superchoice_obligations

Some state laws also provide for choice of

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Unformatted text preview: erannuation fund under state based arrangements. 2 ■ CHOICE OF SUPERANNUATION FUND Employees who aren’t sure what award or industrial agreement (if any) they are covered by can find out by: ■ asking their employer OVERVIEW OF THE TAX OFFICE’S COMPLIANCE APPROACH ■ visiting the website www.wagenet.gov.au (for federal awards and agreements and links to information on The Tax Office is responsible for ensuring that employers state awards and state industrial agreements), or offer their eligible employees the opportunity to choose ■ phoning the government agency responsible for workplace relations in their state or territory. If an eligible employee wishes to choose a superannuation fund, they should provide their employer with all the required information. The employer does not have to make superannuation contributions to the employee’s chosen fund until all information is provided. a superannuation fund and make superannuation contributions to their employees’ chosen fund/s. Working with ASIC and Treasury, the Tax Office will help employers, employees, superannuation funds and financial advisers to understand and meet their obligations. The Tax Office also works in close cooperation with other regulatory agencies to ensure employers meet their obligations. During the first year of the new system, the Tax Office SUPERANNUATION FUNDS AND TRUSTEES will focus on ensuring that employers are aware of, and Superannuation funds can inform employees whether understand, their new obligations. their employer is able to make contributions to the fund The Tax Office recognises that most employers will support on their behalf. If so, funds should provide employees choice of superannuation fund and make a genuine effort with the information they need to complete the Standard to meet their obligations within the time frames required. choice form. It also understands that some employers may initially Superannuation funds and trustees must also comply experience difficulties in fully understanding and meeting with all relevant licensing and disclosure requirements. their new obligations,...
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This note was uploaded on 03/25/2014 for the course FOBE 302 taught by Professor X during the One '13 term at Macquarie.

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