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MySuper is now Compulsory

Jennifer Palmer - Jan 2014

From January 1, if one of your employees hasn’t nominated a preferred superannuation account, you must choose a MySuper compliant account for them.

MySuper products must meet specified standards including the ability to accept all types of superannuation contributions, no entry fees and exit fees being limited to cost recovery. They also have to include death and total disablement insurance.

To ease the administrative burden of superannuation payments, businesses with 19 or fewer employees can use the Small Business Superannuation Clearing House. The clearing house is a free service that lets you pay your superannuation contributions in one transaction. You simply register your employees’ superannuation fund details and the contributions will be distributed to their various superannuation funds.

For more information visit MySuper.

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