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Unformatted text preview: ines the compliance approaches the Tax Ofﬁce, Employers also need to choose an employer fund to which the Australian Securities and Investments Commission they will make superannuation guarantee contributions if (ASIC) and the Australian Prudential Regulation Authority an employee does not make a choice. (APRA) will use to ensure people comply with their choice
of superannuation fund obligations. EMPLOYEES In this guide, all references to superannuation funds Generally, from 1 July 2005, employees can choose the include retirement savings accounts. fund to receive their future superannuation contributions
■ their superannuation contributions are made under WHAT IS CHOICE OF
SUPERANNUATION FUND? a certiﬁed agreement or an Australian workplace
■ their superannuation contributions are made Choice of superannuation fund is a new law that under a state award or industrial agreement (visit gives many employees the right to choose which www.superchoice.gov.au for more information), or superannuation fund will receive their employer
It starts on 1 July 2005. ■ their employer is a sponsor of a particular deﬁned beneﬁt fund and certain conditions are met (for more
information, see page six of the booklet Choice of
superannuation fund – guide for employers, which is
available at www.ato.gov.au/super). WHO DOES CHOICE OF
Employers, employees, superannuation funds and their
trustees, and ﬁnancial advisers all have obligations under
choice of superannuation fund. The Tax Ofﬁce, ASIC and
APRA will jointly ensure that people comply with their
obligations. There will also be public servants and individuals working
for government agencies who may not need to be offered
choice of superannuation fund.
If an employee is engaged under a federal award, they
must be offered choice of superannuation fund whether
or not that award requires contributions to be made to a
speciﬁc superannuation fund.
Some state laws also provide for choice of sup...
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