The bill amends s 32C of the Superannuation Guarantee Act (SGAA) 1992 to allow workers to choose their own superfunds when employed under a labour agreement reached on January 1, 2021. This implies that an employer gives a default choice form to a worker in certain circumstances; z.B. at the beginning of their employment or upon receiving a written request from a worker. Historically, different industrial superfunds have served different sectors, but today, no matter what type of work you are in, you can usually choose which superfund sector you prefer. Here`s a list of funds. If your employer does not provide you with a standard selection form to allow you to select your superfund, or if you want to make a choice after a certain period of time, you can download and print the ATO form for Superannuation`s default choice here. Prior to the new legislation, workers may not have been able to choose, under these schemes, the super-insurance fund to which their compulsory contributions are subject. The Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 received royal approval on September 3, 2020. The amendments made by the bill will extend the super “fund choice” to workers covered by enterprise agreements and employment provisions from January 1, 2021 (revised from July 1, 2020).
You should know that if you do not complete the standard superannuation choice form and give it to your new employer, they have the right to choose your superfund for you. “An employer is not obligated to provide a form to existing workers unless required by a new decision or agreement. If there is no selected fund for an existing worker, an employer who, in accordance with the previous provision or agreement, will continue to make mandatory contributions to that worker with the same fund, will fulfill the fund`s choice of requirements,” the memorandum states. Unless your employer has a financial services license, it is also illegal for your employer to provide you with information about a superfund as factual information or on the standard superfund chosen by your employer. Important: It is illegal for your employer to try to influence your choice of superfunds. Once you have decided which fund is for you, you must apply to become a member of the Fund. Each fund has its own method of coming together. Today, most Superannuation funds make it easy to reach by filling out an online application form. For some, you need to print and complete the form and return it to the Fund.
A few days after your application is filed, you should receive a letter from your fund in which you list your account number and name, as well as the details of your fund requested by your employer.