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Super Choice *NEW* |
  
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Super Choice *NEW* |
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From 1 July 2005, certain employees will have the right to choose which superannuation fund or retirement savings account will receive their superannuation guarantee contributions. This is known as choice of superannuation fund.
The main features of Choice of Super are as follows.
| • | Choice of Super takes effect 1 July 2005 |
| • | Employers provide a superannuation fund standard choice form (nat13080) for new employees (existing employees with a fund are exempt) |
| • | Employers have to nominate a default fund for their company |
| • | The default fund will be either the Award default fund for that particular industry or if there is no award then an annual vote of employees will determine the default setting. If the award nominates more than one suitable default fund then the employer has to choose which will be the default. |
| • | If after 28 days employee has not filled a form will go to the default company fund |
The standard choice form can be obtained from the government's Super Choice website (www.superchoice.gov.au).
The default superannuation fund in e-PayDay® is the fund in position 1(one). ie the fund ID is 1 (one) .
You can add Multiple Super Funds to an employee and choose which portion pay rates, allowances or deductions go to which funds.
Super Fund Reports can be generated on a fund by fund basis for both Super Guarantee and member contributions and distributed to the fund manager by fax or attached to an email. The format of the report is readily accepted by fund managers. We now have an Electronic File for Super Fund.