Thinking about a new job in 2022?

Nailed the job interview and the pay negotiations? Congratulations you may have ticked the new year, new job resolution off your list.

But before you bask in the glory of a job well done there may still be a few financial factors to consider. Switching jobs could have implications for your super, insurances, and your spending plan.


Once a new job might have meant changing super funds. Often that resulted in people having several super funds that then had to be consolidated into a single fund. But things are changing.

When you begin a new job you should be offered a standard choice form within 28 days. If you want your employer to contribute to a new fund, you provide those details on the form.

Up until October 31 last year if you didn’t fill in the form your employer would make contributions on your behalf to its ‘default fund’. From November 1, 2021 that may no longer be the case. Your super fund is deemed ‘stapled’ to you when you change jobs or even industries.

If you don’t fill in the choice form your employer will check with the ATO whether you have an existing super account. If you do, and it can accept contributions for you, your employer will contribute to that fund.

If you don’t have an existing fund or it can’t accept contributions for you, your employer will contribute to its default fund. There may still be reasons you would like your employer to contribute to a different fund. For instance, another fund may have a wider range of investment options, extra insurance benefits, or a better performance track record.

Starting a new job can be a good time to begin making voluntary contributions or salary sacrificing into your super fund. Or if you’re already contributing or salary sacrificing a pay rise may make it possible to increase them.


If you are changing super funds it is important to think about any insurance cover provided by the fund. If a super fund hasn’t received any contributions for 16 months then your insurance may be cancelled.

If you want your insurance to continue in an existing super fund where you haven’t received any contributions then you need to contact your fund and opt-in or make a contribution.

Spending plan

If a new job or promotion means you’re rising up the pay scales, it’s a great time to revisit your spending plan. It can be easy to lose any financial gains by changing up your lifestyle.

Setting fresh intentions about how to use the extra dollars could be better for your long-term financial outlook. Think saving, investing, tax effectiveness.

You may also accept a reduced pay to switch careers, take a job with better development prospects, or to shift to part-time work to support family responsibilities or study.

If that’s your situation it’s important to ask how to best use the dollars at your disposal. How can you make the most of what you have both now and for the future?

If you have any questions, please contact us.

The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.

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