What is Your Future, Your Super?

The Your Future, Your Super package was announced as part of the Federal Budget handed down in October 2020. These reforms will have important impacts on the management of superannuation for all Australians - including your employees.

The proposed reforms are designed to help reduce unintended multiple super accounts, provide information to help your employees choose a super fund, address investment underperformance and increase super fund transparency.

Office team

What happens next?

The Your Future, Your Super legislation Bill has now been passed in both Houses of Parliament with amendments:

  • delaying the commencement of Single Default Accounts (Stapling) to 1 November 2021; and

  • Government powers relating to the best financial interests duty.

The legislation will become law once signed off by the Governor General.

As your superannuation provider, we will continue to review and communicate details of the Regulations as they become available. We want to help you comply with any additional administrative requirements these reforms will require you to address.

Important

The most important impact to Employers will be part of the onboarding process for your new employees, where you will have to login into the ATO to find your new Employee’s existing super fund and staple future contributions to that super fund

Here are some links that may help you understand your obligations as an employer:

Treasury.gov.au - YFYS
ATO - Your Future Your Super

If you have any questions, feel free to contact us



This webpage will be your source of information and guidance once the legislation details become clearer.