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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
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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- Superannuation in Australia, superannuation fund