Super choice requirements
You must provide eligible new employees with a standard choice form within 28 days of starting work. You must act on an employee's choice within two months. If they don’t choose a specific fund, you need to pay their Superannuation Guarantee (SG) contributions into an eligible default fund.
You can refuse an employee's choice if the requested super fund requires you to become a 'participating employer'.
An employer is only required to accept one choice of fund from employees in a 12-month period.
Do you have to provide your employee's Tax File Number (TFN) to the super fund?
By law, you must pass on an employee's TFN to us within 14 days of you receiving a TFN declaration from them, or from when you make the first contribution payment to us after receiving the TFN, whichever occurs last. If we don't have the employee’s TFN they may:
- be taxed an additional 34% on their super contributions (including the Medicare Levy and Temporary Budget Repair Levy)
- be ineligible to make personal contributions, and
- miss out on any government co-contributions they could be eligible for.
- Super choice requirements
- You must provide eligible new employees with a standard choice form within 28 days of starting work. You must act on an employee's choice within two months. If they don’t choose a specific fund, you need to pay their Superannuation Guarantee (SG) contributions into an eligible default fund.
- You can refuse an employee's choice if the requested super fund requires you to become a 'participating employer'.
What's new in Super
The Government’s Stronger Super reforms have been introduced to provide a stronger, more efficient super system to maximise retirement incomes for Australians.
By 2050 almost one in four Australians will have reached retirement age, compared to one in seven today. It's estimated that Australians will have used up their retirement savings half way into retirement. The Stronger Super reforms are in response to these challenges. Find out more about Stronger Super.
Changes to the Super Guarantee
On 1 July 2014, the Super Guarantee (SG) rate increased from 9.25% to 9.5%. In September 2014, the Federal Government passed legislation to keep the rate at 9.5% until 2021, and then increase by 0.5% each year until it reaches 12% on 1 July 2025.
You can find out more about super and your duties as an employer through the Australian Taxation Office website.
Make life easier today. For you and your team.
Once you’ve received your MLC MasterKey Business Super and MLC SuperEzy details you can get started with your plan.
- Provide your employees with our employee information brochure.
- Login to MLC SuperEzy and add your employees. You can read our MLC SuperEzy Quick reference guide and MLC SuperEzy user guide to find out how.
Introducing MLC to your employees.
Once your employees are set up with their own MLC MasterKey Business Super account they will receive our Member Welcome Kit to provide them with information about their Plan and their next steps on managing their super.
As a client you will receive a number of employee communications to help manager your super obligations.
MLC SuperEzy Reporting Access a number of reports, including a summary of any contributions you manage for your employees during the financial year. Annual statements Receive an employer annual statement every July showing your transaction summary, fees and details of employee transactions demographics.
Before applying please consider the MLC MasterKey Business Super Product Disclosure Statement.