Getting ready for MySuper

Written on the 29 November 2013

Getting ready for MySuper

MySuper is bringing big changes to Australian superannuation funds. It is important that business owners are aware of these changes as being non-compliant can have major ramifications.

MySuper is a simple low-cost superannuation product that will replace the current default products and become the new default superannuation fund for businesses. Australia has the fourth largest retirement saving system in theworld and as of 30th June 2013 holds $1.6 trillion for retirement. Despite this, the current superannuation system is often complex and difficult for both employers and employees to navigate.

MySuper has been introduced to help simplify and give greater transparency to superannuation systems. MySuper accounts will offer lower fees and simpler features, so members are not paying for services they do not need.
Businesses need to be aware that, from 1st January 2014, they must only pay superannuation contributions to an authorised MySuper fund. Business owners only need to choose a new super fund if their current one is not MySuper authorised, or if they believe the current one is not the right choice for their employees anymore.

Employees are still able to actively select their own fund if they wish, or manage their own superannuation affairs through a self-managed superannuation fund.

All existing superannuation funds will be able to apply to offer a MySuper product. As of mid October 2013 nearly 80 superannuation funds have been granted MySuper authorisation.


 

Evaluating your social media campaign 

The evaluation part of a social media campaign is often just as important as the campaign itself as it provides insights of consumer behaviours, sales data, and the failures and successes of the strategies and tactics implemented. This is crucial to your company’s future as it will help det...
Read More...


Start saving for the Christmas period early

If shopping centres aren’t even putting up their Christmas decorations yet, then the holiday period may seem to be a concern of the distant future. However, the season has a tendency to creep up on people and can often come with financial burdens. Planning your holiday expenses early can cu...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us