Retailers gear up for super changes in the new year

 In Australia, NewZealand

The Australian Tax Office is encouraging retail employers to get up to speed on compulsory changes to default super that commences on 1 January 2014.

Employers will be required to pay superannuation guarantee contributions a fund with a MySuper product or an employee chosen fund.

ATO deputy commissioner of superannuation Alison Lendon said MySuper is a new, simple and cost effective super product that super funds will be offering to employers for use in the new year.

“As an employer, you should check that the default fund you’re currently using provides a MySuper product, or plans to do so by the new year deadline,” she said.

“If your existing default fund does not offer a MySuper product by 1 January 2014, you will need to switch to a fund that does.”

Many superannuation funds have already launched MySuper products, and more will launch products through to the end of the year. Super funds have been contacting employers and advising of the new arrangements. Retail Biz – Read more…

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