Superannuation reforms

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SuperannuationThe Australian Dental Industry Association warns of considerable changes that affect superannuation and the payment of superannuation to employees are about to come into effect on 1 July 2015.

Businesses in the dental industry and the broader economy will no longer be obligated to give a standard choice of fund form to temporary residents or provide this form to employees when their superannuation funds merge. This measure will not only reduce unnecessary red-tape but it will also reduce the number of employers who become liable for heavy penalties after inadvertently neglecting to provide choice.

The changes to the superannuation choice regime are in line with the broader superannuation changes (known as SuperStream) being implemented at the same time. These changes offer a simpler way for employers to make super contributions and reduce the compliance burden on businesses, especially small businesses. In particular, employers will no longer incur the choice shortfall penalty if they do not provide a standard choice of fund form to their employees in these situations.

For more information, go to www.adia.org.au

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