As part of the Federal Government’s commitment to reforming the superannuation system, a number of measures known as ‘Stronger Super’ will be implemented from 1 July 2013.

The key components of the Stronger Super reforms include:

MySuper

A simple low cost product for default members:

• Single investment strategy which is either diversified or age based
• Standard naming conventions to allow members the ability to compare
• Minimum levels of Death and Total & Permanent Disablement insurance

SuperStream

An initiative to streamline back office administration within the superannuation system:

• Employers must provide information and contributions to super funds in a standard electronic format
• Payroll slip reporting

Superannuation Guarantee Changes

Increasing SGC to 12% by 1 July 2019.

The introduction of these new changes will have an impact on an employer and its employees. It is essential that employers start assessing the impact of these changes now.

Grant Thornton's Wealth Advisory Services team has corporate superannuation specialists who can assist with the review of your company's superannuation obligations.