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Changes to the way you contribute for new employees

The Your Future, Your Super Bill 2021 recently passed Parliament and introduces changes to default super arrangements.

From 1 November 2021, if a new employee doesn’t choose where they want their employer contributions paid by completing a Choice form, you’ll need to confirm with the ATO whether they have an existing super account and their account details. If they don’t have an existing super account and they don’t make a choice, you’ll need to set up a default account on their behalf. This change aims to help prevent the creation of unintended multiple superannuation accounts.

For more information on your default fund obligations, please refer to www.ato.gov.au

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFSL232468 (Colonial First State) is the issuer of FirstChoice Wholesale Investments and FirstChoice Investments. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL234945 (the Bank) is the issuer, and Colonial First State is the administrator, of FirstRate Saver. Colonial First State is a wholly owned subsidiary of the Bank. The Bank and its subsidiaries do not guarantee the performance of FirstChoice or the repayment of capital by FirstChoice. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36.