Do You Have Employees? Important Superannuation Rules for Business
The ATO enacted some important changes to superannuation rules (since 2014) that employers and employees should know about.
From the ATO:
“As an employer, what do I need to do?
If your employees haven’t selected a preferred fund, you’ll need to make their super contributions to a fund that offers a ‘MySuper product’.
“What’s a ‘MySuper product’?
A ‘MySuper product’ is a new super account that will replace existing ‘default funds’ used for employees who haven’t chosen a preferred super fund. It’s a more simple and cost-effective account.
“How will I know if my super fund offers MySuper products?
Doing right by your employees includes following the latest superannuation rules from the ATO. Are you doing it right? GGA can help.
Your super fund will contact you about their ‘MySuper products’. They will also tell you about any changes to your arrangements for paying super contributions.
“What if my super fund hasn’t advised me about their MySuper products? If you haven’t heard from your super fund, you should contact them now. APRA, which stands for the Australian Prudential Regulation Authority, is the agency responsible for regulating super funds. They expect ‘MySuper products’ to be available for all employers by 1 January 2014.”
