Modern Awards and Superannuation are closely linked. This new legislation imposes strict requirements in certain Awards as to what choice employees might have. It also specifies for employers as to accounting for the superannuation contributions they are mandated to pay under SIS law.
Is your workplace superannuation impacted by the Modern Awards legislation?
Why is critical about two particular dates in the application of the legislation?
What happened in the workplace as from –
(1) 1 January 2010
The Rudd Labor Government removed the Howard-Costello government’s Work Choices legislation, replacing it with the Modern Awards legislation. The Modern Awards legislation took effect from 1 January 2010. Its impact has been on all workplace superannuation considerations from that date.
Under the reforms, new Awards have been prescribed. In several cases those Awards specify particular superannuation funds to be used for all employees covered under that Award. The Fair Work Australia Office should be approached to check any exemption availability to individual employer circumstances.
(2) 12 September 2008
Employer groups with an eligible choice fund in place prior to this date may be eligible for exemption from this provision.
Is your workplace eligible for this exemption?
A consultation with one of the experienced advisers at Continuum Financial Planners will address that issue promptly and efficiently. See below for contact details. Our adviser will listen to what your needs are and provide solutions serving your best interest.
With the MySuper legislation now also come into effect, now is a good time to review your at-work superannuation arrangements. To ensure you are getting the best of what superannuation services and accounts are available:
- contact us to arrange a meeting by phone (on 07-34213456), or
- at your convenience, use our Book A Meeting facility.
(This article was first posted in July 2013. It has been occasionally refreshed/ updated, most recently in September 2024.)
