This article uses a fictional accumulation account in Australian dollars. Defined benefit accounts can report benefits differently, so the arithmetic below does not describe every super arrangement.
Start with the reporting period
The statement's opening date and closing date define the comparison. A balance at 30 June and a balance visible in an app on 15 July cover different points in time. Contributions or market movements after June can explain a difference without either number being wrong.
The account number, fund name and investment option identify which record the statement describes. Two accounts in one person's name are still separate accounts. Adding a balance from an old statement to a balance from a newer statement for the same account counts the same savings twice.
A valuation date also belongs beside an investment return figure. An annual return, a return since joining and a balance change over a month measure different periods.
Reconcile a fictional account
Suppose a statement opens with AUD 80,000. During the period it records AUD 6,000 of employer contributions, AUD 2,000 of personal contributions and AUD 3,500 of investment earnings.
It also records AUD 500 of administration and investment costs, AUD 300 of insurance premiums and AUD 900 of tax and other statement deductions. For this example, each deduction is listed separately and is not already included in the AUD 3,500 earnings figure.
The reconciliation is AUD 80,000 plus AUD 6,000 plus AUD 2,000 plus AUD 3,500, less AUD 500, less AUD 300 and less AUD 900. That gives a closing balance of AUD 89,800.
The account grew by AUD 9,800. Contributions account for AUD 8,000 of that change. Calling the full AUD 9,800 an investment gain would overstate the contribution made by investment performance.
These are fictional statement amounts, not Australian contribution or tax rates. Actual statements can group costs, tax and earnings differently. Deducting a fee a second time when the reported return already includes it creates another reconciliation error.
Read the contribution entries as transactions
Contribution dates indicate when payments reached the fund's records. A payslip and a super statement describe different parts of the payment process. A payslip alone does not establish the date the fund received a contribution.
Employer, personal and other contribution labels can also have different meanings. A record of the amount and statement label preserves what happened without deciding its tax treatment from the label alone.
Transfers between funds need separate treatment from new contributions. A fictional AUD 20,000 rollover increases one account's balance and reduces another account. Counting it as fresh household saving would count money already held.
Separate insurance and account costs
Insurance premiums are deductions for cover associated with the account. They differ from administration fees and changes in investment prices. The statement and fund's product documents describe the cover and charges.
ASIC's insurance information identifies annual statements and product disclosure documents as places to find insurance details. Reading those documents explains the recorded amounts. This article does not recommend changing cover, combining accounts or choosing a particular fund.
FinTarget's superannuation tracker records balances and contribution amounts. It does not import the fund's statement or reproduce every statement component. The statement reconciliation remains separate from the app's monthly balance chart, and its period and contribution dates explain what that chart can show.