We have written a few things around the important changes to superannuation this year, and the last change has just come into affect for business owners and employers from the 1st November 2021, so we thought it was a good time to have a little refresher.
As you will recall in the 2020/21 Federal Budget the Government announced some new Super Reforms, these included:
A new Your Super comparison tool for individuals in order to compare key data on the MySuper products.
From 1 November 2021, new employers obligations come into effect. Where new employees do not choose a super fund employers must now contact the Australian Tax Office (ATO) to check if their employee has an existing super account, known as a 'stapled super fund' to pay the employees super guarantee into. (This stapling has been done to help eliminate double up funds that could be attracting unnecessary fees and charges).
A change to the duties of trustees of superannuation funds, to act in the best financial interests of their members.
A new super fund underperformance assessment conducted by the Australian Prudential Regulation Authority (APRA) and published on the ATO website. Those who have failed the assessment are listed here.
A copy of the Treasury Laws Amendment (Your Future, Your Super) is available here.
If you are keen to know more, other useful resources around the super reform include:
Treasury Laws Amendment, addressing underperformance in superannuation.
Media Release: Superannuation reforms pass parliament, making your super work harder for you.
Media Release: Finalisation of Your Future Your Super regulations.