Friday, October 31, 2008

What is a complying super fund and how do I check?

A superannuation fund is considered to be complying if it meets specific requirements and obligations outlined in the Superannuation Industry (Supervision) Act 1993.

Employer, it is your responsibility to check whether the fund an employee has nominated under choice is a complying super fund, before remitting any contributions. One way to check this is by visiting the Super Fund Lookup.

If your employee submits a "self-managed" fund (or Do-It-Yourself fund) it is the employees responsibility to submit a copy of documentation from the ATO confirming the fund is regulated.

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