Get Superannuation Standard Choice Form Example

Instructions and form for employers and employees Superannuation super standard choice form WHEN TO USE THE FORM Employers Use this form to offer eligible employees their choice of super fund. You must fill in the details of your nominated super fund also known as your default fund before giving the form to employees. Give this form to an employee when n you hire a new employee who is eligible to choose a super fund n an existing eligible employee asks you for it n you can no longer contribute to an employee s nominated super fund or it is no longer a complying fund n you change your employer-nominated super fund and need to advise employees affected by this change. You must provide the required information so your employer can make contributions to your nominated super fund. NAT 13080 08. 2014 ABOUT THE FORM The Standard choice form has three sections n section A which the employee completes by providing details of their choice of super fund together with supporting documents. of their nominated super fund before they give the form to an choice process for an employee. Employers must retain the returned form as their record of the choice process. Completed forms must be retained for five years. SuperStream is a new standard for the way employers pay contributions and send information to super funds. This form collects information that employers will need when using SuperStream* SECTION A EMPLOYEE TO COMPLETE If you choose your own super fund you will need to obtain current information from your fund to complete items 3 or 4. Item 3 Nominating your APRA fund or RSA Complete this item if you are nominating your own APRA fund fund regulated by the Australian Prudential Regulation Authority or a retirement savings account RSA. You must include the unique superannuation identifier USI provided by your fund. You must attach a letter from the fund trustee or RSA provider confirming that the fund or RSA n is a complying fund or RSA and n will accept payments from your employer. This letter may contain other information to help your employer make super contributions using the SuperStream standard. Item 4 super fund SMSF. and electronic service address ESA so the fund can receive electronic messages and payments from your employer using FIND OUT MORE ato. gov*au/SMSFSuperStream for information about how SuperStream applies to SMSFs If you are using an SMSF message service provider they will provide you with an electronic service address alias to include as the ESA on the form* Things you should know n Your employer is not liable for the performance of the super fund you or they nominate n You should not seek financial advice from your employer unless they are licensed to provide it n Your employer is only required to accept one choice of fund from you in a 12-month period however they may accept more them to action your request n Any money you have in existing funds will remain there unless you arrange to transfer it roll it over to another fund check the impact of any exit fees you will incur or benefits you may lose before leaving the fund your employer cannot do this for you n If you quote your TFN to your employer for super purposes they must provide it to the super fund You may have lost super n It is important to keep track of your super if you ve ever changed your name address or job you may have lost track of some of your super n Having several super accounts could mean that fees and charges are reducing your overall super investment n You can register for our online services and use SuperSeeker to check all your super accounts find any lost or ATO-held super and transfer your super into one account using a simple online form n ato.