Date of article: 1 July 2006
Last updated: N/A

Super choice extended to 500,000 additional employees

Effective 1 July 2006, more employees will have choice where their superannuation is paid, including to self managed superfund. It is estimated to that up to 500,000 additional employees will gain this benefit.

The changes will apply to employees covered by under a State industrial award, known as 'notional agreement preserving State awards'.

Employers affected by this change will have to give an employee who commences work on or after 1 July 2006 a Standard choice form. Existing employees can request a form from that date.

"For many Australians, superannuation is their second largest investment after the family home. Superannuation choice allows Australian workers to choose the fund that suits their needs." - Minister for Revenue and Assistant Treasurer, Peter Dutton