Superannuation Guarantee Obligation refinements under Modern Awards legislation

From a Superannuation viewpoint, there are perhaps two critical dates to be considered when determining whether there will be an impact on the way you manage your superannuation guarantee obligations to employees going forward: they are –

  1. 1 January 2010: this is the date on which The Fair Work Act 2009 specified as the date on which Modern Awards would be effective. Within some of those Awards, particular superannuation funds are specified as Default Funds for employees covered by those Awards; and
  2. 12 September 2008: this is the ‘exception’ date for the application of the Modern Awards Default Fund – that is, if the employer had a Default Fund in place prior to this date, the employer will not be obliged to utilise the Modern Award Default Fund.

To read more about these date issues, refer to the Asgard Frequently Asked Questions flyer now attached to our website. Please note that if you receive this eNewsletter directly from Continuum Financial Planners, dated 10 February 2010, your fund was established as a ‘default fund’ for Super Choice purposes prior to this key date – and arrangements for meeting superannuation guarantee obligations are well in place.

Help is as close as a phone call: make it now

The experienced team of advisers at Continuum Financial Planners Pty Ltd is ready to guide you on the superannuation guarantee journey: whether as an employer seeking to make provision for your team; or an employee seeking the most appropriate superannuation account to meet your career/ lifestyle needs. A meeting with one of our team can be arranged by phoning our office (07-34213456) or completing the website Contact Us form.