MySuper – Changes to Superannuation

Posted on Jan 2, 2014 in AFS Bookkeeping, Superannuation

‘MySuper’ – Changes to the Superannuation Regulations

Make sure you know the Rules

From 1st January 2014, employers must make superannuation contributions to a superannuation fund that offers a “MySuper” product for those employees who have not nominated their own preferred choice of fund.

This means the default superannuation fund that you have in place for paying the superannuation for those employees who do not advise you of their choice of fund MUST now be a “MySuper” fund.

MySuper is a simple and cost effective super account that will replace existing default fund accounts. MySuper funds will offer products that do not require members to pay for services and features that they do not need or use.

If you have not heard from your existing default superannuation fund advising you of their authorised MySuper products and arrangements for paying superannuation contributions, you should contact them now to ensure you continue to meet your obligations.

A list of authorised MySuper funds can be found HERE and listed under List of MySuper Authorisations.

For further information on MySuper as well as other information about your superannuation obligations visit the ATO website at: MySuper | Australian Taxation Office.

If your employee’s fall under an award also make sure your choice of default fund continues to meet your award obligations.

Finally remember to update any employment documentation you may have to correctly show the name of your MySuper default fund as required.

Advanced Financial Services is happy to assist you with your bookkeeping and payroll requirements for Staff and can ensure all your requirements are met. Please contact Advanced Financial Services Pty Ltd if you would like further information about how we can help you meet your bookkeeping and payroll obligations.

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