MySuper changes go ahead

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The Australian Taxation Office hopes advisers have made sure their clients are up to speed with changes to default super, which started on the first day of this year.
 
Default super now has to be paid into funds that comply with MySuper – a new product that super funds have been offering to employers for use since 1 January.
 
Given the role that advisers play as trusted sources to employers, ATO suggests including this news in firms’ client newsletters, websites and in conversations with employers, to make sure they are aware of their obligations.
 
Superannuation guarantee contributions now need to be paid to a fund with a MySuper product or an employee chosen fund, ATO superannuation deputy commissioner Alison Lendon said.
 
Many superannuation funds have already launched MySuper products, and have been contacting employers and advising of the new arrangements.
 
“We expect that for almost all employers, your existing default fund will offer a MySuper product, so you won’t have to make any changes,” Lendon said.
 
“However, if you haven’t heard from your super fund or want to know more about their MySuper product, contact your fund.”
 
MySuper products have a simple set of product features, regardless of who provides them.
 
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