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Employers can no longer make superannuation payments to their default super fund if a new employee does not provide details of their super fund.
Before 1 November 2021, if a new employee did not nominate a super fund, the employer would make super contribution payments to their default fund.
As a consequence, the new employee could end up with more than one super fund.
This change will limit the number of superannuation accounts opened by employers for people that change employers to start a new job.
This change came into effect on 1 November 2021.
If you have any questions about the new step in setting up your employees superannuation fund, reach out to a trusted Ulton Advisor or contact our Human Resources Consultant, Christine Guy today.
To read more about this change, please view the Cooper Grace Ward (CGW) Lawyers publication here.
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