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Your Future, Your Super Legislation Passed
As part of the federal budget for 2020-2021, the government announced several super reforms.
Your Future, Your Super
was passed as legislation during June 2021.
The main reform that affects employers is the ability for a super fund to follow an employee automatically until the employee makes a new choice of fund, eliminating the unintentional creation of multiple super funds.
This will make it easier for employers who engage new workers who already have an existing fund, as the fund will already be linked to the employee. However, when employees do not choose a fund, the employer must check with the ATO if the employee has an existing account to pay the super into, adding an extra obligation for employers before fulfilling their super obligations.
Employers are still required to pay into the default super fund for employees who do not have a fund and do not make a choice.
Accounting Technician Process
New employee requirements remain the same: personal details, tax file number declaration, super choice form, Fair Work information statement, employment agreement.
The employee can complete the tax file declaration and super choice through their myGov account or provide forms to the employer.
The employee should nominate their choice of superannuation fund.
The employer must lodge a TFN form with the ATO before the existing employee MySuper funds become available for the employer to view.
If the employee does not nominate a fund, the employer must search Online Services for Business to find existing MySuper funds. Registered agents may search Online Services for Agents on behalf of an employer they act for.
If there is no existing MySuper fund listed, then the employer must pay into the business’s default super fund.
YourSuper Comparison Tool
This tool allows an employee to compare MySuper products before choosing a fund. The tool displays MySuper products ranked by fees and net returns and links directly to the super fund's website, making it easy to open an account.
If an employee accesses the tool from their myGov account, it will compare existing super products alongside MySuper products. The tool only shows MySuper products; it will not show self-managed super funds or other funds not part of the MySuper system.
The tool also makes it easy to consolidate accounts into a single super fund.
ATO - YourSuper comparison tool