The ATO advises that from 30 June 2006, a new licensing and registration system applies to all regulated funds that are not self managed superannuation funds. As a result, many funds are expected to close in the lead up to 30 June 2006. It is very important (if a fund an employer is using closes down in this period) that they are ready to pay contributions to a new superannuation fund by 28 July 2006 for the quarter ending 30 June 2006. In this situation, the ATO will not require employers to hand out an additional Standard choice form at that time provided that:
- they were paying contributions to a superannuation fund that closed on or before 30 June 2006, and
- they ensure that each of their employees is aware of the contact details of the new employer fund.
For a copy of the ATO advice, go here