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New staff / choice of fund

Giving new employees ‘choice’ of super fund

When a new employee joins your business, they can choose which super fund they would like their super contributions to go into. You only need to pay into one super fund for each employee.

Use the Standard choice form for your employees to nominate their super fund. You need to provide them with this form within 28 days from their start date.

Standard Choice of fund

Once an employee has chosen their fund

If an employee chooses a fund other than REI Super, they will need to provide you with their chosen fund name, account name and number, method of payment and a letter of compliance. 

You need to check that the super fund your employee has nominated is a complying super fund.

As the employer it is your responsibility to:

  • Check that the nominated Super fund is compliant. Check out complying super fund using the government’s Super fund look up tool 
  • Start paying contributions into your employee’s super fund within two months
  • Provide employee’s TFN to the super fund

Contractors

As with new employees, you need to provide contractors with a Standard Choice of fund form the first time they work for you and refer to it whenever they work for you again. 

What if an employee fails to choose a super fund?

If your employee does not choose a fund within 28 days of joining, you must pay their super into your chosen default fund. Super payments must be made within two months of your employee joining your business.

ATO Audits

For ATO auditing purposes, you need to keep a copy of your employees’ completed Choice of fund form for up to 5 years.

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